Hits & Takes
It was a great day at Nasdaq for the Trading Tech 300 program. Thank you to Nasdaq and Allan Schoenberg for their support for this merit badge clinic that taught public speaking and communications.
Today is the second day of MarketsWiki Education World of Opportunity, this one held at Nasdaq in Times Square. We have a great lineup of speakers, including Oliver Albers, Mike Beller, Kevin McPartland, Maura Cunningham, Sadia Halim, and Bailey Kessing at the 1 PM session. Bruce Morris, Ralf Roth, Jeff Bandman, David Weisberger and Gary DeWaal finish the program with the 3 PM session.~JJL
OCC issued this statement on the passage of H.R. 5749 – Options Markets Stability Act:
“OCC and the U.S. Securities Markets Coalition applaud passage of H.R. 5749, the Options Markets Stability Act. Passage of this legislation, sponsored by Representatives Randy Hultgren (R-IL) and Bill Foster (D-IL), is an important step forward in helping ensure that market makers can provide vital liquidity for investors who use the U.S. equity options markets to help manage their financial risk. OCC appreciates the leadership of Representatives Hultgren, Foster, House Financial Services Committee Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA) and the other members of the Committee for securing passage of H.R. 5749.”
This legislation would require the appropriate U.S. federal banking agencies to increase the risk-sensitivity of the capital treatment of centrally-cleared options.~JJL
From Forbes, “It was on this date, July 11, in the year 1804 in Weehawken, New Jersey, that Alexander Hamilton, architect of the American financial system, met his fate at the hands of Aaron Burr.”~JK
FIA Board Meets in Washington to Discuss Futures Marketplace; Jerome Kemp becomes FIA Acting Board Chair
FIA’s board of directors is in Washington this week to meet with regulators and members of Congress to press for policies that promote a fair and competitive landscape for the futures and cleared derivatives industry. On the agenda will be discussions regarding the unfair treatment of capital rules for cleared derivatives; a call for the Senate to confirm a full complement of commissioners at the CFTC; and implementing cross-border regulation that ensures open access to markets and fair competition. In addition, the board will recognize Jerome Kemp, Managing Director and Global Head of Futures, Clearing and Collateral at Citi, as the Acting Chair following the departure from UBS of current board chair, Edward Pla.
**** Congratulation to FIA’s new acting chair Jerome Kemp.~JJL
Barchart Names Colleen Sheeren as Head of Marketing
Today, Barchart, a leading provider of financial market data and technology, has announced that Colleen Sheeren has been named Head of Marketing. Sheeren who most recently served as Marketing Manager, joined Barchart in 2015 as a Marketing Associate. Sheeren is responsible for all day-to-day and strategic marketing efforts including advertising, social media, digital and event management. Sheeren, who is a graduate of Saint Ambrose University, holds a Bachelor of Arts degree in Business Management. Sheeren reports to Barchart’s CEO, Mark Haraburda.
***** For her promotion she was given a new set of Japanese candlesticks.~JJL
New game show ‘Paid Off’ offers chance to eliminate student loan debt
Daniel Arkin – NBC News
“Wheel of Fortune” contestants have a chance to win lavish vacations. If you score on “The Price is Right,” you can go home with a flashy sports car. “Who Wants to Be a Millionaire” occasionally makes good on its promise.
But a new game show on TruTV offers contestants an altogether more practical — and perhaps somewhat depressing — prize: the chance to get out from under mountains of crippling student loan debt.
**** This feels like the first step on the road to a dystopian future game show called, “Bet Your Life.” ~JB
Tuesday’s Top Three
Our top read stories of the day were about tragedy and loss starting with the FT’s piece, TP ICAP fires chief Phizackerley as it warns on higher costs; Shares in interdealer broker plummet 32 per cent in early trading. Second went to Bloomberg’s Chart of Century Gives Powell Gloomy Glimpse of Trade-War World. Third went to JLN’s most read story of the year so far – our coverage of the February 5 market drop and the havoc wreaked upon clearing brokers, in FCMs Big And Small Suffer Major Losses On Latest Black Monday
129,398,040 pages viewed; 23,185 pages; 213,983 edits
Mobius Says Trade War Is Just a Warm-Up Act for Financial Crisis
Lilian Karunungan, Jasmine Ng, and Abhishek Vishnoi – Bloomberg
End of cheap money will cause a crunch, says veteran investor; EM stocks will probably fall another 10% by year-end, he says
For Mark Mobius, there may be worse to come even after the U.S. fired new shots in its trade war with China: a further 10 percent drop in emerging-market stocks and a global financial crisis.
