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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Issue 82 - May/June 2015

There’s a new paradigm in investor services. FTSE Global Markets spoke to Daron Pearce, Global Head, Investment Managers segment for Asset Servicing at BNY Mellon, about the evolution of the investment services business set and what is means, long term, for the bank’s clients. Backed by innovations in technology the company now mines a rich seam in ground-breaking client services based on sophisticated analytics that help its clients better understand the world in which they operate, and allows BNY Mellon to develop new tools and models that leverage their expertise to better service their own customers.

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High valuations and the prospect of a gradual rise in US interest rates look to be the main concern of investors right now. Given the oversubscription of even measly priced UK gilts and other sovereign bonds, it is clear that sovereign debt will remain the asset class of choice for pension funds. Given that understanding and failing a grand rotation back into equities, the issue is then whether rate rises reinforce the drift into developed market sovereign bonds at the expense of emerging markets.  Relative to equities flows government bonds remain at historic highs. Just how soon the US Federal Reserve will begin to raise rates now the question du jour. We look at some of the fallout once it happens

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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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Now that most G20 member states have mandated trade reporting of derivatives, market participants have an opportunity to evaluate the agility and sustainability of their current approach. In this article, Randall Orbon, Arun Karur and Cian Ó Braonáin of Sapient Global Markets discuss the state of trade reporting and show how growing costs, complexity and regulatory scrutiny are fuelling a compelling business case for third-party managed solutions.

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