Top Headlines

Global Central Banks Join Chorus of Brexit Concern – fastFT (subscription)

First, to the fury of Leave campaigners, it was the Bank of England. But now a premium list of top-flight central banks is expressing nerves around the potential outcome of the UK’s referendum on EU membership.

BoE’s Carney Blasts Efforts at Brexit Muzzling – fastFT (subscription)

Mark Carney, Bank of England governor, has responded forcefully to behind-the-scenes attempts to muzzle the central bank, saying that a leading Leave campaigner’s threats contained “numerous and substantial” misconceptions.

Brexit: More Questions than Answers? – Profit & Loss

As the referendum of whether or not Britain should leave the European Union edges closer there is still a huge amount of uncertainty regarding the outcome of the vote.

Brexit Poll: ‘Most Brits DO Want to Leave’ – Evening Standard

The campaign to quit the European Union has surged into a six-point lead with exactly a week to go, a sensational Ipsos MORI poll reveals today.

Make all Drug Use Legal, Say Experts – The Times (subscription)

All drugs should be decriminalised, Britain’s leading public health experts say in a landmark intervention today.

Fed Keeps Interest Rates Unchanged, Signals Fewer Future Hikes – Reuters

The US Federal Reserve kept interest rates unchanged on Wednesday and signalled it still planned to raise rates twice in 2016, though it said slower economic growth would crimp the pace of monetary policy tightening in future years.

Hedge Funds Asked to Take a Hit as Iceland Frees $2.4 Billion – Bloomberg

Hedge funds will be asked to take a hit as Iceland embarks on the last crucial step in dismantling its more than seven-year-old capital control regime.

Time to Back Up Your Fighting Talk, England Boss Roy Hodgson Tells Wales – City AM

England manager Roy Hodgson has laid down the gauntlet to Wales and challenged them to back up pre-match fighting talk on the pitch in Thursday’s Euro 2016 showdown in Lens.

Regulatory News

SEC: Hedge Fund Managers and Former Government Official Charged in $32 Million Insider Trading Scheme

CFTC Requests Public Comment on a Rule Amendment Certification Filing by ICE Futures US

South Korea Announces New Capital-Control Regulations – WSJ (subscription)

South Korea has changed tack on its view about capital-flow volatility: After years of trying to slow the inflow of speculative funds, the country announced a new set of capital-control regulations to brace for a sudden outflow of capital partly in the wake of US policy tightening.

Company News

Deutsche Bank Shares Hit All-Time Low – fastFT (subscription)

Shares in Deutsche Bank have slumped to their lowest ever level as European bank stocks across the board are taking a battering in a record low bond yield environment.

UBS, Credit Suisse Likely Need 10 Billion Sfr in New Capital: SNB – Reuters

Switzerland’s two largest lenders, UBS and Credit Suisse, will likely each need to raise an extra 10 billion Swiss francs ($10.4 billion) in capital to meet new leverage requirements, the Swiss National Bank (SNB) said.

Geneva Trading Buys Toji – Profit & Loss

Principal trading firm Geneva Trading has acquired the assets of Asian-based options trading firm Toji International

Open Source Helps TradAir Cut Diagnostic Times by 90% – Profit & Loss

Cloud-based eFX trading technology provider TradAir has cut “issue diagnostic” times by around 90% thanks to the implementation of open source monitoring and diagnostic tools, the company says.

RFX Network Connect to Charles River – Profit & Loss

Russell Investments’ RFX Network has expanded its reach by establishing itself as a certified end point on the Charles River Network Service, thus continuing its drive to offer an alternative to the WMR Benchmark Fix.

Market Savvy

Want to Know How to Trade Brexit? Don’t Ask your Bank – Profit & Loss

Inevitably, nervousness has increased in sterling financial markets as the EU Referendum nears

Global Stocks Fall as Bank of Japan Stands Pat – WSJ (subscription)

A brief recovery in global stock markets was derailed Thursday after Japan’s central bank dashed hopes for additional monetary easing this month, sending shares sharply lower while the yen and gold rose to their highest levels this year.

China Dumping More Than Treasuries as U.S. Stocks Join Fire Sale – Bloomberg

For the past year, Chinese selling of Treasuries has vexed investors and served as a gauge of the health of the world’s second-largest economy.