The European Central Bank is losing confidence that the eurozone economy will recover during the second half of this year, according to minutes from an April meeting. "There was now somewhat less confidence in the baseline scenario [for growth] and that the range of other possible outcomes had widened," the minutes show.
Deutsche Bank CEO Christian Sewing has pledged to pare the bank's struggling investment arm as shares hit a record low. He says management is preparing "tough cutbacks" in investment banking, although he has not gone into specifics.
Japan's Nomura has announced 14 promotions to managing director on its European team. The move comes weeks after the bank cut 100 positions in London focused on Europe, the Middle East and Africa as part of a $1 billion cost reduction.
The low quality of data disclosed by firms under Europe's revised Markets in Financial Instruments Directive means best execution remains theoretical, instead of providing actual value to investors, according to a report by Liquidnet.
Former finance lobbyist Simon Puleston Jones is leading a crowdfunding campaign to launch WokenUp, a social network that emphasises social and environmental contributions in line with the UN Sustainable Development Goals. Firms will be able to "effectively communicate their corporate values to the public and to demonstrate the impact that they are making on today's pressing social and environmental issues" when WokenUp debuts this year, Puleston Jones says.
European Securities and Markets Authority official Verena Ross has hailed the success of the revised Markets in Financial Instruments Directive, but the financial-services sector says it has seen little benefit.
The European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority have jointly issued a consultation on unifying reporting of intragroup transactions and risk concentration to prevent arbitrage. The draft standards fall under Solvency II but account for derivatives transactions and exchange-related information.
The US Securities and Exchange Commission has issued guidelines that make it harder for exchanges to increase fees for data and high-speed connections. The guidance requires that exchanges submit detailed analysis to the SEC to explain why higher fees are justified.
Following the successful C&L events of SIFMA and AFME, ASIFMA aims to initiate an annual dialogue among the Asian compliance and legal communities to discuss and suggest practical solutions to key real-world issues of legal and compliance. Register now as seats are limited!