The broking giant TP Icap has launched legal action against Nex Group, the trading business built up by the Tory donor Michael Spencer, accusing it of breaching the terms of a £1.3bn deal.
Bankers are confident that as the year-end nears, financial markets won’t experience the turbulence of previous fourth quarters when the cross-currency basis widened and repo rates spiked amid a US dollar funding squeeze.
Deutsche Bank and 16 other lenders recently tested moving interest rate swap positions from London to Frankfurt, a signal that financial firms are pushing ahead with preparations for a no-deal Brexit. The banks made dummy trades on Dec. 3 in the first known dry run of a service that could move trillions of dollars of derivatives from LCH in London to Eurex Clearing in Frankfurt.
The trend of company acquisitions persisted over the course of the year and began with March’s announcement, and subsequent approval, of CME’s acquisition of Nex Group.
Jay Clayton, the head of the US Securities and Exchange Commission, has called on the UK and EU to take action to ensure a no-deal Brexit would not cause havoc to global markets.
A new report calls on the FSB and BCBS to review and recalibrate post-crisis prudential standards in relation to their impacts on repo and securities lending markets.
- The GFMA and ICMA Repo Market Study: Post-Crisis Reforms and the Evolution of the Repo and Broader SFT Markets – GFMA
In approximately five months, US-based broker-dealers will need to issue new and more detailed versions of their Rule 606 order-routing reports, which has them looking to the Securities and Exchange Commission for guidance.
More than one-third of survey respondents (34
Former chief operating officer at CurveGlobal joins crypto exchange which is due to launch in mid-2019.
Greg Tusar, the former global head of electronic trading at Goldman Sachs, is excited about digital assets despite the horrific year for cryptocurrencies.
As Tether grew into a multibillion-dollar engine of the cryptocurrency market, skeptics kept warning that the digital coin, whose main selling point is that it’s pegged to the dollar, wasn’t actually backed by an enormous pile of cash. Bank statements reviewed by Bloomberg News suggest those fears may be unfounded.
Damien Loh, CIO of Ensemble Capital, discusses how AI tools can be applied to FX trading.
Backstop Solutions Group, a cloud-based CRM provider for institutional and alternative investors, is set to acquire BarclayHedge, which produces alternative investment data and indices.
Nasdaq Technologies has confirmed that it has made a revised acquisition offer for Swedish technology provider Cinnober after its original bid failed to secure the required level of shareholder approval.
The trading venue also seeks to make it easier for investors to gain exposure to the China Interbank Bond Market.
The dollar was fragile in Asian trade on Tuesday as markets speculated growth worries will prompt the Federal Reserve to signal a pause to its monetary tightening cycle at this week’s meeting.
- Fed Faces Communication Challenge on Rates – The Wall Street Journal (subscription)
- Trump Renews Attack on Federal Reserve over Interest Rates – Financial Times
The British pound rose further away from 20-month lows on Tuesday, helped by a weaker dollar and confirmation Prime Minister Theresa May will seek parliamentary approval for her
The euro rose on Tuesday as the dollar weakened, with investors betting that growth concerns will prompt the Federal Reserve to slow its pace of interest rate hikes at this week’s meeting.
Fund managers looking for top picks in 2019 are increasingly gravitating to what has been an unloved asset class: emerging markets.