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UK Markets Rally as Conservatives Head for Outright Election Win – Reuters
British financial markets rallied on Friday as election results pointed to a shock outright victory for Prime Minister David Cameron’s Conservative Party, wiping away the uncertainty for investors that a hung parliament had threatened to deliver.

• Sterling Soars on UK Election Outcome; US Jobs Awaited – Reuters
• Australian Dollar Drops as RBA Keeps Rate-Cut Fantasy Alive – Sydney Morning Herald
• Chinese Yuan Weakens as PBOC Sets Mid-Price at a Lower Level – South China Morning Post
• Asia FX Turns Higher After Dismal China Trade Data – The Star Online

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Future is Fixed Income for JP Morgan, Citi – Wall Street Journal (subscription)
The three US universal banking giants have largely stuck with their fixed income trading desks, despite poor returns and a constant flow of litigation. But according to research from Alliance Bernstein, the price of commitment will vary. Bernstein has taken a look at how fixed income, currency and commodities trading affects the revenue streams of Bank of America, Citi and JP Morgan.
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UBS in ‘Advanced Talks’ with US on Foreign Exchange Probe – BBC News
UBS says it is in “advanced talks” with the US Department of Justice to settle allegations that it attempted to rig foreign exchange markets.

• UBS Profit Nearly Doubles – Wall Street Journal (subscription)

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Global Bank Regulators Call for More Risk Controls Around Algo Trading – Reuters
Banks need to put in place more stringent standards around algorithmic trading to help reduce risks to the financial system as trading becomes more electronic and increasingly complex, a group made up of global regulators said on Thursday.
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Barclays Boosts Expected Bill for Foreign Exchange Fines to More Than $3 Billion – Wall Street Journal (subscription)
Barclays boosted its expected bill for foreign exchange fines to more than £2 billion on Wednesday and said it is working hard to settle investigations with global regulators.

• Barclays Profit, Weighed Down by Legal Costs, Fell 52% in First Quarter – New York Times

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S&P Predicts £19 Billion Legal Cost for Top UK Banks – Profit & Loss (free story)
The UK’s four largest banks are likely to face further aggregated conduct and litigation charges amounting to £19 billion in the next two years, according to a report issued by Standard & Poor’s.
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