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Bassanese Bites: Fed faith
April 20, 2020--Global Markets
Despite continued shocking US economic data and corporate earnings results, hopes with regard to US curve flattening and potential re-opening of the US economy continued to drive a positive view on risk markets last week.
Other positives were a leaked media report suggesting Gilead's remdesivir drug can reduce the risk of death from CV-19, as well as a lingering view that the Fed simply won't let Wall Street drop again in a big way-and could even buy equities if need be.
Also helping the US market in particular is the fact that the leading tech-style stocks-such as Amazon-have been least negatively affected by the shutdowns so far, and there’s now a major crowding into these perceived safer stocks taking place.
FESE European Capital Markets Fact SheetQ1 2020
April 20, 2020--The European Capital Markets Fact Sheet provides a quarterly overview of European securities trading in a visual fashion. The report includes figures aggregating FESE members' statistics from each asset class.
view the European Capital Markets Fact SheetQ1 2020
Unreal: Oil prices go negative for the first time in history
April 20, 2020--Crude oil prices dropped into negative territory for the first time in history Monday, as financial fireworks collided with evaporating demand and scarce storage. The decline below zero means that sellers are effectively paying buyers to take the oil off their hands.
By late Monday afternoon New York time, the front month WTI contract was sitting at minus $38.45/barrel, down an eye-watering 310.45% on the day.
World Bank Predicts Sharpest Decline of Remittances in Recent History
April 20, 2020--Global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.
Remittances to low and middle-income countries (LMICs) are projected to fall by 19.7 percent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.
Studies show that remittances alleviate poverty in lower- and middle-income countries, improve nutritional outcomes, are associated with higher spending on education, and reduce child labor in disadvantaged households. A fall in remittances affect families' ability to spend on these areas as more of their finances will be directed to solve food shortages and immediate livelihoods needs
view moreview the World Bank COVID-19 Crisis Through a Migration Lens report
How can banks and investors prepare for potential litigation arising from disputed margin calls during the Covid-19 market turmoil?
April 15, 2020--The unprecedented market shocks caused by the coronavirus have already resulted in a wave of margin calls by banks on leveraged investments and derivatives sold to clients.
Clients face an unenviable choice: either meet the margin call, assuming it was justifiably made, and they have the resources available, or face the consequences of realising large losses as banks act to close out positions when margin calls are not satisfied.
When the dust settles and markets return to 'normal', disputes between banks and clients will mushroom, as they did following the 2008 financial crisis, over losses sustained through questionable margin calls made in the midst of the current meltdown. FRA partners Simon Taylor, Rob Mason and director Gordon MacLeod discuss key considerations for banks and investors.
IOSCO report provides new data on global hedge fund industry
March 15, 2020--The Board of the International Organization of Securities Commissions (IOSCO) today published its Report on the Fifth IOSCO Hedge Fund Survey, which provides regulators new insights into the global hedge fund industry and the potential systemic risks this industry may pose to the international financial system.
IOSCO's biennial survey has become an important resource for regulators to help address gaps with regard to public and global data on hedge fund activities. The survey facilitates the systematic collection and analysis of hedge fund data, enabling regulators to share information and observe trends regarding trading activities, leverage, liquidity management and funding in the global hedge fund sector.
view the Report on the Fifth IOSCO Hedge Funds Survey
Final Report
How fintech can promote financial inclusion-a new report on the opportunities and challenges
April 14, 2020--Financial technology can spur financial inclusion by facilitating payments, but the opportunities come with challenges, according to a new report by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank.
The report, Payment aspects of financial inclusion in the fintech era, connects fintech innovation with financial inclusion, providing a framework for incorporating and leveraging technological opportunities to promote access and use of transaction accounts, while also addressing potential challenges.
The Great Lockdown: Worst Economic Downturn Since the Great Depression
April 14, 2020--The world has changed dramatically in the three months since our last update of the World Economic Outlook in January. A rare disaster, a coronavirus pandemic, has resulted in a tragically large number of human lives being lost.
As countries implement necessary quarantines and social distancing practices to contain the pandemic,the world has been put in a Great Lockdown. The magnitude and speed of collapse in activity that has followed is unlike anything experienced in our lifetimes.
IMF Global Financial Stability Overview: Markets in the Time of COVID-19
April 14, 2020--The coronavirus (COVID-19) pandemic poses unprecedented health, economic, and financial stability challenges. Following the COVID-19 outbreak, the prices of risk assets collapsed and market volatility spiked, while expectations of widespread defaults led to a surge in borrowing costs.
Several factors amplified asset price moves: previously overstretched asset valuations, pressures to unwind leveraged trades, dealers' balance-sheet constraints, and a deterioration in market liquidity. Emerging market economies experienced the sharpest reversal of portfolio flows on record. As a result, financial conditions tightened at an unprecedented speed. Decisive monetary, financial, and fiscal policy actions-aimed at containing the fallout from the pandemic-managed to stabilize investor sentiment in late March–early April, with markets paring back some of their losses.
view the IMF Global Financial Stability Overview: Markets in the Time of COVID-19
How fintech can promote financial inclusion-a new report on the opportunities and challenges
April 14, 2020--Financial technology can spur financial inclusion by facilitating payments, but the opportunities come with challenges, according to a new report by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank.
The report, Payment aspects of financial inclusion in the fintech era, connects fintech innovation with financial inclusion, providing a framework for incorporating and leveraging technological opportunities to promote access and use of transaction accounts, while also addressing potential challenges.