Electronic fixed-income trading had a record $10.6 billion in average daily volume in January, according to Greenwich Associates. Disruption from the coronavirus pandemic and the trend toward remote work are cited as factors.
PNC Financial has joined The Clearing House's cross-border payments network. The Clearing House's CHIPS payment platform processes $2 trillion in payments a day and is the largest platform for large US banking transactions.
The Bank of England has agreed to change the emphasis of corporate bond buying after the government ordered support of "sustainable and balanced growth that is also environmentally sustainable and consistent with the transition to a net-zero economy". The central bank has been criticised for buying the debt of companies such as BP and Shell.
An expected acceleration in distribution of the coronavirus vaccine has pushed optimism in the eurozone to a three-year high, despite the likelihood of a double-dip recession, according to the IHS Markit Composite Purchasing Managers' Index for February.
EU officials have expressed impatience with the modest progress of moving euro clearing to the EU from the UK, as about 90% of euro-denominated trades remain cleared in London. "We have seen some trends and initiatives, but overall, it is a bit disappointing," says Gilles Herve, European Commission policy officer for financial stability and capital markets.
The UK Debt Management Office plans to offer at least £15 billion in sovereign green bonds this year, placing it among the biggest issuers of green debt in Europe.
Proposals to lift some restrictions on UK stock listings are running into resistance from major fund managers. The managers welcome efforts to make the UK more competitive but say the proposals could diminish investor protection.
The US Corporate Transparency Act creates a national registry of company owners, but critics say the registry does less than similar registries do elsewhere to improve transparency. A range of companies are exempt from reporting requirements, and the general public is not allowed access to the registry.
- Page 1