Top Headlines

Brexit: David Cameron to quit after UK votes to leave EU – BBC

Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union.


Pound Tumbles 30-Year Low as Britain Votes Brexit – FT (subscription)

The pound slumped to the lowest level in 30 years on Friday, tumbling as much as 13 per cent, as investors took fright at Britain’s shock decision to leave the EU.

Statement from the Governor of the Bank of England following the EU Referendum Result

The people of the United Kingdom have voted to leave the European Union.

ISDA Statement on UK Referendum Vote for Brexit

The International Swaps and Derivatives Association, Inc. (ISDA) today published the following statement on the UK referendum vote to leave the European Union (EU), also known as Brexit.

Inevitably, there will be a period of uncertainty and adjustment following this result.

World Reaction as UK Votes to Leave EU – BBC

International reaction has been coming in as the UK votes to leave the European Union.

World Stocks in Freefall as UK Votes for EU Exit – Reuters

A British vote to leave the European Union sent sterling plunging on Friday and hammered equities across the world as turmoil swept through global markets.

Japan Signals Readiness to Intervene as Brexit Boosts Yen – Profit & Loss

Japan will respond as needed to “extremely nervous” exchange-rate moves in the wake of Britain’s referendum on leaving the European Union, Finance Minister Taro Aso said on Friday, signaling a readiness to intervene to stem excessive yen strength.

Brexit: Petition for second EU Referendum so Popular the Government Site’s Crashing – The Independent

The 48% of voters who wished to Remain in the European Union are so mortified by the Leave result that a parliamentary petition calling for a second referendum has been set up.

Fear of Contagion is Now Very Real Threat – The Times (subscription)

The dream of a united Europe is over. Born in the ruins of a continent torn apart by war seven decades ago, Britain decided to walk away “without a shot being fired”, as Nigel Farage put it when dawn broke this morning.

Article 50: What Is It and Why It Is Important – iNews

Britain has voted to leave the EU – although the results have not been formally announced, it is now mathematically impossible for Remain to win. There’s going to be a lot of talk now about “invoking Article 50”.

With a British Adieu to EU, It’s Farewell to a Fed Rate Hike for Now – Reuters

The US Federal Reserve, already undecided on when next to raise interest rates, now has one more reason to wait: Britain’s vote on Thursday to leave the European Union.

Led Zeppelin Cleared of Plagiarism in Stairway Case – BBC

Led Zeppelin did not plagiarise the opening chords of the rock epic Stairway to Heaven from the US band Spirit, a Los Angeles jury has found.

Regulatory News

FCA: All Financial Regulations Still Stand – fastFT (subscription)

The UK’s markets regulator said on Friday that financial regulations will stay in place despite the UK’s historic decision to leave the EU.

Merrill Lynch Paying $10 Million Penalty for Misleading Investors in Structured Notes

The Securities and Exchange Commission today announced that Merrill Lynch has agreed to pay a $10 million penalty to settle charges that it was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index.

Merrill Lynch to Pay $415 Million for Misusing Customer Cash and Putting Customer Securities at Risk

The Securities and Exchange Commission today announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors.

Company News

JPMorgan’s Chief Executive Jamie Dimon Has Wasted No Time in Telling Staff What Will Happen at the Bank Now the UK Has Voted for Brexit – City AM

Jamie Dimon, chairman and chief executive of JPMorgan, is wasting no time in reassuring staff and investors that the bank isn’t about to abandon its UK operations in a post-Brexit world.

Ford Could Cut UK Jobs After Brexit Vote – fastFT (subscription)

Ford has said it “will take whatever action is needed” to keep its UK operations competitive in a sign the car group may be preparing to cut costs in the wake of the Brexit vote.

LSE-Deutsche Börse Deal Still Going – fastFT (subscription)

Deutsche Börse and the London Stock Exchange said that they remained “fully committed” to the “agreed and binding merger terms” and that it was continuing to seek regulatory approvals for the deal, despite the UK’s vote to leave the EU.

Barclays Plunges 26pc as £40bn Wiped off the Value of British Banks – Daily Telegraph

The banking sector plunged into a state of chaos this morning with shares nursing double digit losses moments after the opening bell, wiping £40bn off the value of Britain’s biggest lenders.

Market Savvy

Analysts Quick to Predict Further Sterling Weakness – Profit & Loss

Following the historic UK vote to leave the UK, analysts have been quick to issue gloomy predictions for sterling and the euro.

Did Central Banks Step in to FX Markets? – Profit & Loss

The suspicion is growing that central banks may have stepped into FX markets to dampen volatility earlier.

Swiss National Bank Intervenes in Currency Markets – fastFT (subscription)

Switzerland has wasted no time to respond to Brexit. The Swiss National Bank has intervened in the currency markets on Friday morning,

Sterling Pummelled as UK Votes to Leave EU – Profit & Loss

Sterling has endured a traumatic Asian session as the UK has officially voted to leave the European Union with the leave camp passing the 50% mark of votes cast.

Gilt Yields Clock Biggest Drop Since 2009 – fastFT (subscription)

The 10-year Gilt yield has dropped to a new record this morning as investors flock to haven assets in the wake of the Brexit vote, which has sent shockwaves through global markets.