Financial Markets
Top stories summarized by our editors
4/24/2018

Technical analyst Bruce Kamich, CMT, asserts adverse conditions that have held down Coca-Cola the past two months show little sign of abating and could worsen this quarter. The 50-day moving average slipped below the 200-day counterpart in early March, and the daily on-balance-volume line is weakening, which suggests aggressive selling, Kamich writes.

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TheStreet
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Coca-Cola, Bruce Kamich, CMT
4/24/2018

The Bank of England is launching a modified version of the Sterling Overnight Index Average today as an alternative to the London Interbank Offered Rate. Sonia is based on real transactions, rather than estimates, and swaps traders have used the original version.

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Bank of England, Sonia
4/24/2018

The British pound has declined to a five-week low against the US dollar, and traders cite remarks from Bank of England Governor Mark Carney that an expected interest-rate increase might be deferred. Brexit uncertainties and disappointing economic data have increased downward pressure.

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Mark Carney, Bank of England
4/24/2018

The London Metal Exchange has proposed ending free use for the first six months by algorithmic traders. CEO Matthew Chamberlain says traders have taken unfair advantage of the offer.

4/24/2018

EU authorities should be involved in supervision and resolution of third-country central counterparties "that may pose specific concerns from an EU financial-stability perspective", says European Central Bank board member Benoit Coeure.

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Reuters
4/24/2018

Regulators should take a risk-based approach that prioritises banks that "display significant cultural drivers of misconduct", the Financial Stability Board says in a paper. Regulators should be alert to "decision-making dominated by the business lines", which suggests executives have lost control, the paper says.

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Financial Stability Board, FSB
4/24/2018

UK fund managers have reduced broker lists since Europe's revised Markets in Financial Instruments Directive took effect in January, according to a survey by Peel Hunt and Quoted Companies Alliance. Consolidation is likely in the broking industry as MiFID II pressures research revenue, says Peel Hunt CEO Steve Fine.

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The Trade (UK)
4/24/2018

A competition among exchanges in Hong Kong, Shanghai and Shenzhen, China, to list shares of big technology companies is intensifying. China is urging foreign companies to list Chinese depositary receipts in Shanghai or Shenzhen, and Hong Kong Exchanges and Clearing is preparing for dual-class shares.

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Hong Kong
4/24/2018

The Shanghai Gold Exchange and the Moscow Exchange have agreed to strengthen cooperation regarding on-exchange gold trading. The memorandum of understanding calls for sharing of product information, joint conferences, training and staff exchanges between Russian and Chinese precious-metals markets.

4/24/2018

The system for determining equivalency for financial firms outside the EU will work for Britain after Brexit, despite flaws, EU financial-services chief Valdis Dombrovskis says. "Equivalence has proven to be a pragmatic solution that works in many different circumstances, and it can work for the UK after Brexit as well," he says.

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Reuters