Saturday 21st January 2017
NEWS TICKER, Friday, January 20th 2017: Reforms to create a more stable and resilient monetary union will be voted by the Economic and Monetary Affairs Committee. MEPs are keen to complete the banking and financial union, make progress towards more convergent economies in the Eurozone and prevent unsustainable risk-sharing in order to protect taxpayers and restore trust. (Wednesday. EP President Antonio Tajani will meet Spanish Minister of Health Dolors Montserrat on Monday and Pakistan Minister of Trade Khurram Dastgir Khan on Tuesday -Western Union will pay $586 million to settle U.S. civil and criminal cases that alleged the company turned a blind eye for years to criminals who used its money transfer network to commit fraud. Clearly today’s outlook is dominated by incoming US president Donald Trump. US. stocks rose amid gains across sectors on Friday as investors counted down to Donald Trump's inauguration as the 45th president of the United States. Trade, or at least worries about the incoming president’s approach to current trading treaties looks to be the main weight on political thinking. German Finance Minister Wolfgang Schaeuble waded into the pre-inauguration coverage saying that he thought Trump should abide by current trade treaties, adding he did not expect a major trade war despite Trump's attack on German car makers. "I don't think a big trade war will break out tomorrow, but we will naturally insist that agreements are upheld. Schaeuble told Der Spiegel -- .Alexey Zabotkin economist at VTB Capital reports both Europe (Stoxx600 -0.1%) and the US (S&P500 -0.4%) slid on Thursday, the latter seesawing between gains and losses for the sixth consecutive session. Toiday, Europe's markets continued to hover around the flatline ahead of the inauguration, the FTSE dropped 8,93 points to 7199.51, while the DAX was up 23.60 points to 11620.49; similarly the CAC rose minimally by 14.06 points to 4854.6. Investors seem to be taking a cautious approach as they wait for clarity on what the new US administration will do. It was generally lacklustre in the Asian market, with the Kospi, Hang Seng and CNBC dropping marginally in the session. The Nikkei up 65.66 points and the Shanghai Composite, up 21.53 points were them main highlights of a mixed cocktail of a session. Australia's S&P/ASX 200 finished down 0.66% or 37.4 points at 5,654.8, dragged by material and financial plays, but the Australian dollar remains on track to finish higher for the fourth straight week In Europe, basic resources traded down by more than 0.44% on a stronger dollar while autos and health care also moved lower this morning. Oil stocks led gains this afternoon as investors expect producers to confirm compliance with an output cut deal during a meeting this weekend. At last look, Brent crude was around $55.71 a barrel, up 2.86%, while U.S. crude was at $52.83 a barrel, up 2.84%. – In the US, the yield on the benchmark 10-year Treasury note was higher at around 2.489%, while the yield on the 30-year Treasury bond was also higher at 3.064% as the US market opened. Yields move inversely to prices -- VTB reports that Russian equities went lower yesterday. The RTS Index lost 1.3% (the fourth decline in five sessions and dipped into the red YTD) and RUB drifted back closer to 60 versus USD (but the last two weeks’ 59.00-60.70 range holds). Utilities were in the spotlight: MSCI EM (-0.4%) was also in the red. In CEEMEA, Russia (RTSI -1.3%, RUB -0.5%) kept drifting lower for the fourth day in five, as Oil fluctuated along the 2017 lows and media reports questioned the government’s determination to enforce the highest dividend payouts for SOEs. The dividend payouts of state-controlled Russian companies should be kept at no less than half of their profits until 2019, with no exceptions, the finance ministry proposed in April last year. Since then were mixed messages on the policy, with Deputy Prime Minister Arkady Dvorkovich saying some firms could be let off higher dividend payments on their profits from last year. The move came as Russia searches for ways of boosting budget revenue to offset the effects of lower oil prices and Western sanctions. Yesterday, Russian first deputy premier Shuvalov expressed reservations about the country’s new 50% dividend payout rule – advocates a ‘hard’ 25% of IFRS rule – with higher payouts considered on a case-by-case basis -- The Straits Times Index (STI) ended 2.86 points or 0.1% higher to 3011.08, taking the year-to-date performance to +4.45%. The top active stocks today were DBS, which declined 0.06%, Singtel, which gained 0.79%, UOB, which declined 0.39%, OCBC Bank, which closed unchanged and CapitaLand, with a 0.31% advance. The FTSE ST Mid Cap Index declined 0.10%, while the FTSE ST Small Cap Index declined 0.14% -- Russian first deputy premier Shuvalov has expressed reservations about the country’s new 50% dividend payout rule – advocates a ‘hard’ 25% of IFRS rule – with higher payouts considered on a case-by-case basis -

