Attacks by Trump Risk Damaging the Fed’s Credibility
Top Headlines
Attacks by Trump Risk Damaging the Fed’s Credibility – Financial Times (subscription)
Investors have been remarkably calm about the mounting political pressures on the Federal Reserve, the world’s most important central bank, in sharp contrast to what has been seen historically in advanced countries, and to what emerging economies continue to experience.
‘There is Little to Break the Impasse’: City Sees No End to Brexit Limbo
Top Headlines
City economists and commentators see no quick end to the UK’s political paralysis over Brexit, even after EU leaders agreed a six-month extension to the country’s leaving date.
- Carney Is Hoping for the Best, Preparing for the Worst on Brexit – Bloomberg
- Anger as ‘Nightmare’ Brexit Delay ‘Screws’ UK Firms – Bloomberg
- Brexit Bankers Left in Painful Limbo – eFinancialCareers
- Brexit Hard-Liners Reassess: Maybe We Overplayed Our Hand – The Wall Street Journal (subscription)
Deutsche Boerse Says it is in Talks to Buy Some Refinitiv FX Units
Top Headlines
Deutsche Boerse Says it is in Talks to Buy Some Refinitiv FX Units – Reuters
German stock exchange operator Deutsche Boerse said on Wednesday that it is in “concrete negotiations” with data provider Refinitiv about the potential acquisition of certain foreign exchange business units.
Read MoreWhat if Turkey Squeezed the London Lira Market to Death?
Top Headlines
What if Turkey Squeezed the London Lira Market to Death? – Reuters
Turkey’s authorities have shown over the past month they are capable of squeezing the life out of the $35 billion-a-day London lira market – but the cost of killing it off completely would be high for the country itself.
Read MoreSocGen Cuts 1,600 Jobs as Investment Bank Overhauled
Top Headlines
SocGen Cuts 1,600 Jobs as Investment Bank Overhauled – Financial Times
The investment bank will close its commodities business and proprietary trading unit and reorganise its fixed-income division to make it more profitable, particularly the underperforming rates, credit, currencies and prime services operations, as was first flagged in February.
Read MoreLeaving London: Voices from the Financial Front Lines of Brexit
Top Headlines
Leaving London: Voices from the Financial Front Lines of Brexit – Financial Times
The Financial Times talks to people involved in moves from the City of London to rival EU cities.
Read MoreFinancial Services Caught in Web of Brexit Regulation
Top Headlines
Financial Services Caught in Web of Brexit Regulation – Bloomberg
Though London risks losing derivatives clearing in the long term, fintech sees a rosier future. Financial-services negotiations have taken a back seat to trade, yet the industry remains the country’s biggest export.
Read MoreRage Within the Machine – Brexit Headline Blizzard Overloads FX Algos
Top Headlines
Rage Within the Machine – Brexit Headline Blizzard Overloads FX Algos – Reuters
Machine-driven trading systems in the $5.1 trillion-a-day global currency market are struggling to cope with the blizzard of headlines about Britain’s efforts to extricate itself from the European Union, making it more expensive and risky to bet for or against sterling.
Read MoreNot Just Brexit – EU Frets Next Crisis May Come from Money Managers, Clearing
Top Headlines
Not Just Brexit – EU Frets Next Crisis May Come from Money Managers, Clearing – Reuters
Changes in global financial rules and investment strategies have seen the emergence of new giants in global financial markets in recent years, among them clearing houses like London-based LCH and asset managers such as Blackrock. EU officials warn the swelling of their books has not coincided with a proportionate tightening of their oversight, however, meaning the potential risks they pose to financial stability are growing.
Read MoreUK Lawmakers Again Fail to Plot Brexit Course
Top Headlines
UK Lawmakers Again Fail to Plot Brexit Course – The Wall Street Journal (subscription)
The House of Commons failed for a second time to find a majority for any alternative to the deal British Prime Minister Theresa May negotiated with the European Union, deepening the uncertainty over Brexit less than two weeks before Britain is scheduled to leave the bloc.
Read More