Top Headlines
Tullett Prebon’s Takeover of Icap Faces In-Depth CMA Probe Over Oil Business – Daily Telegraph
Tullett Prebon’s attempted takeover of rival Icap’s voice broking business will face an “in-depth” investigation by the competition watchdog, after it raised concerns over their overlapping oil operations.
Clinton Clinches Democratic Presidential Nomination – Bloomberg
Hillary Clinton secured the delegates required to claim the Democratic presidential nomination Monday, according to the Associated Press, putting further pressure on Bernie Sanders to exit the race.
A Month to Forget for the Platforms – Profit & Loss
Volume data released by EBS and Thomson Reuters confirms that, for the multi-dealer platforms at least, May was a difficult month, with all platforms bar one to report data recording their worst performance of the year.
EU referendum: Remain Moves Slightly Ahead in New Poll – City AM
Against a backdrop of growing speculation that the pro-Brexit camp is experiencing a surge of support, a new poll has found that Remain.
- Brexit Threatens to Destroy 18 Months of Swiss Toil in a Stroke – Bloomberg
- Running a Brexit Poll? Call Your Lawyer First, Says Watchdog – Bloomberg
- EU Referendum: Would Brexit Make Putin Happy? – BBC
Sterling Still Standing Tall after Surge in Asian Trading – fastFT (subscription)
Sterling leapt higher overnight for no obvious reason, wiping out yesterday’s EU poll-driven swoon and leading some to suspect a mistake on the part of a trader somewhere. (These ‘fat finger’ errors do happen.)
Nigeria Struggles to Recover Looted Billions – FT (subscription)
Nigeria’s government has recovered only a fraction of the more than $10bn it has identified as stolen, according to lawyers and campaigners who have analysed the figures.
Nudist Restaurant Set to Open in London – FT (subscription)
A clothing-optional restaurant opens in London on Saturday promising an evening free from trappings of the material world.
Regulatory News
CFTC, ESMA Relations Thaw with New MoU – Profit & Loss
The US Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (Esma) have signed a Memorandum of Understanding (MoU) to co-operate when regulating Central Clearing Counterparties (CCPs).
Towards a Macroprudential Framework for Central Counterparties
Introductory remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a policy panel discussion on the progress with new macroprudential instruments at the ESRB international conference on macroprudential margins and haircuts,
Australian Regulator Alleges Rate Manipulation at NAB – fastFT (subscription)
Another of Australia’s four big banks has been accused by a key watchdog of manipulating the country’s benchmark interbank borrowing rate, the latest twist in a series of global interest rate-rigging scandals.
- ASIC Files BBSW Claim against NAB – The Australian
- ASIC Commences Civil Penalty Proceedings Against National Australia Bank
Company News
Shell Caps Spending for Rest of the Decade – Daily Telegraph
Oil giant Shell is targeting yet more cost savings as it looks to pay down debt and protect its dividend in an era of lower oil prices.
IBM Signs $300 Million IT Deal with Emirates Airline – Reuters
IBM on Tuesday said it signed a $300 million, ten-year technology services agreement with Dubai’s Emirates Airline.
Brazil’s Second-Biggest Bank Seen Needing $7 Billion Rescue Plan – Bloomberg
In his first month as Brazil’s acting president, Michel Temer has wrestled with a record budget deficit, rising debt, corruption scandals and the Zika virus. He may want to pencil in some time for a multibillion-dollar rescue of the nation’s second-biggest bank.
Chow Tai Fook FY Profit Slumps 46% – fastFT (subscription)
Profits at Chow Tai Fook slumped 46 per cent as the biggest jeweller in the world by market capitalisation continued to be pummelled by a slowdown in Hong Kong and Macau.
Market Savvy
Soothing Fed Sounds Send Stocks to Five-Week High – Reuters
World stocks hit their highest in five weeks on Tuesday as a dovish tone from Janet Yellen cooled near-term U.S. rate hike bets and a seven-month peak in crude prices cheered oil firms.
Currency Managers Up in April: Parker – Profit & Loss
Systematic currency managers outperformed their discretionary counterparts in April according to the Parker FX Index.
Chinese Forex Reserves Dip in May – fastFT (subscription)
The drop in China’s foreign exchange came in slightly higher than analysts’ expectations in May.
Former LME Boss Eyes New Metals Exchange – FT (subscription)
The former head of the London Metal Exchange is considering setting up a metals exchange to rival the Hong Kong Exchanges and Clearing-owned bourse.
European Credit Markets on Edge as ECB Poised to Buy – FT (subscription)
For three months there have been warnings to all in Europe’s corporate bond market that sluice gates will soon open to flood it with money from the central bank.