Top Headlines
Wall Street Sound Trading Slowdown Alarm – Bloomberg TV
Wall Street executives continue to sound the warning bell over a trading slowdown. Morgan Stanley CEO James Gorman says that he would be “very surprised” if the investment bank beats its first-quarter results after a tough start in June.
Does the Marketing of Some Fintech Firms Needs Moderating? (opinion) – Profit & Loss
“Disruption” remains a favourite buzzword – over-selling what is actually on offer. I don’t actually see how this is different to any other advertising to be honest, but there is no doubt that the level of white noise in the fintech space has gone up.
The $22 Trillion Question – Institutional Investor
Are asset allocators worried that the end is nigh for the Treasury market – and should they be?
Regulatory News
Swift Calls for Greater Industry Standardisation – Profit & Loss
Swift has issued a report arguing in favour of greater standardisation of messaging within the FX market, claiming that this will in turn cause greater automation and improve efficiency.
CFTC Frees Amended Legacy Swaps from Margin Net – Risk.net (subscription)
The US derivatives regulator has taken steps to ensure legacy swaps are not swept into scope for non-cleared margin rules as a result of certain amendments and lifecycle events, which technically create new instruments that could be subject to costly collateralisation requirements.
Swiss National Bank Unveils its Own Policy Rate to Replace Libor – Financial Times (subscription)
Switzerland’s central bank plans to introduce a new policy rate to replace one that is based on Libor amid a global shift away from the scandal-hit benchmark.
Crypto News
Is Bitcoin Growing Up? – Reuters
When bitcoin was born it was a symbol of counterculture, a rebel currency with near-anonymity and a lack of regulation. A decade later, there are growing signs it’s entering the establishment its creators sought to subvert.
The unified and harmonious global regulation of the crypto trading market is “not going to happen” and would risk stifling innovation within the sector, according to a panel of experts speaking at a breakfast briefing on June 12.
Why Stablecoins Stand Out in the Cryptocurrency World – The Wall Street Journal (subscription)
Cryptocurrencies have yet to reach mainstream adoption, but one part of the market that has seen substantial growth is stablecoins. Stablecoins have become popular in the digital-currency industry because they don’t have the wild volatility associated with other crypto assets such as bitcoin.
UK Regulators Eye Crypto – MarketsMedia
UK regulators said cryptoassets do not currently pose a threat to monetary or financial stability and they want to support innovation that will bring benefits to consumers.
Nasdaq’s Quandl Institutional Data Platform to Add Crypto Reference Prices – CoinDesk
Nasdaq’s Quandl platform will source its price information from cryptocurrency price and indices provider CryptoCompare. Based on CryptoCompare’s aggregate index datasets, the product will provide up-to-date pricing data for the most liquid cryptocurrency markets.
Edgewater Launches Equity Offering for Crypto Spin-Off – Profit & Loss
Edgewater Markets has launched an equity offering for its new crypto-focused spin-off, Edgewater Digital Technologies.
Company News
Johannesburg Stock Exchange Adopts Millennium Platform for Equities and FX Derivatives – The Trade
The Johannesburg Stock Exchange (JSE) has gone live with a new trading platform from LSEG Technology for its equities and FX derivatives markets.
Symphony, a messaging platform for Wall Street firms, has been valued at $1.4 billion, according to people with knowledge of the company.
Barclays to Provide US Client Swaps Clearing Through Eurex – The Trade
Barclays has confirmed that it has become the latest investment bank to provide its clients based in the US with access to Eurex for clearing of interest rate swaps.
FlexTrade Expands Focus in France – Profit & Loss
FlexTrade has expanded staff levels at its Paris office. The company has appointed Rushani Caiola as fixed income account manager and three new technical analysts within the company’s implementation and client services support teams for fixed income and FX.
MUFJ Appoints Fennessy Head of Sales – Profit & Loss
Mitsubishi UFJ Financial Group has appointed Matt Fennessy as head of sales for Asia, based in Singapore. He joins after working at RBC Capital markets in a number of senior positions over three years, most recently as APAC head of FX sales.
The Banks that Urgently Need to Sack Some Staff, By Market – eFinancialCareers
Market intelligence firm Tricumen has just released its spider charts for the first quarter of 2019. Where a bank’s red dot is close to the centre of the chart, it suggests its employees are inefficient compared to rivals. Where a bank’s red dot is close to the outside of the chart, it suggests that employees generate far higher revenues per head than at rivals.
Market Savvy
Sterling Fades as Conservatives Vote in UK Leadership Contest – Reuters
The pound slipped on Thursday as concern grew about a leadership contest in Britain that may lead to a disorderly departure from the European Union.
Yen Gains as Risk Appetite Ebbs, Dollar Holds Above Recent Lows – Reuters
The yen gained broadly on Thursday as risk appetite ebbed in the broader markets and lifted the safe-haven Japanese currency, while the dollar held the bulk of its gains against other major currencies after rebounding from 11-week lows.