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  • Friday, 20 January 2017 Monte Titoli introduces market claims and transformation service
    Effective January 23rd, Italy’s Central Securities Depository (CSD) Monte Titoli will implement the market claims and transformation functionality for corporate actions on flow in line with the international standards developed by the Corporate Actions Joint Working Group (CAJWG) and Corporate Actions Subgroup (CASG). Read more...
  • Friday, 20 January 2017 Fannie May asks: Will policy changes extend the expansion?
    Despite a strong year-end performance by the stock market and a post-election jump in confidence among consumers and businesses, limited information on the new Administration's potential economic policies led to a conservative 2017 growth projection of 2%, according to the Fannie Mae Economic & Strategic Research (ESR) Group's January 2017 Economic and Housing Outlook. Read more...
  • Friday, 20 January 2017 SCI pricing straw poll suggests structured credit valuation challenges
    A SCI straw poll of over 100 fixed income pricing executives suggests that structured credit remains one of the most difficult asset classes for which to get reliable, transparent and timely valuations. Read more...
  • Friday, 20 January 2017 Fitch says Italy bridge banks sale highlights post-resolution costs
    The sale of three resolved Italian banks for a nominal consideration of one euro highlights how resolution costs can inflate after the point of resolution, Fitch Ratings says. Read more...
  • Friday, 20 January 2017 MAS redefines financial reporting for business trusts and collective investment schemes
    The Monetary Authority of Singapore (MAS) says registered business trusts will adopt a new Singapore financial reporting framework that is identical to the International Financial Reporting Standards (IFRS), while authorised collective investment schemes will continue to prepare financial statements using accounting practices recommended by the Institute of Singapore Chartered Accountants (ISCA). Read more...
  • Friday, 20 January 2017 Brexit, Trump and the implications for financial crime
    As we move into 2017, there is a strong sense that the politics and international relations rulebook has been placed firmly on the disused shelf. Jeffrey Davidson, managing director, Honeycomb Forensic Accounting asks whether populism will put an end to well meaning regulation; or whether this is now time to step up coverage and compliance. Read more...
  • Friday, 20 January 2017 Did rising prices trim UK’s retail sales in December
    The UK’s Office of National Statistics’ estimates of the quantity bought in retail sales increased by 4.3% compared with December 2015 but fell by 1.9% compared with November 2016. It was something of a surprise end-of-year slump in sales in a possible sign that rising prices since the Brexit vote is beginning to trim consumer spending. However, underlying trends remain upbeat. Read more...
  • Friday, 20 January 2017 Solactive launches USD & EUR high yield bond benchmarks
    Solactive AG has released two new fixed-income benchmarks, the Solactive Euro HY Corporate Index and the Solactive USD High Yield Corporate Index designed to provide a snapshot of non-investment grade bond markets denominated in EUR and USD, respectively. Both indices are Total Return indices and are rebalanced monthly. All index components have a rating that is sub investment grade and the amount outstanding must be at least EUR 150 million and USD 400 million, respectively. The EUR index is based on 1000 at the close of trading on the 29th of December 2006. The USD index is based on 1000 at the close of trading on the 31st of January 2005. Read more...
  • Thursday, 19 January 2017 LGIM expands Solutions Group with two senior hires
    Legal & General Investment Management (LGIM) is pleased to announce two senior hires to its Solutions Group, which designs, executes and manages holistic solutions for clients including (but not limited to) defined benefit pension schemes, defined contribution pension schemes and insurers. Read more...
  • Thursday, 19 January 2017 State Street launches quarterly Brexometer Index of institutional investor sentiment
    State Street Corporation has launched its Brexometer Index, a quarterly pulse survey of institutional investor sentiment towards the UK’s departure from the European Union. Read more...
  • Thursday, 19 January 2017 Lombard Odier Investment Managers partners with Affirmative Investment Management
    Lombard Odier Investment Managers is partnering with Affirmative Investment Management (AIM), the fixed income manager dedicated to impact strategies, to supplement its existing impact investing capabilities and launch a new fund designed to help combat climate change in a verifiable way. Read more...
  • Thursday, 19 January 2017 GFT expands its retail banking offering in the UK and North America
    GFT, provider of business, design and technology consulting says it is expanding its retail banking practice in the UK, supported by the appointment of senior hire Christian Ball, who joins as head of Retail across the GFT Atlantic Region. Read more...
