Clients of US financial advisers are very satisfied with the service they get, according to an American Customer Satisfaction Index report. Advisers were given a rank of 81 on a scale of zero to 100, one of the highest readings among industry groups evaluated.
More foreign exchange prime-brokerage service providers should be good for commodity trading advisers, hedge funds and other market participants, says Marco Baggioli, former global head of FX prime brokerage at BNP Paribas.
The UK Financial Conduct Authority is requesting industry input on technology's potential to ease compliance with trade-reporting requirements under Europe's revised Markets in Financial Instruments Directive. The FCA particularly wants input on a system that makes rules machine readable and executable.
Bob Fitzsimmons, managing director of Wedbush Securities and head of Wedbush Futures, discusses bitcoin futures contracts at Cboe Global Markets and CME Group, customer education and regulatory prospects. "The trick now is how do you stop bad actors but be bold enough to look at Dodd-Frank and even Sarbanes-Oxley and see the unintended consequences," he says.
Market volatility has spurred interest in theta-flat product trades over vega-flat trades, dealers say. Conditions are not strong enough to make this a major trend, but it is possible "the period of vega-flat dispersion is over," says Stephane Mattatia of Societe Generale.
The Securities and Exchange Board of India has authorized National Stock Exchange of India to introduce cross-currency derivatives. The exchange can introduce derivatives following euro-US dollar, pound-US dollar and yen-US dollar, as well as options on euro-Indian rupee, pound-Indian rupee and yen-Indian rupee.
Global oil demand will peak by the late 2030s, and consumption will peak at 110 million barrels per day in the mid-2030s, according to a BP forecast. A transportation revolution triggered by self-driving electric vehicles will drive a transition away from oil, the company predicts.
Adecco Group has acquired recruiting startup Vettery as part of a digital initiative. A source said Adecco paid slightly more than $100 million for the company.
Mumtalakat, Bahrain's sovereign wealth fund, is evaluating a possible investment in the SoftBank Vision Fund, said Mahmood AlKooheji, the SWF's chief executive. Abu Dhabi's Mubadala fund and Saudi Arabia's Public Investment Fund have already put money into the SoftBank fund.