Intercontinental Exchange, Deutsche Borse and the London Metal Exchange granted last-minute reprieve from Mifid II futures rules January 3, 2018 The largest regulatory shake-up in a generation finally hit markets across Europe yesterday, but got off to a more turbulent start than European authorities expected. The UK’s finanial regulator and its German counterpart began the day by allowing three of the world’s largest exchange groups to delay the implementation of new rules, designed to boost [...]
Crystal ball time: We asked the experts what’s in store for 2018 for stocks, bonds, currencies and economics January 3, 2018 At the start of 2017 investors might have been forgiven for expecting a more predictable year ahead. If they were, they were sorely disappointed by a year of intrigue – and yet asset prices kept rising, despite the drama. We asked the experts to dust off their crystal balls once more to see what lies [...]
Goldman Sachs’ fourth-quarter earnings take a hit on Donald Trump’s tax changes December 29, 2017 Goldman Sachs has estimated that President Donald Trump’s tax changes will knock billions of its earnings. The investment giant has said in a filing to regulators that its fourth-quarter results, which are due in January, will be hit by $5bn (£3.7bn) as a result of the tax changes being brought in by the Trump administration. [...]
Open Banking: Here’s what fintech startups think of delays after HSBC, Barclays and more given deadline extension from CMA December 20, 2017 Entrepreneurs at fintech startups have been left little surprised after more than half of the UK’s banks revealed they would miss a deadline for Open Banking – but how they implement it is of more concern. Nine banks have been forced to make their data open to third parties – many of them fintech startups [...]
Ex-Barclays trader to pay almost £300,000 for Libor fixing December 19, 2017 A former Barclays trader who was jailed for his role in the rigging of the Libor bank rate must pay almost £300,000 in earnings deemed to be proceeds from the crime. Jay Merchant, who is currently serving five-and-a-half years in prison after being found guilty in July last year, must pay £275,890 in profits along [...]
Five UK banks given Open Banking deadline extension by CMA December 19, 2017 Five UK banks have been given more time by the Competition and Markets Authority (CMA) to comply with Open Banking regulations. Barclays, Royal Bank of Scotland (RBS), HSBC, Santander and Bank of Ireland appealed to the CMA for a delay to the January deadline. Open Banking is a new digital standard that aims to give [...]
Public Register: Investors have published their FTSE naughty list of companies with the angriest shareholders December 19, 2017 This year has been punctuated by shareholder rebellions in businesses from WPP to Persimmon to the boardroom battle currently raging over the ousting of London Stock Exchange boss Xavier Rolet. But now shareholder anger at FTSE bosses’ pay packets has been dragged into the spotlight again, after the Investment Association launched its “naughty list” of [...]
JP Morgan and Barclays are exploring quantum computing technology with IBM December 14, 2017 JP Morgan will begin exploring the potential of quantum computing and how it might be applied to trading strategies, portfolio optimisation, asset pricing, and risk analysis in a new partnership with tech giant IBM. The investment bank is one of two financial institutions, along with Barclays, taking advantage of the commercialisation of quantum technology, which [...]
Aldermore appoints experienced banker Pat Butler as chair to lead under new owners Firstrand December 13, 2017 Aldermore has appointed experienced bank director Pat Butler as the chairman to lead the challenger bank’s board under new owner Firstrand. Butler will join as a non-executive director in the new year before becoming chairman when South Africa’s Firstrand completes its acquisition. A former consultant at McKinsey, Butler currently serves on the boards of Bank [...]
Finally, all UK banks pass the stress tests: is now the time to invest? December 8, 2017 Imagine you emerged blinking from your bunker in the wake of this: interest rates up to 4 per cent the value of the pound down more than a quarter unemployment up almost 10 per cent residential property prices down by a third commercial real estate prices down by two-fifths world and UK GDP down 2.4 [...]