Standard Chartered has signed a the-year deal with Microsoft which aims to drive to transfer a number of core banking and trading activities to the cloud, using the Azure platform. The bank aims to take a cloud-first approach to the future roll-out of new applications across its business.
Rising yields on US Treasurys have dulled investors' appetite for gold and silver, disrupting a historic precious metals rally. However, despite recent price swings, the most active gold futures remain some 28% higher than they were nine months ago.
Dutch bank ABN Amro is downsizing its investment bank operations and plans to halt all trade and commodity financing. ABN chief financial officer Clifford Abrahams says the bank may sell some of its assets, but would not "adopt a fire sale approach."
Indonesia's central bank hopes to establish a new derivatives clearinghouse within the next few years which would initially focus on clearing local currency non-deliverable forwards and interest rate swaps. The central bank also plans to seek rule changes that would allow the use of close-out netting on derivatives trades.
Pamela Jones, co-founder and executive director of Genesis Consultancy and former head of operational change and integration at TP ICAP, said in an interview that while many firms in the financial industry talk about diversity and inclusion, many are still falling short on the delivery.
Tradeweb and ICE Benchmark Administration are jointly developing the constant maturity Treasury rate, a new benchmark that could be a direct competitor to the Secured Overnight Financing Rate. Tradeweb and the IBA say there is no publishing date set for the CMT rate and that they are consulting the market on the rate methodology.
Ripple, creator of the highly valued cryptocurrency XRP and a big proponent of blockchain innovation, is looking to broaden its platform to support functions well beyond the payments system it set out to build.
Three Federal Reserve policymakers expect slow economic recovery in the US until the coronavirus is brought under control. They say Americans must learn to live with the virus for at least the next few months.
Chef Thomas Keller plans to permanently close his TAK Room restaurant and Bouchon Bakery at Hudson Yards, citing loss of business due to the pandemic. "We could not find an economically viable path to continue operating," he says.
The New Jersey Supreme Court on Wednesday ruled 7-0 that the state constitution allows the government to borrow money to compensate for revenue lost because of the coronavirus outbreak. The ruling requires "that the Governor or the Treasurer certify the state's projected revenue figures and the shortfall resulting from the pandemic before each tranche of borrowing."