Client departures are a fact of life, Kimberly Foss of Empyrion Wealth Management writes, but there are things advisors can do to strengthen their relationships and lessen the likelihood of separation. Foss recommends knowing how to communicate with each individual client, using technology to provide the best information and providing additional services.
Banks worldwide, particularly those in Europe, have eliminated more than 48,500 jobs this year, filings show. Job losses might be underreported because of a lack of disclosure or because announced cuts have yet to occur.
Average daily European equity trading volumes fell 15% in July to €53 billion while dark-pool volumes rose to their highest level since October 2017, a TABB Group analysis finds. The analysis also shows that periodic auction volumes have fallen after having risen following the introduction of the revised Markets in Financial Instruments Directive.
The Federal Reserve's recent interest rate cut and Brexit concerns might be behind a collapse of the basis between interest rate swap rates at clearing houses CME and LCH.
ING has introduced the first sustainability-improvement derivative, which is tied to a firm's environmental, social and governance performance. Leonie Schreve, global head of sustainable finance, says that the market is evolving but that "there is appetite for sustainability products".
The European Central Bank has shut down Latvia's PNB bank, deeming it insolvent. The ECB said PNB had seen a "significant deterioration in its capital situation to the point that the bank's assets were less than its liabilities."
Trade bodies are working to establish a single standard reporting template to cover different sets of European rules under the Securities Financing Transactions Regulation and the European Market Infrastructure Regulation to "avoid the divergence of standards in different areas of the market."
Japan became the largest holder of US government bonds in June. Japan increased holdings of Treasurys to $1.12 trillion, surpassing China's $1.11 trillion.
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