Britain in shock after killing of Labour MP Jo Cox – FT (subscription)
The fatal shooting of a British MP has shocked the country’s political establishment, bringing an abrupt halt to the increasingly heated campaign for next week’s referendum on UK membership of the EU.
Brexit Campaign on Hold for Second Day After Lawmaker Murder – Bloomberg
Campaigning over whether the UK should quit the European Union was suspended for a second day on Friday after the murder of Labour lawmaker Jo Cox, an advocate for voting to stay in next week’s referendum.
CLS Volumes Follow the Downwards Trend – Profit & Loss
The average daily input value of trades submitted to CLS in May was $4.61 trillion, down 7.1% month-on-month but unchanged from May 2015.
Mary Poppins ‘May have Inspired Stairway to Heaven,’ Court Hears – BBC
Led Zeppelin’s guitarist Jimmy Page has told a court that Stairway to Heaven shares its musical DNA with the Mary Poppins song Chim Chim Cher-ee.
Europe Signs off on €7.5bn Finance Package for Greece – City AM
European leaders have signed on the dotted line to unlock the latest tranche of Greece’s bailout funds this morning.
Spain Probes BNP, Santander Staff Over Roles in Tax Case – Bloomberg
Spanish authorities are investigating some Banco Santander SA and BNP Paribas SA employees amid allegations they may have helped shield customers’ international transfers from tax authorities, according to a person familiar with the probe.
HK SFC Draws Up Policy on Fund Liquidity Risks – Ignites Asia (subscription)
Hong Kong’s Securities and Futures Commission (SFC) is poised to introduce guidance for closer oversight of the liquidity risks of authorised open-end investment funds, many of which crowd into relatively illiquid asset classes, such as emerging market debt, or have had to deal with multiple stock suspensions in China’s A-shares market.
Software Executive and Three Friends Charged With Insider Trading
The Securities and Exchange Commission today announced insider trading charges against a former software company executive and three close friends who made more than a half-million dollars based on his illegal tip about an upcoming merger.
CFTC Reopens Comment Period for Certain Elements of Regulation AT
Staff of the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight held a public roundtable meeting on Friday, June 10, 2016, to discuss certain elements of the CFTC’s notice of proposed rulemaking (NPRM) regarding Regulation Automated Trading (Regulation AT). In connection with the roundtable, staff has published the Roundtable and Comment Period Discussion Points.
China’s Postal Savings Bank May File for up to $8 Billion HK IPO Next Week – Reuters
China’s Postal Savings Bank, the nation’s biggest lender by number of branches, may file for a Hong Kong IPO worth up to $8 billion next week, people close to the deal said, in what is expected to be the world’s biggest listing of the year.
Pimco Lays off 3% of Global Workforce after Client Outflows – FT (subscription)
Pimco has laid off 3 per cent of its global workforce and has asked for more staff to volunteer to leave, as it continues to deal with the fallout of founder Bill Gross’s damaging exit in 2014.
HSBC Agrees to Pay a Record $1.6bn to Settle Household Legal Fight – FT (subscription)
HSBC has drawn a line under a long legal battle in the US by agreeing to pay a record $1.6bn to resolve a class action case stemming from its acquisition of Household International, the subprime group.
Revlon buys Queen’s lipstick maker Elizabeth Arden in £300m deal – The Telegraph
Cosmetics giant Revlon is hoping to rejuvenate its business with a $419m (£300m) cash deal to buy Elizabeth Arden, the maker of the Queen’s favourite lipstick.
Mrs Watanabe May Add to Sterling Chaos if Britain Leaves Europe – Reuters
Japanese retail investors, collectively nicknamed Mrs Watanabe, are building huge positions in pound sterling and may be among the first victims of market turmoil should Britain vote to leave the European Union next week.
Volatility, Mixed Liquidity Dominate Sterling Market Ahead of Brexit Vote – Profit & Loss
With just a week to the referendum that’s going to show whether Britons want the UK to stay in the EU or not, sterling trading appears to be dominated by increased volatility and mixed liquidity across different market segments.
Sterling Steadies; Derivatives Still Show Stress – fastFT (subscription)
The pound is holding steady early in European trading, holding onto yesterday’s modest gains. But the nerves are of course still there, with short-term options that capture likely moves in the pound over the next week leaping higher.
UK $1.1bn Stock Fund Withdrawals Largest in a Year – FT (subscription)
UK stock funds have suffered their largest withdrawals in more than a year as investors braced for the referendum on the country’s membership of the EU.
China Bear Warns Against Too Much Pessimism – Bloomberg
Forget about the “precarious” state of China’s banking system seen by hedge fund manager Kyle Bass. And the George Soros notion that China resembles the U.S. before its 2008 subprime crisis. Long-time China bear Jim Walker says the biggest risk now is being too pessimistic.