  • Thursday, 19 January 2017 Ireland’s First Trust accesses SIX Swiss Exchange as a new ETF issuer.
    First Trust now accesses the Swiss market as ETF issuer with two new ETFs for which Susquehanna isproviding the liquidity. With this, SIX Swiss Exchange offers 1’215 ETFs for trading that have beenlisted by 24 issuers. Read more...
  • Thursday, 19 January 2017 Moody's highlights negative outlook for Asia-Pac banks
    While Moody's says that the outlook for Asia Pacific's sovereigns is stable this year, reflecting a mix of credit-supportive increases in incomes and strengthening institutions, and a credit-challenging external environment with slow global trade and capital outflows, the outlook for Asia Pacific's banks is negative, in view of challenges related to asset quality and profitability, while China's ongoing process of reforms -- including that of state-owned enterprises (SOEs) -- remains a key determinant for future growth. Read more...
  • Thursday, 19 January 2017 ASIC consults on proposed guidance for registered liquidators
    Australian market regulator ASIC today released a consultation paper covering proposals to reissue its guidance in Regulatory Guide 186 External administration: Liquidator registration (RG 186) and Regulatory Guide 194 Insurance requirements for registered liquidators (RG 194), reflecting changes to the law enacted by the new Insolvency Law Reform Act 2016, which was passed in February last year. Read more...
  • Thursday, 19 January 2017 ASIC requires superannuation funds to disclose subplan info
    Australian market regulator ASIC has written to trustees of superannuation funds with employer subplans reminding them of the requirement to publicly disclose transparency information for those subplans from July 1st this year. Read more...
  • Thursday, 19 January 2017 SIX x-clear further extends clearing services to Nasdaq Nordic markets
    SIX x-clear Ltd – the clearing arm of SIX Securities Services – is now able to provide clearing services for the Nasdaq Nordic cash equity markets (including ETFs). From 20th February, 2017, SIX x-clear offers an enhanced and interoperable clearing solution for Denmark, Finland and Sweden. Read more...
  • Wednesday, 18 January 2017 The case for smarter regulation of centrally cleared markets
    In light of the new administration in Washington OCC Executive Chairman and CEO Craig Donohue shares his thoughts on how highly prescriptive regulations in the derivatives markets could have unintended consequences. Read more...
  • Wednesday, 18 January 2017 Globalisation and responsible leadership: the new Davos keystones
    Two themes have dominated Davos to date. Globalisation and responsible leadership. Early debates were dominated by the response to Chinese president Xi Jinping’s valedictory for globalisation; while Oxfam’s paper on rising income inequality has morphed into a polemic in which responsible leadership is now the liberal caucuses new mantra. Will both tenets resonate meaningfully in 2017 and beyond. Read more...
  • Wednesday, 18 January 2017 Italian ABS SME loan/ lease delinquencies rise in the three months to end October
    Total delinquencies of Italian asset-backed securities (ABS) backed by loans and leases to small and medium-sized enterprises (SMEs) increased to 8.0% in October 2016 from 5.3% in July last year. Read more...
  • Wednesday, 18 January 2017 Average daily volume in equities trading falls in December says TABB
    According to the December 2016 TABB Equities LiquidityMatrix (ELM) industry volumes declined in December as off-exchange touched a four-month high. TABB Group equities research analyst Valerie Bogard, who authors the ELM, says industry average daily volume (ADV) decreased 13% month-over-month in December 2016, to 6.9bn shares; year-over-year December volume was down 4%. Off-exchange market share in December 2016 increased 1.5 percentage points month-over-month, from 36.7% to 38.2%. Read more...
  • Wednesday, 18 January 2017 CBOE Holdings stockholders approve share issuance in Bats merger
    At a special meeting of stockholders of CBOE Holdings, Inc held today, CBOE Holdings stockholders voted in favour of a proposal to approve the issuance of shares of CBOE Holdings common stock on the merger with Bats. Read more...
  • Wednesday, 18 January 2017 Timothy Ash joins BlueBay EM team
    BlueBay Asset Management LLP, the global fixed income manager, has appointed Timothy Ash to the newly created role of emerging markets senior sovereign strategist in the Emerging Market Debt team. Read more...
  • Wednesday, 18 January 2017 US industrial output rises 0.8% in November says Fed
    Industrial production rose 0.8% in December after falling 0.7% in November. For the fourth quarter, the index slipped 0.6% at an annual rate. In December, manufacturing output moved up 0.2% and mining output was unchanged. Read more...
  • Wednesday, 18 January 2017 United Managers Japan Inc signs up with EM Applications
    United Managers Japan (UMJ), one of the first company in Japan to launch a hedge fund incubation platform, says it will use EM Applications Ltd (EMA) to provide perspective on the investment markets, helping it to control risk. Read more...

