Shares of IntercontinentalExchange Group Inc., the owner of Europe’s second-largest futures market, declined the most in two years after the European Union agreed to increase competition among derivatives exchanges.
European Union lawmakers clinched a deal to toughen the bloc’s financial-market rulebook, backing sweeping measures that will put the brakes on high-frequency trading and curb speculation in commodity derivatives.
High-frequency traders and other investors may face punitive fees when they create market volatility by placing excessive numbers of canceled orders under European Union plans to clamp down on market abuse.
Top U.K. investment bankers were paid an average of 1.95 million euros ($2.65 million) in 2012, as bonuses continued to exceed caps set to take effect next year, according to the European Union banking regulator.
Commodity brokers, facing a loss of business from a shift of derivatives trading onto exchanges, are seeking a reprieve under European proposals letting them maintain control of less transparent niche markets.
Mark Carney, the next Bank of England governor, said global regulators will set up a task force with banks in a bid to repair or replace tarnished benchmarks in the wake of Libor and other rate-rigging scandals.