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New York Fed launches U.S. Libor contender, slow takeup seen
April 3, 2018--The New York Federal Reserve launched a benchmark U.S. rate on Tuesday to potentially replace Libor, and market participants hope it will prove more reliable after a long and complex switchover.
The Secured Overnight Financing Rate (SOFR) set at 1.80 percent. SOFR is based on the overnight Treasury repurchase agreement market, which trades around $800 billion in volume daily.
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Source: Reuters
CBO-H.R. 4790, Volcker Rule Regulatory Harmonization Act
April 3, 2018--Summary
The Volcker Rule restricts financial institutions insured by the Federal Deposit Insurance Corporation from engaging in certain proprietary trading of securities, derivatives, commodity futures, and options on those instruments. With some exceptions, the rule also prohibits those institutions from owning, sponsoring, or having certain relationships with hedge funds and private equity funds.
Rulemaking responsibilities under the Volcker Rule are shared among a group of financial regulatory institutions, including the Board of Governors of the Federal Reserve System.
H.R. 4790 would amend current law to grant the Federal Reserve's Board of Governors sole authority for that rulemaking. The bill also would exclude community banks-those with less than $10 billion in assets and that meet certain other criteria-from the Volcker Rule's requirements.
view more U.S. escalates China trade showdown with tariffs on $50 billion in imports view more BNP Paribas and Janus Henderson complete transaction transferring Janus Henderson's US middle and back office operations to BNP Paribas
This transaction is part of BNP Paribas' 10-year strategic build-out of its Securities Services business in the US, and provides the bank with a proven US mutual fund administration and accounting platform. view more AdvisorShares Weekly Market Review-Did Anyone Get The License Plate? view more
Wall Street suffers correction for second time this year view more
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of March statistics. Data sheets are available on an as reported and combined basis for 2017.
Source: Cboe Global Markets, Inc.
April 3, 2018--The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, targeting 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing's intellectual property practices.
The U.S. tariff unveiling, representing about $50 billion of estimated 2018 imports and aimed at dealing a setback to China's efforts to upgrade its manufacturing base, drew an immediate condemnation from Beijing, along with a threat of retaliatory action.
Source: Reuters
April 3, 2018--BNP Paribas Securities Services, a leading global custodian with over $11.3 trillion in assets under custody, and Janus Henderson Investors (NYSE:JHG) (ASX:JHG), today announced that Janus Henderson's middle and back office operations in the US have been transferred to BNP Paribas, marking a major expansion of the bank in the country.
The transaction was announced on November 9, 2017.
Source: BNP Paribas USA Inc.
April 2, 2018--Highlights of the Week Ending 3/30/2018
Macro
Volatility finally came back this quarter starting in late January. The year started with a bang as the three major indexes had gains in the high single digits when they all peaked on January 26th. Then as the short volatility trade ended markets went on a roller coaster that persisted to the end of the quarter.
When the dust settled the Dow Jones Industrial Average fell 3.29%, the S&P 500 dropped 2.66%, the NASDAQ was only down three basis points and the Russell 2000 shed 1.49%. At the lows the S&P 500 was down 10% and from the January peak through to March 29 the decline was 7.45%. The last time there was a negative quarter was Q3 2015 and 19 of the last 20 quarters have been up.
Source: AdvisorShares
April 2, 2018--Investors started the second quarter on a sour note as a more than 2 per cent drop dragged Wall Street back into correction territory and below key fundamental levels, while bond yields dropped to a two-month low.
Further steep falls for tech stocks-including Amazon, Tesla and Intel-saw the Nasdaq...
Source: FT.com