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Key Stories from FTSE Global Markets
Wednesday, 24 June 2015

A fix for fixed income?

With the corporate bond market still dealing with a pronounced demand-supply imbalance, newer protocols capable of connecting multiple sources of liquidity continue to grow in popularity—among them open or all-to-all trading solutions, designed to provide investors, dealers and other market participants with greater efficiency around fixed-income trades. Dave Simons reports from Boston.

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According to the latest survey from data provider Preqin, some 51 investors have increased their allocation to the hedge funds to over the $1bn benchmark, while 27 investors have seen their allocation fall below that level. There are now a total of 227 investors around the globe that have $1bn or more in assets invested in hedge funds, and collectively these investors have $735bn invested in the asset class, representing almost a quarter of the total capital invested in the industry (up 13%) on a year ago. Most of these were in America. What’s going on?

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Wednesday, 24 June 2015

Find me a prime

Will the current climate continue to favor the various small-time prime models that have emerged in the wake of the recent PB purge? Are these specialty firms capable of handling the ever-expanding field of small funds in need of a home? Dave Simons reports.

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As with any business decision, financial analysis is a critical input to deciding whether to upgrade/build a trade reporting solution or outsource to a third-party provider. In building or upgrading a solution, firms typically incur costs involved in interpreting regulations and defining business requirements, design/engineering and project implementation, physical infrastructures, operations and support staff and trade repository fees. Finally, there is the consideration of opportunity costs—the consumption of resources that could support other business initiatives—should be factored into the total cost of ownership. The following two scenarios demonstrate the total cost of ownership of building an in-house reporting system versus using a managed solution. Costs and calculations reflect Sapient’s first-hand experience working with banks and buy-side firms worldwide.

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When financial regulations were coming into effect in 2012, there were no managed solutions available to help market participants handle trade reporting. Today, robust, third-party managed services are available, offering organizations a number of benefits:

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