U.S. Unveils Additional Tariffs on $200 Billion More in Chinese Imports; New levies follow last week’s initial round of duties on $34 billion in Chinese goods
Bob Davis – WSJ
The White House said it would assess 10% tariffs on a further $200 billion in Chinese goods, deepening the dispute with Beijing, while sending a message to other trading partners that the U.S. won’t back away from trade fights.
LCH’s ForexClear launches deliverable FX Options clearing
LCH Ltd pioneers clearing of deliverable FX Options; settlement model developed in collaboration with CLS; Barclays, Citi and J.P.Morgan the first participants to use the service
LCH, a leading global clearing house, today announced that it has launched deliverable FX options clearing. Barclays, Citi and J.P. Morgan are among the first participants to use the service, with further banks expected to shortly start clearing the product.
Cinnober and BitGo cooperate on cryptocurrency exchange offering
Cinnober and BitGo, the market leader in institutional-grade cryptocurrency security, announced today a collaboration to provide solutions to cryptocurrency exchanges. BitGo’s wallet solution will expand Cinnober’s trading and post-trade platform to provide an end-to-end secure, institutional-grade digital asset exchange solution.
Morgan Stanley Elevates CEO Contender; Wall Street firm is giving trading executive Ted Pick an expanded role that includes investment banking
Liz Hoffman – WSJ
Morgan Stanley MS -0.64% offered more clues into its slow-burning succession race, elevating a top trading executive seen as a favorite to eventually replace Chief Executive James Gorman.
Electronic broker Nex reports revenue growth ahead of CME deal
James Booth – City AM
Financial technology and electronic trading company Nex announced a revenue increase today ahead of its acquisition by CME Group.
Brexit challenges and solutions for EU financial markets
Matthias Graulich, Member of the Executive Board – Eurex Clearing
After the financial crisis, the G20 committed to bringing over-the-counter (OTC) derivatives markets towards more transparency and collateralization against risk exposures. In particular, central clearing via Central Counterparties (CCPs) have thus become the corner stone of risk management in financial markets. CCPs calculate risks in real-time, demand adequate collateral and guarantee the fulfilment of transactions. Consequently, one crucial element for CCPs’ ecosystem is an efficient supervisory setup.
China’s Taste for Soybeans Is a Weak Spot in the Trade War With Trump; Beijing’s retaliatory tariffs make American soy pricier. But the country’s huge demand for oil and animal feed makes it tough to stop importing overnight.
Raymond Zhong – NY Times
For all its economic might, China hasn’t been able to solve a crucial problem. Soybeans. It just can’t grow enough of them.
Deutsche Bank shareholders criticise Cerberus advisory role; Private equity group is one of the German lender’s biggest investors
Olaf Storbeck in Frankfurt – FT
Large shareholders in Deutsche Bank reacted critically to the lender’s decision to hire private equity group Cerberus, one of its biggest investors, as an adviser on restructuring its operations.
Brexiters fear ‘biggest loss of sovereignty’ since 1973; Retaining benefits of single market will mean concessions on common rules
Alex Barker in Brussels – FT
Is Brexit Britain “truly headed for the status of colony”? Boris Johnson’s incendiary claim in his resignation letter voiced the anguish of Brexiters who fear leaving the EU may erode Westminster’s decision-making power rather than restore it.
Departure of TP ICAP chief exposes tensions at top; Interdealer broker struggles with integration issues arising from £1.3bn ICAP purchase
Philip Stafford in London – FT
TP ICAP’s removal of chief executive John Phizackerley blows the lid on the tensions that have been simmering for months between the interdealer broker’s board, shareholders and employees.
Three Minutes With RF Culbertson, Barrons And Forbes Contributor; Lessons from a Musician, Insight from an Investor
Jessica Darmoni – Hehmeyer
RF Culbertson is a writer, investor, entrepreneur, professor, musician and poignant storyteller. I had initially been introduced to him through his weekly investor newsletter, which includes insights into general investing, the cryptocurrency world and the emerging marijuana markets. When he was in town recently from Pittsburgh, I asked him to coffee to learn more about his interests and writing career. However, after learning more about RF, I found myself asking questions about what he learned from playing music with various artists such as: James Brown as well as Elton John and whether he regrets skipping breakfasts with Steve Jobs.
