Minutes: ECB optimism on eurozone recovery wanes | Deutsche Bank CEO: Cutbacks ahead for investment bank | Nomura unveils 14 European promotions after cutting London staff
24 May 2019
GFMA SmartBrief
News on the global financial markets
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Morning Bell
Minutes: ECB optimism on eurozone recovery wanes
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.
Reuters (23 May.),  Financial Times (subscription required) (23 May.) 
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Industry News
Deutsche Bank CEO: Cutbacks ahead for investment bank
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.
Reuters (23 May.) 
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Nomura unveils 14 European promotions after cutting London staff
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.
Financial News (UK) (subscription required) (23 May.) 
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Report: MiFID II data falls short of aiding best execution
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.
Futures & Options World (subscription required) (23 May.) 
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Ex-lobbyist plans sustainable-development social network
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.
SmartBrief/Finance (23 May.),  Futures & Options World (subscription required) (22 May.) 
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Regulatory Roundup
Industry questions benefits of MiFID II
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.
Financial Times (subscription required) (23 May.) 
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EU regulators propose rules to curb reporting arbitrage
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.
Futures & Options World (subscription required) (23 May.) 
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BoE issues guidance on supervision of climate risk
The Bank of England has unveiled guidance for financial institutions to assign oversight of risk arising from climate change to a senior manager.
Risk (subscription required) (23 May.) 
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US regulator outlines how exchanges can raise data fees
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.
Reuters (22 May.),  Financial Times (subscription required) (21 May.),  The Wall Street Journal (tiered subscription model) (21 May.),  Pensions & Investments (free access for SmartBrief readers) (22 May.) 
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Spotlight on China
China might use US Treasurys as leverage in trade row
China's sale of $20 billion in US Treasurys suggests China could use its position as the biggest holder of US debt as leverage in trade negotiations.
Financial Times (subscription required) (23 May.) 
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ASIFMA News
ASIFMA Compliance and Legal Conference 2019, 29-30 May, Hong Kong
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!
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Editor's Note
SmartBrief will not publish Monday
In observance of Memorial Day in the US, SmartBrief will not publish Monday. Publication will resume Tuesday.
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I don't think anybody should write his autobiography until after he's dead.
Sam Goldwyn,
film producer
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