Sunday 21st January 2018
January 19th 2018: The Deferred Action for Childhood Arrivals (DACA) programme looks to be a continuing stumbling block for Democrats who were expected to ink the US government spending bill, with an attendant effect on the US dollar. According to Miles Eakers, chief market analyst at Centtrip the dollar continues to show weakness ahead of possible US government shutdown. “Late last night the House of Representatives passed concessions on a major increase in defence spending and a hardline immigration bill. But Senate Democrats said they would likely block the measure unless President Donald Trump and Republicans include protection for young immigrants. An impasse could result in Trump celebrating his first anniversary in office with the first shutdown in four years, despite his party holding a majority in both houses. After reports of the vote, [the market] saw continued, but muted, dollar weakness, pushing the GBP/USD pair back above $1.39 and EUR/USD nearer the $1.23 resistance level.” The question is now whether a short=term patch will be agreed today, or whether the Republicans and the White House will be compelled to get serious about a longer-term solution. The last time a short-term bill was passed was December last year, which passed by a grand majority of 66 votes to 32. This time round it looks more difficult - Mike van Dulken, Head of Research at Accendo Markets commented to clients this afternoon: “Equities are positive to close out the week, rebounding from a negative US close and ahead of a key Senate vote to stave off a government shutdown tonight. Weaker than expected UK Retail Sales have seen the UK’s blue-chip index take a leg higher, benefiting from Sterling's retreat from fresh post-referendum highs earlier this morning. Interestingly, Germany’s DAX is the rank outperformer, this in spite of additional Euro strength after hawkish ECB comments, whilst US equities point towards a positive open this afternoon. The FTSE has climbed higher thanks to GBP weakness benefiting names such as ULVR, BATS, SHP, RELX, CCL and GSK, while Miners are embracing the weaker USD's fillip for metals. This is easily offsetting weakness for BP (Oil lower on IEA report), HSBC (US forex fine), BT (pension scheme deal) and KGF (Carpetright profits warning). Germany’s DAX outperforms with just Linde in the red, as Thyssenkrupp, Adidas, BASF and Fresenius lead the way higher. The FTSE 100 has broken back above 7715. The DAX 30 has broken above 13350 to flirt with a 13420 breakout. Dow Jones Futures have rebounded to re-test 26055. Gold has broken back above $1332.” --

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The Expert Panel

  • David Gurtz, Deputy Chief Investment Officer, Director of Risk Management, Massachusetts Pension Reserves Investment Management (PRIM) Board
  • Susan Peters, Chief Operating Officer, Scorpeo
  • Charles Rizzo, Senior Vice President, Chief Financial Officer For The John Hancock Family Of Funds And Chairman John Hancock Funds Risk Committee
  • Craig Starble, Chief Executive Officer, eSecLending
  • Chris Valentino, Director, Sales, EquiLend
  • Robert Zekraus, Director, Prime Services, Scotiabank Global Banking & Markets
  • Francesca Carnevale, Editor, FTSE Global Markets
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Introducing the expert panel (from left to right) Justin Chapman, global head, industry management, Northern Trust; Alex Dockx, T2S programme director, JP Morgan; Guido Wille, head of market development at Clearstream; Paul Bodart, member of the T2S board, ECB; Mike Clarke, global product management, investor services, Deutsche Bank; and Mark Profeti; securities post trade strategy – lead strategist for T2S, Barclays.

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EXPERT PANELLISTS

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  • Jo van de Velde, head of product management, Euroclear        
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SAL SASSANO, vice president securities lending/repo finance, Alliance Bernstein
JAMES SLATER, executive vice president, global head of securities finance, BNY Mellon
TIM SMITH, executive vice president, Sungard Astec Analytics
JAMES TEMPLEMAN, global head of securities lending equity trading, Blackrock
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Roundtable participants: Brian Staunton, managing director, BNY Mellon’s Global Collateral Services

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Meysam Rahgozar, head of collateral management advisory, PwC Consulting

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Alan Cameron, Head of Global Strategic UK Broker-Dealers & Banks Relationship Management, BNP Paribas
Karla Amend, Head of T2S Governance Team, Clearstream   
Paul Bodart, non-central bank member of ECB T2S Board   
Diana Dijmarescu, managing director, JP Morgan
Graham Ray, director, global product management, direct securities services, Deutsche Bank

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