Tuesday 21st February 2017
NEWS TICKER, FEBRUARY 20th: The World Federation of Exchanges (WFE), has responded to a consultation from the Financial Stability Board (“FSB”) related to the Continuity of Access to Financial Market Infrastructures (FMIs) for a firm in resolution. The FSB’s consultation concentrated on several requirements for FMI service providers, such as central counterparties (CCPs). The WFE says it supports the initiative of the FSB to encourage FMIs to maintain access for firms in resolution, where practical. Indeed, in some cases, continued access by the firm to the FMI may be beneficial to the CCP, or at least enable a smoother transition. Firms in resolution should retain access to critical FMI services, if certain safeguards are met, it adds and an FMI should not, however, be coerced into facilitating access for a firm in resolution, if that might compromise its statutory obligations. An FMI should also not be tasked with ensuring the safety and efficiency of its own market as well as one of its participants simultaneously -- Warba Bank has reportedly signed a renewable agreement to raise KWD50m for the acquisition of investment portfolios owned by Al Mulla International Finance Co - According to Reuters, the China Foreign Exchange Trade System (CFETS) has adjusted the way to calculate RMB midpoint by shortening the reference period of RMB trading against the currency basket from 24 hours to 15 hours. The period starts from 4:30pm the previous trading day and ends at 7:30am, a reduction from the 24-hour window used previously. We approached CFETS, but could not get confirmation of this story -- Bigbank AS, one of Estonia’s largest banks, has selected Accuity to streamline its account and payments screening processes and help better identify financial crime risk, highlight potential sanctions breaches and flag potentially high-risk customers and politically exposed people (PEP) -- The UK might find it expensive to leave the Union, with the EU looking for as much as €60bn in exit fees and is reported to be looking for the fees to be paid before it agrees to trade talks -- Today is US Presidents’ Day, a national holiday in the US – there is a Eurogroup meeting in Brussels today, chaired by ECB governor Mario Draghi -

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  • Monday, 20 February 2017 PwC asks if slow tech pickup could threaten growth of asset and wealth managers
    While 65% of asset and wealth management CEOs in the wealth and investment management segments say technology will impact or reshape competition within five years, only 10% are prioritising improving digital skills and capabilities says advisory maven PwC in a new survey. The results suggest confidence in the 12 month and three-year outlook for revenue growth in asset and wealth management has grown again, with almost two thirds (64%) of industry leaders planning recruitment. Read more...
  • Monday, 20 February 2017 EY says UK entrepreneurs optimistic about prospects, despite economic uncertainty
    UK entrepreneurs reported a strong performance over the last year and are optimistic in their outlook for the future, per a survey released by EY today. Read more...
  • Monday, 20 February 2017 IEA steps up work with China on energy work programme
    The International Energy Agency (IEA) and China are stepping up cooperation on energy security, capacity building, data and statistics through a new three-year work programme that also supports China’s energy transition and efforts to address environmental and air-quality issues. Read more...
  • Monday, 20 February 2017 BNY Mellon new BDM for corporate trust team
    BNY Mellon has appointed Declan Turner as a business development manager for its Corporate Trust team in Europe, the Middle East and Africa (EMEA). Turner will focus on promoting BNY Mellon’s administration solutions across all loan portfolios, including direct lending and collateralised loan obligations (CLOs). Read more...
  • Monday, 20 February 2017 SGX consults public on dual class share structure
    Singapore Exchange (SGX) is consulting the public on whether a dual class share (DCS) structure where certain shares have higher voting rights than others, should be introduced and if so, what safeguards might be appropriate. Read more...
  • Monday, 20 February 2017 Market winners and losers in run up to US tax reform
    ‘Funny how most news and markets have swirled in close orbit to the first thirty days of the Trump presidency. Few have been immune to the, by turns, laughter, horror and growing weariness at what looks to be a sometimes mixed-messaged and often shambolic US administration. Nonetheless, markets keep on moving, mostly benignly so far, as they try to assess the near-term schedule and long-term impact of President Trump’s economic plans (read tax cuts) and the timing of US rate hikes. Who are the beneficiaries in the gradual articulation of Trumpworld? Read more...
  • Monday, 20 February 2017 Can the capital markets step in to plug the infrastructure finance gap?
    Michael Wilkins, managing director, Infrastructure Finance Ratings, S&P Global Ratings, explains that increased capital requirements under evolving Basel regulation may dampen banks’ ability to provide project finance lending, and suggests that the capital markets may be required to fill the gap. Read more...
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  • Friday, 17 February 2017 Are hydropower generation investments at risk under President Trump?
    Donald Trump’s election victory has prompted discussion concerning a future overhaul to America’s energy policy, which has, in turn, raised uncertainty for many infrastructure investors, notably in renewable energy projects. In response, Michael Ferguson, director, US Energy Infrastructure, S&P Global Ratings, explains why hydropower assets, in particular, will likely be resilient in the face of external pressures. Read more...
  • Friday, 17 February 2017 MEPs call for EU-wide rules covering robotics
    EU-wide rules are needed for the fast-evolving field of robotics, either to enforce ethical standards or establish liability for accidents involving robots, including driverless cars, say MEPs in a resolution voted on Thursday. Read more...
  • Friday, 17 February 2017 CCP Recovery and Resolution: The good the bad and the costly
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  • Friday, 17 February 2017 Korth joins Morgan Lewis in Frankfurt
    Legal eagle Morgan Lewis has welcomed Ulrich Korth as a corporate and business transactions partner in Frankfurt, enhancing the firm’s services in mergers and acquisitions and private equity. Before joining Morgan Lewis, he was a corporate lawyer with another global law firm. Read more...
  • Thursday, 16 February 2017 M&G Real Estate deploys €205m in Germany
    M&G Real Estate, the real estate fund management arm of M&G Investments, has invested €205m in the acquisition of two office buildings; one in Wiesbaden for €140m and another in Munich for €40 million, as well as a shopping centre in Frankfurt for €20.75m. Read more...
  • Thursday, 16 February 2017 Hilbert appoints new ‘industry leaders’ advisory board members
    Anglo–French structured product specialist Hilbert has appointed two new members to work as part of the firm’s ‘industry leaders’ consultancy board. The new additions include Hein Donders of the French IFA firm Olifan Group and Andia Shtepani of Mazars, Luxembourg. Read more...
  • Thursday, 16 February 2017 BNY Mellon establishes new institutional relationship role in asset servicing
    BNY Mellon has appointed Stephen Doyle to the newly-created role, Head of UK Institutional Relationship Development for Asset Servicing. Doyle is based in London and reports to Ileana Sodani, Head of Relationship Development for Asset Servicing in EMEA. 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. Partner, Carter Brod and general director, 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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