Saturday 21st October 2017
NEWS TICKER October 20th: InterContinental Hotels, which operates brands such as Holiday Inn and Crowne Plaza, reported a steady set of third quarter figures today. Overall revenue per room was up 2.3% with Europe showing good growth while the performance in the Americas remained moderate. China is a bright spot with revenues on the mainland up 9%. “These were solid rather than spectacular figures from the company, with growth in the key American market still rather lacklustre. While the company remains confident of meeting full-year expectations and is building up its exposure to the fast-growing boutique hotel sector terrorist attacks, political unrest and an economic slowdown in some markets are clearly causing a drag on growth. We believe the shares are no better than a ‘hold' and our preferred stock in this sector is PPHE Hotel Group,” notes Ian Forrest, investment research analyst at the Share Centre today -- European financial market regulator ESMA has published (on its website), the latest compliance table, detailing which jurisdictions have adopted guidelines on the calibration of circuit breakers and publication of trading halts under MiFID II -- The dollar firmed up in European trading early this morning. As well yields on US Treasuries moved higher on the back optimism that the Trump administration would likely achieve tax reform. With a 51-49 majority, the Senate approved late on Thursday a budget blueprint for the 2018 fiscal year envisioning a $1.5trn in additional federal deficit over the next decade to accommodate proposed US tax cuts. After gaining Senate approval, the House and Senate is now expected reach a consensus on a common version of the budget resolution before it can be sent to the US President for signing. Once a resolution has been agreed, discussions on a detailed legislation for the reform of the tax code will follow expecting an agreement between the Senate and the House on tax reform legislation by late 2007/early 201 -- Moody’s will review its rating on Spain’s and Italy’s sovereign debt later today -- Hermes Investment Management, says it has been appointed to manage a $400m Global High Yield credit investment mandate by Första AP-Fonden (AP1), one of five buffer funds in the Swedish national income pension scheme. The mandate, says Hermes, was driven by a desire to improve the geographical diversification of high yield exposure -

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  • Friday, 20 October 2017 Franklin Templeton Investments launches multi-factor emerging markets UCITS ETF
    Franklin Templeton Investments has introduced the Franklin LibertyQ Emerging Markets UCITS ETF, the fifth ETF to be added to its Franklin LibertySharesTM Smart Beta UCITS ETF3 suite. The new ETF is listed on the Deutsche Börse (DB) and London Stock Exchange (LSE). Read more...
  • Friday, 20 October 2017 ESMA receives mandate on fund performance from European Commission
    The European Securities and Markets Authority (ESMA) has received a mandate from the European Commission (EC) requesting the European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and ESMA – to issue recurrent reports on the cost and past performance of the main categories of retail investment, insurance and pension products. Read more...
  • Friday, 20 October 2017 MEP push for stronger privacy rules for online communications
    MEPs want to step up protection for citizens using tools such as Messenger, WhatsApp or Skype, and other electronic communication services. Read more...
  • Friday, 20 October 2017 ADGM and Al Ansari Exchange collaborate on fintech
    Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Al Ansari Exchange, the leading foreign exchange and worldwide money transfer company in the UAE, have established a new partnership to promote and support the growth of FinTech industry in Abu Dhabi and the United Arab Emirates. Read more...
  • Friday, 20 October 2017 RSRCHXchange appoints new board members and staff
    RSRCHXchange, the MiFID II compliant marketplace for institutional research, today announced that industry veterans Adam Toms, former CEO of agency broker Instinet Europe, Don Guiney, senior capital markets partner at Freshfields, and Michael McFadgen, managing director at Euclid Opportunities, NEX’s fintech investment division, have joined the RSRCHXchange board. Read more...
  • Friday, 20 October 2017 Moody's rates Global Ship Lease's proposed senior secured notes (P)B3
    Moody's Investors Service has today assigned a provisional (P)B3 senior secured rating to Global Ship Lease, Inc's proposed issuance of $360m senior secured notes due 2022. The company's B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR) are unaffected by this action and remain unchanged at B3 and B3-PD, respectively. The rating outlook is stable. Read more...
  • Friday, 20 October 2017 S&P reports on impact of LIBOR phase out on structured finance
    As regulators and market participants alike signal their intent to phase out LIBOR and similar IBOR benchmarks after 2021, S&P Global Ratings took an initial look at what the effect may be on the many structured finance transactions tied to them. Read more...
  • Friday, 20 October 2017 Standard Bank joins CCRM - global digital trade risk network
    Standard Bank has signed an agreement with CCRManager Pte Ltd, a global trade FinTech company, joining their global innovative electronic platform as a member bank. Read more...
  • Friday, 20 October 2017 SANNE appoints new Director of Global Facilities
    Alternative fund administration services provider SANNE says it has appointed a new Director of Global Facilities to support the ongoing enhancement of their growing services and strategic development. Read more...
  • Friday, 20 October 2017 Colt to provide direct connectivity for Japan Exchange Group to Chicago
    Colt Technology Services says it will provide direct connectivity between trading venues in Tokyo and Chicago for the Japan Exchange Group’s new inter-exchange service dubbed “JPX-Chicago Co-Location Direct”. Read more...
  • Friday, 20 October 2017 Politics and policy remain at the fore
    Two dominant scenarios for the end of the year are either for a continuation of a range trade environment, or a reflation trade led by higher US rates, which could be more challenging for risk assets. By Mark Dowding, co-head investment grade at BlueBay Asset Management. Read more...
  • Wednesday, 18 October 2017 AMF appoints new deputy director of regulatory policy and international affairs
    Frédéric Pelèse, who had been seconded to the European Commission since 2014, returns to the French market regulator, Autorité des marchés financiers, (AMF) as deputy executive director of its regulatory policy and international affairs operation (DRAI). He will assist Natasha Cazenave, managing director of the DRAI, with all her responsibilities. Read more...
  • Wednesday, 18 October 2017 SAS enables EU GDPR compliance for companies
    With the EU’s General Data Protection Regulation (GDPR) going into effect on May 25th next year, global companies must take steps to understand how personally identifiable information (PII) is stored and used within their organisations. Millions of records are exposed each year due to thousands of data breaches that occur around the world. Read more...
  • Wednesday, 18 October 2017 BMO Global Asset Management to restructure LDI pooled fund range
    BMO Global Asset Management says it is restructuring of its suite of single-maturity bucket LDI funds to new liability-based profile funds. This restructuring complements existing profile funds, in turn creating an integrated and future proofed fund range. Read more...
  • Wednesday, 18 October 2017 Atradius says late payments from B2B customers cause suppliers to protect cash flow
    Dutch credit insurance maven Atradius, nine out of ten suppliers surveyed in Asia Pacific experienced late payment of invoices from their B2B customers over the past year. To protect their businesses from late payments, 33.3% of the suppliers surveyed reported having taken specific measures to correct cash flow. Despite this, concern over an increase in DSO appears to have grown significantly among suppliers surveyed in the region. Read more...