Exchanges, OTC and Clearing
Bitcoin futures volumes on the rise at Cboe, CME; Futures volumes rise as institutional investors take to new products – as one fund says – ‘carefully and slowly’.
Conner Guidry – The Trade
CME Group saw a spike in Bitcoin futures trading activity last Thursday as daily volumes continue to rise on the Chicago exchange and its rival Cboe.
CME Group and Cheniere Energy, Inc. Reach Agreement to Develop First-Ever Physically Deliverable LNG Futures Contract at Sabine Pass Terminal
CME Group, the world’s leading and most diverse derivatives marketplace, and Cheniere Energy, Inc., a pioneer in the liquefaction and export of U.S. liquefied natural gas (LNG), reached an agreement through which CME Group will develop an LNG futures contract with physical delivery to Cheniere’s Sabine Pass terminal on the U.S. Gulf Coast.
Nasdaq Nordic Launches ESG Version Of Benchmark Index
Nasdaq Nordic is is launching a version of its benchmark OMX Stockholm 30 index that is compliant with environmental, social and governance investing, which it said is the first ESG index based on a leading exchange-traded index.
Intercontinental Exchange – ICE Futures Europe Emissions Auction Result
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced that today’s auction of 5,741,500EU Allowances (EUAs) held on behalf of the UK Government’s Department for Business, Energy & Industrial Strategy (BEIS) was cancelled as a result of the total volume of bids falling short of the volume of the allowances being auctioned.
Nyse Arca: Reminder – Testing Opportunity For Proprietary Data Feed Upgrade
As previously announced, the NYSE Arca BBO, Trades and Order Imbalances feeds will be upgraded to v2.1 on Monday, July 30, 2018, in a hot cut with no change of multicast IPs, and no parallel period.
SGX lays out plans for new FX futures products; SGX FlexC FX Futures allows customers to trade FX futures in OTC fashion which can be cleared on SGX’s platform.
Hayley McDowell – The Trade
Singapore Exchange (SGX) has confirmed plans to launch a new foreign exchange (FX) futures product as it seeks to modernise its over-the-counter (OTC) offering.
TRF mark open interest record
Open interest in Eurex’ Total Return Futures (TRF) has reached its highest peak to date at 496,000 contracts. This equals roughly EUR 17.0 billion. Average daily volume is now at 5,500 contracts (year-to-date), which translates to EUR 200 million.
Duco Accelerates Global Expansion with Three New Offices
Duco, the data engineering technology company, today announced the opening of three new offices: Singapore, Wroclaw and Edinburgh. The move follows several years of rapid growth and adoption of Duco’s self-service reconciliation model by global financial institutions. Duco announced a $28m funding round in January 2018.
How FinTech Initiatives Are Driving Financial Services Innovation
Randy Bean – Forbes
It was on this date, July 11, in the year 1804 in Weehawken, New Jersey, that Alexander Hamilton, architect of the American financial system, met his fate at the hands of Aaron Burr. Some would argue that the financial services industry has changed very little since then. Change has some slowly to financial services, and innovation has proceeded at an evolutionary, some would say glacial, pace. That may be changing however. Recent decades have born witness to the introduction of technology solutions that have accelerated the transformation of consumer experience.
‘Doomed’? Fintech partnerships are vital
Kevin Tweddle – American Banker
Bank-fintech partnerships are not “doomed to fail,” as one commentator recently suggested in an American Banker op-ed. Rather, the banking industry is at the dawn of a great new era of fintech partnerships that will change banking as we know it for the foreseeable future.
FINOS Voice Program Expands With Contribution from GreenKey; Joins Existing Contributor Cloud9 Technologies in FINOS Initiative to Further Growth of Multi-Vendor Support for Open Voice Collaboration
FINOS (the Fintech Open Source Foundation), a nonprofit foundation promoting open innovation in financial services, in coordination with GreenKey Technologies, a leader in real-time voice technology, today announced the contribution of the GreenKey SDK to the FINOS Voice Program.
