Top Headlines

Lionel Messi Says his Argentina Career Is Over – The Guardian

Lionel Messi has said his international career is over at the age of 29 after he blazed a penalty over the bar in Argentina’s defeat in the Copa América final to Chile.

England Face Iceland In Make-Or-Break Match – Sky News

England meet Iceland in the Euro 2016 last-16 tonight in a match they are expected to win, and manager Roy Hodgson cannot afford to lose if he is to earn a new contract.

Brexit Response Highlights SNB Lessons Learned – Profit & Loss

With market participants reporting wider spreads but continuous liquidity following the UK’s vote in favour of leaving the European Union, platform providers claim that the FX market has learned important lessons about how to function effectively in volatile market conditions.

We Have our Independence, Now Let the Pound Fall and Boost Exports – Daily Telegraph

Now that the campaign is over, it is time for the consequences. What will they be? And how should economic policy respond?

Banks Begin Moving Some Operations Out of Britain – FT (subscription)

Banks have already begun to take action to shift operations out of the UK, but most of their staff will have to wait several months to find out how many thousands of them will be asked to move to fledgling financial hotspots like Paris, Dublin and Frankfurt.

Jeremy Corbyn Announces New Shadow Cabinet – City AM

Jeremy Corbyn has announced ten new members of his top team this morning in defiance of the slew of resignations engulfing Labour’s frontbench and ahead of a crucial meeting of MPs later this evening.

Regulatory News

US Banks’ Stress Tests May Offer Comfort in Brexit Tumult – Reuters

The stress tests created for banks by US regulators after the 2008 financial crisis may prove their worth this week, providing a timely message on banks’ hardiness in the midst of turbulence over last week’s vote by Britain to leave the European Union.

Accounting Watchdog Announces Investigation into PwC over BHS Audit – City AM

The watchdog for the accountancy industry has today announced that it is launching an investigation into PwC over BHS.

SEC Charges “Frack Master” With Running an $80 Million Oil and Gas Fraud

The Securities and Exchange Commission today charged four companies and eight individuals in an $80 million oil and gas fraud orchestrated by a Dallas man who calls himself the “Frack Master” for his purported expertise in hydraulic fracturing.

CFTC Requests Public Comment on Swap Clearing Requirement Submissions

The U.S. Commodity Futures Trading Commission (CFTC) is requesting public comment on submissions the CFTC received over the past several years from seven registered derivatives clearing organizations (DCOs) pursuant to section 2(h)(2)(B) of the Commodity Exchange Act (CEA) and CFTC regulation 39.5(b). The comment period will be open until July 25, 2016.

Company News

LSE and Deutsche Boerse Face Fresh Calls to Move HQ to Frankfurt after Brexit Vote – Daily Telegraph

The London Stock Exchange is to press ahead with its £21bn merger with German counterpart Deutsche Boerse, despite renewed calls for the group’s headquarters to move to Frankfurt in the wake of Brexit.

TraderTools Offers New EM Network – Profit & Loss

It is often said that you cannot beat local knowledge when it comes to trading emerging market (EM) currencies. And while many bulge bracket banks have in the past provided an excellent service in many EM currencies, very often it is regional players that are the real big fish in small EM trading pools.

Brexit’s Banking Baggage – Bloomberg

Britain’s vote to leave the European Union means the government is going to be lumbered with its costly holdings in two bailed-out banks, Royal Bank of Scotland and Lloyds, for a lot longer than planned.

Market Savvy

Osborne Effect Short-Lived; Pound Resumes Slide – fastFT

Sterling has resumed its downward fall against the dollar despite the UK chancellor’s efforts to reassure markets about the resilience of the British economy this morning.

Boris Johnson: Markets and the Pound are ‘Stable’ – fastFT (subscription)

Boris Johnson, seen as one of the main contenders to replace David Cameron as UK prime minister, has suggested the worst of the markets turmoil is behind Britain, claiming “people’s pensions are safe, the pound is stable, markets are stable”.

Brexit May Be Scotland’s Chance to Steal London Finance Crown – Bloomberg

For all the uncertainty Scotland faces with the cloud of Britain’s exit from the European Union, there could yet be a silver lining, according to UK lawmaker Mark Garnier.

What Are the Legal Ramifications of a Brexit Vote? – Profit & Loss

One of the big questions following the UK’s referendum result in favour of leaving the European Union is how this will impact the legal and regulatory framework that financial services firms operating there will be expected to adhere in the future.

Bonds Continue Rally as Brexit Gloom Persists – FT (subscription)

Government bonds are getting another boost this morning as post-Brexit market wobbles continue, while Spanish bonds are surging amid hopes a government can be formed after the weekend’s election.

Spanish Equities Rise 2.5% After Election – fastFT (subscription)

Spain’s benchmark Ibex index has opened 2.5 per cent higher at the opening bell on Monday, after the country’s second general election in six months saw the ruling conservative Popular party increase its vote share.

Nikkei Rebounds on Currency Intervention Optimism after Brexit – Reuters

Japan’s Nikkei share average recouped some of last week’s steep declines on Monday, as government officials stepped up warnings that they may intervene in currency markets to stabilise the yen after Britain voted to leave the European Union.