AXA Investment Management is restructuring a £55 million fund to invest in fintech rather than top tier banks, reports Finextra. The Framlington Fund currently holds investments in top tier banks, mostly in US equities. It is to broaden its mandate to invest in fintech servicing banks and be renamed AXA Framlington FinTech Fund. The head of the US Commodity Futures Trading Commission, Christopher Giancarlo, has threatened to prevent European banks from using US futures markets if the EU doesn't water down plans to oversee clearing houses post-Brexit. Giancarlo said the EU's proposals for centralising oversight of clearing houses were "completely irresponsible" and "wholly unacceptable", reports the FT. Prudential Financial, the last insurance group to remain on a list of non-bank financial companies deemed "too big to fail", has been removed from the list of "systemically important" companies. Senior Trump administration officials voted to drop additional regulatory scrutiny of Prudential, which is the largest US insurer by assets.