CLS launches the first PvP settlement service specifically designed for cleared FX derivatives
CLS, a market infrastructure group delivering settlement, processing and data solutions, today announced the launch of CLSClearedFX – the first payment-versus-payment (PvP) settlement service specifically designed for over the counter (OTC) cleared FX derivatives.
Northern Trust Re-engineers Post-Trade Compliance Platform
Chicago-based Northern Trust unveils new compliance monitoring capabilities that provide independent governance over external fund managers, with a focus on data quality checks.
Broadway Technology goes live on over 20 major European fixed-income markets
Broadway Technology, LLC, a leading provider of high-performance trading systems for FX and fixed income buy-side and sell-side clients is officially live on over 20 major venues for European government bonds, futures, and interest rate swaps. Additionally, enhanced versions of Broadway’s automated spread and duration trading tools and award-winning order router have all been released to support European fixed-income.
The crypto-currencies that die before they have bloomed
Rory Cellan-Jones – BBC
It has been the biggest craze in investment of the last two years – the idea that creating your own crypto-currency through an Initial Coin Offering (ICO) is the route to riches.
Hackers steal $23.5 million from cryptocurrency exchange Bancor
Stan Schroeder – Mashable
Hackers attacked cryptocurrency exchange Bancor on Monday, compromising one of the company’s virtual wallets and stealing roughly $23.5 million worth of digital currencies.
London School Of Economics launches online certificate course about Cryptocurrency Investment and Disruption
RTT News reports that the London School of Economics or LSE introduced an online course on cryptocurrency, starting in August 2018. The prestigious educational institution aims to guide potential investors and businesses to make sense of, and accurately evaluate, cryptocurrencies and their uses.
In its announcement on the website, LSE said, “The exponential growth and volatility of cryptocurrencies and the distributed ledger technology underpinning them has led to a global interest in cryptoassets, ICOs and the distribution of digital wealth.”
India’s Cryptocurrency Banking Ban May Be a Bust
John McMahon – NewsBTC
After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all.
The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation on how the authorities would handle such a ban. Today new information from a finance ministry panel assembled to study the issue indicates there may not be a blanket ban.
As bitcoin declines, Coinbase’s app is dropping in popularity
John Detrixhe – Quartz
The bear market for bitcoin and other virtual tokens has dragged down Coinbase, a digital-asset exchange and darling of the crypto-startup world. As prices plunge, the exchange’s download ranking has fallen to its lowest level among US finance apps since April last year. The drop reflects the fleeting fancy of retail traders that comprise most of the buying and selling in crypto markets.
Trump Falsely Claims It’s ‘Impossible’ for American Farmers to Do Business in Europe; The United States exported $11.5 billion in agricultural products to the European Union last year.
Linda Qiu – NY Times
False. Mr. Trump’s suggestion that it is “impossible” for American farmers to sell their products to the European Union is wrong.
China and U.S. Impose Tariffs on Trade Flows That Don’t Exist
Dan Murtaugh – Bloomberg
U.S. and China exchange blows over some non-existent trade; Trump administration threatens tariffs on LNG, live trout
Natural gas, the cleanest and fastest-growing fossil fuel, has found itself in perhaps the oddest corner of the multi-billion dollar trade war between the world’s two biggest economies.
NYSE president seeks Trump’s help for iconic exchange
Julia Limitone – Fox Business
New York Stock Exchange President Stacey Cunningham plans to meet with President Donald Trump to discuss the U.S. Securities and Exchange Commission’s (SEC) transaction fee pilot program, which she argues will drive up investor costs and hurt competition.
Donald Trump creates chaos with his tariffs trade war; The question remains whether other countries should box back in retaliation
Martin Wolf – FT
The leader of the world’s most powerful country is a dangerous ignoramus. So how should the rest of the world respond? What makes this so difficult to answer is that Donald Trump has created chaos. It is so difficult to negotiate with him because nobody knows what he and his team want. This is just not normal.
Boris Johnson Has Ruined Britain; “He knows that the verdict of history is about to come down on him — and bury him.”
Jenni Russell – NY Times
For the second time in three years, Boris Johnson, a politician whose ambition and superficial charm far outstrip his ability, judgment or principles, is destabilizing the British government and threatening the country’s future.
