Thursday 30th March 2017
MARCH 29th: BNP Paribas Securities Services has won a mandate to provide Italian banking group Banco di Desio e della Brianza with global custody services for €11bn worth of Italian and foreign assets - Axioma, provider of enterprise market risk and portfolio management solutions, has appointed Jacqueline Gaillard as managing director, People & Talent. Gaillard was previously senior vice president, Human Resources and Talent Management at International Securities Exchange (ISE) – There looks to have been an overnight recovery in investor sentiment in the Asian session, linked to Donald Trump’s revoking of several laws introduced by the Obama administration safeguarding workers’ rights and protections for the environment perhaps? Anyway, it seems that investors believe that the US president will deliver on his policy pledges; or better, are buoyed by positive macroeconomic data out of the US and Europe. Analysts Mike van Dulken & Henry Croft at Accendo Markets commented to clients this morning: “However, this time they want it to be growth-focused (tax reform, infrastructure spending, banking deregulation) rather than just wanting to give two fingers to Democrats by repealing Obamacare.” Whatever, the upshot is that by and large stock markets recovered early Tuesday, with higher oil prices and a rebound in the US dollar against the yen driving gains in Australia and Japan. Australia’s S&P/ASX 200 XJO, +1.30% added 1.1%, trading close to levels last seen on March 17. The benchmark Nikkei index NIK, +1.14% gained 1.1%, recouping most of its Monday losses. FTSE Bursa Malaysia added 0.54% to 1754,42 and the Hang Seng rose 0.63% to 23,345.87. However, elsewhere market performance was mixed. The Straits Times Index (STI) ended 16.02 points or 0.51% lower to 3126.88, taking the year-to-date performance to +8.54%. The top active stocks today were Singtel, which declined 0.77%, DBS, which declined 0.48%, Global Logistic, which declined 1.43%, OCBC Bank, which closed unchanged and UOB, with a 0.09% fall. The FTSE ST Mid Cap Index declined 0.36%, while the FTSE ST Small Cap Index declined 0.34%. The Shanghai Composite also took a beating, down 0.43% to 3252.99. The price for Brent LCOK7, +0.95%, the international crude oil benchmark, rose 16 cents to $50.91 a barrel in Asian trade, offsetting overnight declines, which helped drive gains – Accendo Markets reports the FTSE 100 Index called to open flat +30pts at 7325, after rebounding back above 7300 thanks to a bullish double-bottom from yesterday’s 7260 2-week lows. This revives hopes in a recovery towards last week’s 7360 highs, if not the prior week’s 7440 record. “However, the recent sell-off and breached support have left hurdles along the way. Bulls need a break above 7325 overnight highs; Bears want a breach of 7310.” Even so, US equity markets continued their sell-off on the back of a disappointing performance from the US administration, with the Dow Jones now in its longest losing streak since 2011. Nasdaq, however, continues its outperformance, closing higher once again, while the Dow, having pared early losses, remained hindered by energy and financial weakness while Telecoms were the biggest drag on the S&P 500.Crude Oil benchmarks have failed to break out of tight trading ranges as conflicting reports of OPEC production cut extension talks and rising US production are leaving prices in a state of flux. Brent Crude remains in a $50-51 sideways trading channel while its US counterpart remains in a $47-48 falling channel. Investor focus will be on this evening's API inventory data for this week’s first gauge of US production following Friday’s 10th consecutive Baker Hughes Rig Count increase. Today’s macro calendar is light, with major releases not coming until the US session this afternoon. These come in the form of US House Prices, expected to show continuing growth in the monthly reading while holding steady in the annual figure. US Consumer Confidence, forecast to cool slightly from February’s reading of 114.8. Market attention will, however, likely be on this evening’s raft of Fed speakers following the European close with the likes of George “U.S. Economy and Monetary Policy”; 5.45pm), Chair Yellen (Addressing Workforce Development Challenges in Low-Income Communities; 5.50pm), Kaplan (moderated discussion at the Dallas Committee on Foreign Relations; 6pm) and Powell (America's Central Bank: This History and Structure of the Federal Reserve; 9.30pm) -

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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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