Prime Minister Theresa May’s record defeat in Parliament over her Brexit divorce deal provoked a curious response from markets: Optimism.
- What Brexit’s Jumbled Politics Mean for Markets – The Wall Street Journal (subscription)
- JP Morgan CEO Jamie Dimon Says Hard Brexit Would Be a ‘Disaster’ for Britain – Bloomberg
This week has seen the start of the reporting season for US banks and at least as far as the FICC divisions are concerned, it hasn’t been good news. What I found intriguing amongst all the usual corporate-speak was the admission by Citi’s CFO John Gerspach, that the bank’s lowest quarterly FICC results since 2011 were in some way driven by “a pull back from clients waiting for clearer market conditions that did not materialise”.
Hedge funds dipped 2.61% in December, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions, meaning it was down 5.08% for the year.
The Futures Industry Association (FIA) has filed a response to the Basel Committee on Banking Supervision urging the adoption of FIA’s suggested modification to the leverage ratio and to recognise the exposure-reducing nature of client collateral in order to align regulatory incentives.
Best execution is clearly moving even further up the regulatory agenda. Bloomberg’s Janos Renz-Hotz highlights common deficiencies associated with advisers’ best execution obligations and outlines three foundational steps to consider in staying ahead of compliance requirements.
Germany’s finance ministry has asked banking regulator BaFin to share the results of its scenario analyses that model a potential merger of Deutsche Bank and Commerzbank.
More than 45 financial institutions are planning to newly establish themselves or significantly increase their presence in Germany as a result of Britain’s planned exit from the European Union, a German official said on Tuesday.
The crypto winter that’s seen major digital assets crash by as much as 90 percent hasn’t been bad for all of the firms building infrastructure or investors looking to pick up equity in projects that dropped appreciably.
By the end of the month, BitGo’s customers will be able to buy or sell Bitcoin, Ether and other digital assets without the coins ever leaving cold storage – in other words, they’ll stay on devices not connected to the internet, making them harder to steal. BitGo is offering this through a partnership with Genesis Global Trading, a trading firm.
GMEX Technologies (GMEX) has added two new products, ForumCustody and ForumWallet, to its Fusion product suite, thus providing digital custodian and vault capabilities.
A slew of crypto firms have their hearts set on launching markets for ethereum derivatives, but the chance regulators get comfortable with giving the green light for those products this year seem slim, some market experts say.
Wai-Kwong Seck, CEO of State Street in the Asia Pacific region (APAC) and member of the bank’s Management Committee, is leaving after an eight year career. Seck will be replaced by Ian Martin, currently EVP Asia Pacific and formerly head of Global Markets for the bank in the region.
Post-trade derivatives services provider TriOptima has launched a tool to provide insights into options for initial margin (IM) calculation and to help firms identify in-scope counterparties.
The Netherlands Authority for the Financial Markets has provided authorisation for Bloomberg Trading Facility to establish the Dutch multilateral trading facility known as BTFE. BTFE will operate alongside Bloomberg’s UK MTF and will provide cross-border trading services from Amsterdam throughout the European Union under a MiFID II passport.
The six biggest US banks have never had a $100 billion year. Until now. Goldman Sachs, JP Morgan and their peers have already reported more than $111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday.
- Goldman Sachs Dealmakers’ Surging Fees Help Offset Trading Misery – Bloomberg
- Bank of America Merrill Lynch Trading Takes Smaller Hit than Peers – Business Insider
Citi’s female employees earn 29 percent less than their male counterparts, the Wall Street bank revealed on Wednesday, while announcing targets for appointing more women and minorities to senior roles.
Despite recent work-life mandates, junior bankers still put in marathon weeks, averaging north of 80 hours at some investment banks.
Sterling hovered just off two-month highs against the euro and the dollar on Thursday as uncertainty crept back in a day after British Prime Minister Theresa May won a confidence vote in parliament.
The New Zealand dollar moved the most among major currencies on Thursday, falling to a week’s low on renewed fears over global growth, while sterling dipped as the British government struggled to find consensus over how to exit the European Union.
All eyes are on the grinding gears of China’s economy, but for Australia, the fate of its largest trading partner is a particular worry.