SEC Brings Insider-Trading Suit Against Former Heartland Payment CEO; Regulator’s civil complaint says former executive Robert Carr gave corporate details to romantic partner
Peter Rudegeair – WSJ
The Securities and Exchange Commission charged the former CEO of financial-technology company Heartland Payment Systems, Inc. with insider trading on Tuesday, saying in a complaint that he gave a romantic partner details about his company’s planned sale to a larger rival before they became public.
Google to Face Multibillion-Euro European Union Antitrust Fine; Bloc has alleged company abused dominance of mobile operating system Android
Valentina Pop and Sam Schechner WSJ
The European Union’s antitrust watchdog is expected to find Alphabet Inc.’s GOOGL -0.01% Google illegally abused the dominance of its Android operating system for mobile phones, issuing a multibillion-euro fine and ordering changes to the company’s Android-related business practices, people familiar with the matter said.
Ex-Heartland CEO Is Sued by SEC for Giving Deal Tip to Girlfriend
Gregory Mott – Bloomberg
Carr gave woman $1 million to trade on inside info, SEC says; Attorney for executive said money was gift authorized by firm
The ex-chief executive officer of a New Jersey-based payments company has been sued by the U.S. Securities and Exchange Commission over claims that he used a girlfriend to trade on inside information about the firm’s pending takeover.
CFTC’s Market Risk Advisory Committee Announces Agenda for July 12 Public Meeting
The Commodity Futures Trading Commission (CFTC) today announced the agenda for the upcoming Market Risk Advisory Committee (MRAC or Committee) public meeting that will be held on July 12, 2018 at CFTC’s headquarters in Washington, D.C. [See CFTC Press Release 7744-18 for attending, viewing and listening instructions.]
MiFID II: the need for a centralized messaging platform
Citi fined $500,000 for dark pool system failures; Citigroup Global Markets in Asia overlooked a system failure within its dark pool and failed to hand out guidelines to clients.
Hayley McDowell – The Trade
Citigroup’s global markets business in Asia has been fined more than $500,000 (HK$4 million) by authorities in Hong Kong for regulatory breaches related to its dark pool.
ESMA statement at ECON scrutiny session on Benchmarks Regulation
Introductory statement for ECON scrutiny session on Level 2 measures under the EU Benchmarks Regulation (BMR)
How can we ensure that Big Data does not make us prisoners of technology?
Charles Randell, Chair, Financial Conduct Authority and Payment Systems Regulator, delivered at Reuters Newsmaker event, London.
China charges former No 2 securities regulator for taking US$10.5 million in bribes and insider trading
Xie Yu – South China Morning Post
China has put Yao Gang, former vice-chairman of the China Securities Regulatory Commission (CSRC) on trial in a local court on Wednesday for taking 69.6 million yuan (US$10.5 million) in bribes and illegally making 2.1 million yuan of gains from insider trading, the Central China Television reported. Yao, 56, was placed under investigation for alleged corruption in November 2015, five months after the worst rout in China’s stock market history that wiped out US$5 trillion of market value..
Investing and Trading
Bond Giants Thwarted as $100 Billion of Growth Bets Go Awry
Natasha Doff and Cecile Gutscher – Bloomberg
Big money managers expected synchronized growth to drive rates; Longer-term bonds fail to re-price amid decoupling, trade war
The luminaries of high finance have staked more than $100 billion in one of the boldest bond bets of the post-crisis era: That a global economy firing on all cylinders would spur government yields in the West and boost emerging-market credits.
The ‘greatest investor of all time’ has one — and only one — word of advice
Shawn Langlois – MarketWatch
“Diversify,” Nobel-Prize winner Harry Markowitz once responded when asked how investors should approach the stock market. “And if I had to offer a second piece of advice, it would be: Remember that the future will not necessarily be like the past. Therefore we should diversify.”
Goldman’s Trading Machine Shows Signs of Recovering Former Prowess
Bradley Keoun – TheStreet
Is Goldman Sachs Group Inc. (GS) getting its mojo back?
The Wall Street firm, after a worst-in-class trading performance in 2017, is poised to report its second-straight quarter of besting rivals like JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS) in the business of transacting in stocks and bonds, according to the brokerage firm RBC Capital Markets.
