Investment Banks’ Revenue Set to Decline Again in 2015

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Top Headlines

Investment Banks’ Revenue Set to Decline Again in 2015: Survey – Reuters Revenue at the world’s 10 largest investment banks is on course to decline again in 2015 by two percent to $148 billion compared to a year ago, although a strong showing in equities will limit the fall, a survey on Tuesday showed.

Citic Knew Derivatives Risk, Hearing Told – Financial Times It was HSBC that first proposed the derivatives that lost Citic $2bn in 2008 on mistimed Australian dollar bets, a tribunal heard on Monday, as the Chinese conglomerate and five directors faced a market misconduct hearing for not sooner disclosing the losses.

Yuan’s Adventure Abroad Stumbles in London – Wall Street Journal (subscription) London businesses resist accepting Chinese currency.

Unless States Spur Growth ECB Can Only Blow Bubbles – Financial News (subscription) The eurozone is experiencing what we at Pimco like to call a “rock solid” recovery. The solidity is there, the trouble is that the pace is a bit too rock-like.

 

 

Regulatory News

FCA Chairman: MiFID II Delay Would Give More Realistic Timeframe – Investment Week FCA chairman John Griffith-Jones has said a delay to MiFID II implementation is “not ideal” but a year-long reprieve would provide a more achievable timeframe.

ECB Has Eye on Financial Risks Stemming from Lax Policy – Coeure – ECB The European Central Bank is attentive to the risks to financial stability that its exceptionally loose monetary policy may bear, but does not see signs markets are overpriced, ECB board member Benoit Coeure said.

 

 

Company News

CLS adds Hungarian Forint to Settlement Roster – Profit & Loss CLS Group (CLS) has started settling payment instructions in the Hungarian forint (HUF) on behalf of its settlement members, bringing to 18 the total number of currencies eligible for settlement through CLS.

Nasdaq’s Greifeld: How He Built a Global Giant – Barron’s (subscription) In 12 years at the helm, Bob Greifeld took the exchange from a domestic trading backwater to a global financial powerhouse—boosting its shares 832% along the way.

 

 

Market Savvy  

Dollar Climbs to 7-Month Peak as Hedge Funds Boost Bullish Bets – Bloomberg The dollar climbed to a seven-month high as hedge funds increased wagers the currency will strengthen amid speculation the Federal Reserve will raise interest rates as soon as next month.

Asian Shares Regain Footing – Wall Street Journal (subscription) Higher oil prices lift energy sector; investor nerves settle after Paris attacks.

Oil Approaching $40 Deepens Investor Pessimism on Recovery – Bloomberg Hedge funds have turned more pessimistic on oil as prices flirted with $40 a barrel for the first time since August.

New Zealand Dollar Trading Strong in Asia – FX News Call The New Zealand dollar is trading strongly in Asia today on news of Auckland-based dairy cooperative Fonterra has raised its forecast earnings per share for the current fiscal year.

 

 

Press Releases

ICE Acquires Trayport – Profit & Loss Intercontinental Exchange (ICE) has stolen a march on rival CME Group by agreeing to buy Trayport from BGC Partners and GFI for $650 million in ICE stock.

 

 

Industry Events