JPMorgan Chase has given its financial advisors the go-ahead to take orders from any of its wealth management clients to buy and sell a range of five cryptocurrency products. All clients of the group's various units now have access to the products, although it has reminded advisors they can only buy and sell on an "unsolicited" basis, with specific investment recommendations prohibited.
The European Central Bank has said it will hold interest rates at a record low until inflation reaches its 2% target, and will not raise borrowing costs until the goal is reached "well ahead of the end of its projection horizon and durably." The ECB added that the highly-contagious Delta coronavirus variant posed a serious threat to the recovery of the eurozone economy.
Bank of England rate setters need to watch wage growth for signs that persistent inflation is likely, says Ben Broadbent, the BoE's deputy governor for monetary policy.
Much of the leveraged-loan market runs about the same way today as it did in the 1990s, but there are signs that market participants are becoming receptive to embracing technology. About 80% of US institutional loan investors believe technology would improve the quality and efficiency of the markets, according to a survey from Coalition Greenwich, a research firm.
Italy's Banc Carige, a lender rescued by the country's depository protection fund, said it will need €400 million of new capital if it is to become profitable. The bank said it is uncertain whether it will be able to arrange a merger that would assure its continued recovery.
The UK Finance Ministry said it has instructed Morgan Stanley to offer its 57% stake in lender NatWest for sale from Aug. 12 this year to Aug. 11, 2022. The government hopes to place a majority of the bank's shares in private ownership within a year.
Employers in the city of London have launched a hiring spree driven by the need to fill positions in financial services, consulting and law, according to data from job search website Indeed. "Some of the capital's biggest and best known professional and financial services institutions are leading the charge," said Jack Kennedy, an economist at Indeed.
The Alternative Reference Rates Committee has released its conventions and use cases for the Secured Overnight Financing Rate based on overnight collateral and repo rates, and will allow its use in derivatives contracts. ARRC Chairman Tom Wipf says that when "SOFR First swaps convention switches on July 26 and the ARRC formally recommends the SOFR Term Rates, market participants should have what they need to use SOFR in all its forms across financial markets, including the use of the SOFR Term Rates for business loans."
Investors are keeping close watch on what role special purpose acquisition companies might play in Britain's growing wealth management business. SPACs attracted substantial investment during the coronavirus pandemic, but the model is now coming under heightened scrutiny.
- Page 1