Financial Markets
Top stories summarized by our editors
5/25/2018

China's economy is growing and is mostly unaffected by turbulence affecting other emerging markets, Richard Frost and Tian Chen writes. Stocks have risen and the yuan is at a two-year high, but US trade tensions and increasing interest rates could cloud the outlook, they write.

5/25/2018

Commerzbank has used blockchain to replicate a foreign exchange forward trade with thyssenkrupp, a German industrial group. Reconciliation is costly and time consuming for banks trading FX, and this experiment shows how blockchain can "digitalise the processes in this space", says Nikolaus Giesbert of Commerzbank.

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The Trade (UK)
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Commerzbank, ThyssenKrupp, Blockchain
5/25/2018

Citigroup and Deutsche Bank have asked EU policymakers to clarify whether they can continue to operate from London to serve EU clients after Brexit. Banks support mutual recognition, but European Parliament member Danuta Huebner says "mutual recognition is excluded on the EU side as a potential solution, so if I were you I would rather think in terms of how to improve equivalence."

5/25/2018

A disorderly Brexit could force the Bank of England to slow economic activity or to tolerate higher inflation, Governor Mark Carney says.

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Governor Mark Carney, BoE
5/25/2018

Over-the-counter derivatives notional increased 15%, or $28 trillion, in the first quarter at the eight US global systemically important banks, after dropping $23 trillion in Q4.

5/25/2018

CME Group has added the Colombian peso, the Chilean peso and the Chinese yuan for clearing of interest-rate swaps to "lead in emerging-market swaps clearing." The addition brings to 24 the interest-rate swaps currencies CME clears.

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Chinese Yuan, IRS
5/25/2018

Trading platforms using compression tools have found an unintended benefit: Besides reducing risk, the tools let users conduct a custom trade that precisely matches existing trades. These tools allow swaps trades regular platforms cannot execute, market participants say.

5/25/2018

Asia Pacific Exchange has debuted as Singapore's third derivatives bourse with trading of a US dollar-denominated palm olein futures contract to compete with contracts in Malaysia. APEX plans to add other commodity futures and options contracts.

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Reuters
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Asia Pacific Exchange, APEX
5/25/2018

Rover, a Seattle-based online marketplace that connects dog owners with providers of services such as dog-walking and dog-sitting, raised $155 million in its most recent fundraising round, with much of the money earmarked for an expansion in Europe. Of that total, $125 million came from accounts advised by T. Rowe Price.

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VentureBeat
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T. Rowe Price
5/25/2018

This year's VCs-to-DC event sponsored by the National Venture Capital Association brought the entrepreneurial ecosystem together with lawmakers on Capitol Hill to talk about policies that help startups, according to Devin Miller, NVCA's manager of communications and digital strategy. "This is the second year in a row that NVCA has held VCs-to-DC/our Annual Meeting in D.C., and we believe that we have found a good formula for convening the ecosystem, connecting our industry with policymakers and strengthening our policy priorities," he writes.

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NVCA Blog