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Key Stories from FTSE Global Markets

Although long standing, in 2016 the country’s privatisation programme was harnessed by the government to encourage foreign investment in minority stakes in a gamut of state-owned firms, include the country’s flagship National Company KazMunaiGas. Since then, the programme has sometimes been mired in questions around governance. Partners, Carter Brod and Aset Shyngyssov of global law firm Morgan Lewis examine the viability of Kazakhstan’s privatisation plans.

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Set against a dynamic business backdrop in its own backyard, the European Energy Exchange (EEX) has adopted a confident and bold strategy to establish its global footprint within the exchange industry. Last year’s move into new commodity focused asset classes marks a new dimension in EEX’s growth and its continued transition from Europe’s leading energy exchange towards a global, multi-commodity exchange group. It has provided EEX and its parent company, Deutsche Börse Group, a growing competitive edge, given that it can also provide the vertical post trade support infrastructure required to back its expansion plans. Why has EEX been so successful in Europe, and how does that translate into its plans for global growth?

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Wednesday, 21 October 2015

Egypt opts for development funds

For the third time this year, the Central Bank of Egypt (CBE) has depreciated the Egyptian pound against the dollar in a foreign exchange auction in mid-October, taking the currency's decline for the year to 9.8%. The pound fell 1.3%(10 piasters) to 7.93 per dollar sell side and 7.88 buy side according to a report by the state-owned Middle East News Agency, which announced that the CBE offered $40m at a regular dollar sale to local lenders. Can the country pick its way out of the blues?

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The make-up of shareholders in Turkey’s banking segment has always been a touchstone of wider market change. The country has always been a swing market and the banking system has remained vulnerable, even with an improved capital base, as it has an ultra-high dependency on foreign funding of lending. That vulnerability has resulted in some significant changes in the investment in the country’s banking segment by foreign financial firms who have shown little stickiness in the country when the going gets tougher.

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Wednesday, 21 October 2015

Political uncertainty weighs on Turkey

A survey of 947 respondents in Turkey by Washington think tank PewCentre Research suggests Turks are dissatisfied with the direction of their country. Rising prices, crime and inequality are concerns. Moreover after years of quasi-Islamic rule that has been antipathetic to the military; survey respondents say the military is the only group with a “good influence on the country”. Opinions of the police, national government, religious leaders and the courts are mixed, while views of the media tilt to the negative. More pertinently perhaps, 52% of Turks think their children will be worse off financially in the future. The findings come as voters are scheduled to revisit national government elections on November 1st after the AKP party failed to form a coalition government in June. The upcoming elections will be closely watched, both as a bellwether of wider change in the eastern Mediterranean and as an indicator of the near term prospects for a lynchpin emerging market.

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