Investment Banks in 2Q18: FICC and Equities – Euromoney
The story of the quarter was of course Goldman Sachs, which has engineered a recovery from its terrible 2017 in FICC in some style. JP Morgan remains the biggest business, and, at the other end of the scale, some of the Europeans – HSBC, Deutsche, BNP Paribas – had a torrid time. FX movements hurt them, as did European conditions.
Could Simplifying the Appraisal Process Reduce Unfair Dismissal Cases? – Profit & Loss (subscription)
By simplifying what should be a fairly routine part of the desk manager’s work and establishing the need for honesty (and proportionality) in appraisals, there may be a chance that the next generation of people in FX do not suffer the trauma that too many of the current generation have.
Asset managers and their investors are increasingly interested in whether or not their counterparties take conduct seriously.
The likelihood Britain crashes out of the European Union without a trade deal has increased, an outcome that would hurt an already weak pound, according to economists and foreign exchange strategists polled by Reuters.
Following a marginal uptick in performance in June, CTAs faced headwinds again as all the Societe Generale (SG) indices posted negative returns in July.
In an age where Wall Street remains largely misunderstood by non-Wall Streeters, and many on Wall Street must maintain such a laser focus on the task at hand that they can’t see the forest for the trees, hearing the stories that explain how the market really works and why it works the way it does is more important than ever.
Chairman Giancarlo says exempting clearing firms with comparable regulation will avoid the “untenable state of overlapping”.
- CFTC Proposes Rules to Simplify Process for Foreign Clearing Organizations to Obtain DCO Registration Exemption – CFTC
- Statement of Chairman J. Christopher Giancarlo Regarding the Proposed Rule on Exemption from DCO Registration – CFTC
Global regulators have marked their own homework, giving themselves a largely positive report for post-crisis reforms designed to make the $544tn derivatives market safer.
Britain must avoid tying Brussels up in red tape or antagonising its soon to be former European Union partners and the United States if it is to maintain access to the bloc’s financial services market after Brexit.
Bitcoin fell sharply on Wednesday after the US Securities and Exchange Commission delayed a decision on a proposed bitcoin exchange-traded fund, which would have been the first financial product of its kind.
On the heels of the Securities and Exchange Commission’s decision to deny the Winklevoss twins their application for a digital asset-related exchange-traded-fund, bitcoin pundits are wondering what’s thwarting the first ETF underpinned by bitcoin.
Former US Securities and Exchange Commission chairman Arthur Levitt and former Federal Deposit Insurance Corp chair Sheila Bair have joined the board of advisors of cryptocurrency trading platform Omniex.
The firm could have to set up a UK entity if it is not allowed to operate as a foreign trade repository after Brexit.
BNP Paribas has seen a raft of departures from its FX algo team.
The total volume of FX futures traded on SGX in July was 1.7 million, down 8% month-on-month, despite the exchange seeing record volumes in its USD/CNH futures.
Thomson Reuters said it was thinking about acquisition opportunities after reporting quarterly earnings that were ahead of expectations on Wednesday and reaffirming its 2018 forecast.
Sterling extended losses on Thursday, nearing a one-year low against the dollar, as investors grew increasingly nervous that Britain will leave the European Union without an agreement on its future relationship with the bloc.
Rising geopolitical tensions with the US prompted sharp selling in the Turkish lira and Russian rouble on Thursday morning, after Washington flexed its financial powers against both countries.
Investors trimmed bearish bets on most emerging Asian currencies over the last two weeks, as renewed trade war concerns were cushioned by regional central bank efforts to shore up their currencies, a Reuters poll showed.
The Japanese yen rose broadly on Thursday in an apparent reflection of concern among investors about an uptick in geopolitic tensions from the US-China trade war to Brexit.
The Chinese yuan, which has weakened by around 5 percent against the US dollar this year, will likely stabilize on a slightly stronger footing than current levels, from now until the end of the year, according to Europe’s largest bank HSBC.