The London Stock Exchange's LCH unit in Paris is expected to take the lead from London in clearing debt-repurchase agreements after Brexit. "Clearing in euro-denominated repos and debt is currently split equally between London and Paris, but we anticipate gradual momentum of these products into LCH SA over time," said LCH Group CEO Daniel Maguire.
The Federal Reserve's regulatory chief, Randal Quarles, has asked derivatives firms for data to substantiate their claim that a capital requirement for banks is aggravating systemic risk by drying up liquidity in the derivatives market. J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, supports the derivatives industry's position.
IShares has brought to Cboe Global Markets an exchange-traded fund that broadens its offering of target-maturity fixed-income funds. The iShares iBonds Dec 2024 Term Muni Bond ETF is intended to fill the void when the iShares iBonds Sep 2018 Term Muni Bond ETF matures later this year.
The Shanghai International Energy Exchange's crude oil futures contract, when it launches Monday, will have loading ports for the deliverable crude in the United Arab Emirates, Oman, Qatar, Yemen, Iraq and China, and seven storage facilities in China. The physically delivered monthly contracts of twelve consecutive months and subsequent eight quarterly contracts will consist of 1000 barrels of medium sour crude oil per lot.
The highlights of FIA's 43rd Annual International Futures Industry Conference included discussions on fintech innovations, China's futures market, bitcoin futures, regulations, and the challenges of cross-border trading. CFTC Commissioner Brian Quintenz's remarks questioning the European Union's "trustworthiness as well as their priorities" concerning their handling of Brexit were heard all the way from the European Parliament.
NEX Group founder and chief executive Michael Spencer said in an internal memo he would consider continuing as CEO if NEX is acquired by CME Group.
JPMorgan, Morgan Stanley and Citibank overtook Goldman Sachs in investment bank commodities-related revenue for the first time last year, according to Coalition's new rankings. Goldman led the rankings for 2016, but then saw one of its worst years.
Eli Lilly endured three steep falls in February and technical analyst Bruce Kamich, CMT, questions whether it is now rallying again. Its price and on-balance-volume line have made some recovery but the stock remains below the 50-day and 200-day moving averages, prompting Kamich to conclude an upturn is possible but not ensured.
A disappointing earnings report from software giant Oracle prompted a significant selloff at the start of the week, but technical analyst Serge Berger argues that this could pave the way for a revival. Its chart shows it has been largely rangebound since last summer, but the latest selloff has sent it to a support level that has historically preceded an upturn for the stock.
Technical analyst Clive Maund has taken chart readings for South32, whose mines include the world's largest producer of lead and silver, and contends it is currently an attractive buy. He notes that it has frequently performed significantly better than other producers since 2016, and comments: "It represents a solid investment at a time when commodities look set to move to the forefront and become one of the best performing sectors."