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BNP's prime brokerage deal with Deutsche may transfer up to 1,000 staff
September 23, 2019--A deal to transfer Deutsche Bank's (DBKGn.DE) prime brokerage business to BNP Paribas (BNPP.PA) could see up to 1,000 staff move from the German lender to the French bank, BNP said on Monday.
The two banks said on Monday they had reached an agreement to smooth the transfer of the business, which serves hedge funds. The deal is a pillar of Deutsche's restructuring.
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Source: Reuters
ECB to publish new unsecured overnight interest rate
September 21, 2019--Overnight benchmark interest rates important for financial markets and monetary policy implementation
ECB overnight rate will complement existing benchmark rates produced by the private sector and serve as a backstop to private sector benchmark rates
Preparations for rate to be finalised before 2020, including industry consultation
The Governing Council of the European Central Bank (ECB) decided to develop a euro unsecured overnight interest rate based on data already available to the Eurosystem. The interest rate, which would be produced before 2020, would complement existing benchmark rates produced by the private sector and serve as a backstop reference rate.
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Source: ECB
Commerzbank to Slash 4,300 Jobs as Zielke Steps Up Cost Cuts
September 20, 2019--Lender to sell Polish mBank unit to help pay for job cuts
New measures also include closing 200 Commerzbank branches
Commerzbank AG is planning to cut 4,300 jobs as part of a new strategic plan that will also see the bank sell a stake in its Polish mBank unit to reduce risk and help pay for the measures.
Germany's second-biggest listed bank plans to close 200 branches as part of the measures, and buy the 18% it doesn’t yet own in its online bank Comdirect Bank AG, according to a statement Friday.
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Source: bloomberg.com
FCA finds research unbundling has saved equity investors 70pounds million under MiFID II
September 19, 2019--Industry review from UK regulator finds positive results since MiFID II implementation with no negative impact to research access for small-to-mid caps.
The Financial Conduct Authority (FCA) has released the findings of its survey on the effects of research unbundling on the UK financial services industry, most notably a cost saving of £s;70 million for investors in UK equities funds.
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Source: thetradenews.com
How negative rates feed into the technology race
September 19, 2019--JPMorgan this week published a sprawling research document on banks, which includes an important but easily overlooked section on IT costs.
The report covers familiar ground on negative rates, widely seen as a disaster for retail banking in Europe because of their impact on the interest banks earn relative to the interest they pay out.
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Source: FT.com
FCA attacked by research houses over Mifid II reforms.
September 19, 2019--Mifid II, which came into effect last year, forced asset managers to split the cost of research from that of buying and selling securities -a move designed to prevent brokers from offering portfolio managers an inducement to trade.
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Source: FT.com
Forecasts for the UK economy: September 2019
September 18, 2019--A comparison of independent forecasts for the UK economy in September 2019.
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Source: gov.uk
New BNP Paribas Easy ETFs on Xetra: Leading Indices from the USA and Europe
August 13, 2019--Two new BNP Paribas Easy Exchange Traded Funds have been available for trading on Xetra and Börse Frankfurt since Tuesday.
With the BNP PARIBAS EASY S&P 500 UCITS ETF, investors can participate in the performance of the S&P 500 Index, which tracks the 500 largest companies in the US market.
The BNP PARIBAS EASY STOXX EUROPE 600 UCITS ETF provides access to the 600 largest companies in Europe.
Income from both ETFs is reinvested.
Name: BNP PARIBAS EASY S&P 500 UCITS ETF
Asset class: Equity ETF
ISIN: FR0011550680
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Source: Deutsche Börse Cash Market
The London Stock Exchange Group £32bn takeover bid from its Hong Kong counterpart
September 13, 2019--London Stock Exchange mentions protests in Hong Kong among reasons for rejection and says it sees no merit in further talks.
The London Stock Exchange Group has soundly rejected a £32bn takeover bid from its Hong Kong counterpart, listing a host of reasons including the protracted protests in Hong Kong.
Hong Kong Exchanges and Clearing (HKEX) surprised markets on Wednesday by announcing that it had offered to buy the London group. Analysts said it is likely the move was partly driven by the weakness of the pound.
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Source: independent.co.uk
EU financial regulators highlight risks of a no-deal Brexit and search for yield
September 12, 2019--The European Union's (EU) banking, insurance, pensions and securities sectors continue to face a range of risks, the latest report on "Risks and Vulnerabilities in the EU Financial System" published today by the Joint Committee of the European Supervisory Authorities (ESAs) shows.
The 2019 Autumn ESAs' report highlights the following risks as potential sources of instability:
Uncertainties around the terms of the United Kingdom's withdrawal from the European Union
Persistently low interest rates, which combined with flattening yield curves, put pressure on the profitability and returns of financial institutions, incentivise search-for-yield strategies and increase valuation risks.
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Source: ESMA
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