Morgan Stanley’s rising star moves closer to top job; The bank promotes its trading chief even as it builds out other parts of the business
Ben McLannahan in London and Alistair Gray in New York – FT
Morgan Stanley is no stranger to bitter power struggles. One of the most dramatic regime changes ever seen on Wall Street took place at the bank in 2005 when John Mack seized the helm. It followed a bruising battle over the leadership of Phil Purcell, who had forced Mr Mack out four years earlier.
Incredible Deal on Famed Hedge Fund Manager’s E-Book Was Too Good to Be True
Legendary Boston hedge fund manager Seth Klarman’s out-of-print investing book, Margin of Safety, popped up in Amazon’s Kindle ebook store last week for $10. That seemed like a deal worthy of Klarman’s preference for buying undervalued stocks, since used copies of the book sell for more than $500.
Bill Gross’s Slumping Fund Sees $580 Million of Outflows This Year
John Gittelsohn – Bloomberg
Money pulled in June for fourth month, Bloomberg estimates; Janus Henderson unconstrained fund lost 6.3% in first half
Investors pulled a total of about $580 million from Bill Gross’s bond fund in the first half of this year and he turned in the worst performance among his peers during the period. June marked the fourth straight month of withdrawals for Gross’s Janus Henderson Global Unconstrained Bond Fund and the outflows dragged assets down to $1.48 billion, according to Bloomberg estimates. The go-anywhere fund declined 6.3 percent this year through June.
Credit Suisse nears $360 million deadline in fraud suit built on a hunch
Tracy Rucinski – Reuters
When the high-end property development Lake Las Vegas collapsed during the 2008 financial crisis, 31 funds that helped finance the project lost a total of $540 million. But only one of them, Dallas-based hedge fund Highland Capital Management, aggressively pursued legal action against Credit Suisse Group AG, which arranged the financing and appraisals for the project.
Norway becomes the latest oil supply threat; Strike highlights how nervous the crude market has become about even small outages
David Sheppard, Energy Editor – FT
When oil traders list the rising risks to global oil supplies, which have helped boost prices close to the highest level in four years, a host of country names usually proliferate from Iran to Venezuela, via hotspots such as Libya and Nigeria.
Turkey Faces Ticking Bomb With Energy Loans of $51 Billion
Ercan Ersoy and Asli Kandemir – Bloomberg
Some power producers earn less than they owe in debt charges; Lira’s plunge against dollar has driven up foreign-loan costs
Confronted with a plunging lira, Turkey’s central bank last month urged the general public to borrow in the currency in which they are paid. That warning came too late for the country’s energy companies.
China’s CIC sovereign fund says trade war would hurt its investments
The president of China’s CIC sovereign wealth fund said on Wednesday that a trade war appeared unavoidable, and that the dispute would have a negative impact on CIC’s investments.
JPMorgan issues bleak warning on Brexit damage; Jamie Dimon says departure has potential to ‘hurt everybody a bit’
Martin Arnold in London – FT
JPMorgan Chase’s chief executive has added to the pressure on UK prime minister Theresa May by warning that Brexit could be “tough for the British people”.
Paris Predicts Gain of 10,000 Jobs From London Post Brexit
Angelina Rascouet and Caroline Connan – Bloomberg
Financial sector lobby says 3,500 jobs already transferring; U.K. shouldn’t get extension for deal, Paris Europlace says
Paris may see an additional 10,000 direct jobs move to the city as it reaps the benefits of Brexit, according to the chairman of the French capital’s financial sector lobby.
European Investment Bank wants UK to remain a member; Infrastructure bank chief says both sides have something to offer after Brexit
Chris Giles and Jim Pickard in London – FT
The head of the European Investment Bank said he can still see the possibility of Britain remaining an active member of the infrastructure bank after Brexit.
Brexit threatens some swaptions trades; Force majeure clauses could be triggered on physically settled contracts
Helen Bartholomew – Risk.net
A limited number of swaptions may stop working if the UK leaves the European Union next year without a deal on cross-border financial services, potentially forcing them to be terminated and leaving one or both sides unhedged.
Michel Barnier tells US business that EU markets remain open to financial services despite Brexit
James Crisp – Telegraph
Michel Barnier has moved to reassure American business leaders that the European Union will not shut London-based US financial giants out of its markets after Brexit, despite the City facing tougher treatment at the hands of Brussels regulators.