European stocks slide; bitcoin retreats from record highs – business live

European stocks slide; bitcoin retreats from record highs – business live

9.00am EST

09:00

The EU's Security and Markets Authority (ESMA) is to look into how clearing houses coped during the surge in trading that led to rollercoaster moves on stock markets at the start of Covid lockdowns last year.

The regulator is planning to hold a workshop for clearers on 17 February "to gather the views of our speakers and shine a light“ on how they managed at the start of the pandemic.

In a release on Tuesday, ESMA said:



It will also allow participants to take stock of lessons learned and discuss possible improvements.

As Reuters reports, clearers are waiting to see if regulators will bring in tougher rules already mooted by the Bank of England.

These could include forcing users to post higher amounts of cash and collateral against trades in normal times to avoid the need for big, sudden increases in turbulent markets.

Central banks have said a "dash for cash“ last March followed clearers raising margins, forcing asset managers into a "fire sale“ of holdings in funds to raise extra cash.

Central banks had to inject large amounts of liquidity into markets to avoid a destabilising crunch, Reuters added.

8.41am EST

08:41

US futures have slipped further, with less than an hour to