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5/25/2018

Lava flows into the Pacific Ocean are ongoing as Hawaii's Kilauea volcano continues to erupt. Meanwhile, photos show cracks that have formed in the ground beneath and around a home in the Leilani Estates community.

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CNN
5/25/2018

Birds, reptiles and beetles are popular pets in Japan; people in Australia adopt sick, injured or orphaned wallabies; and crickets are among popular pocket pets in China. Dogs and cats are still the most popular pets worldwide, but rabbits are gaining ground.

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CNN
5/25/2018

AFME has published a paper that calls for open, nondiscriminatory access among European central counterparties to ensure they are interoperable and competitive. The revised Markets in Financial Instruments Directive contains open-access provisions, but Stephen Burton of AFME argues they do not go far enough in dismantling barriers to efficient post-trade, saying "in order to make progress towards an integrated, low-risk and low-cost post-trade ecosystem in Europe, European and national authorities should prioritise reform".

5/25/2018

The Bank of England is prepared to respond "in whatever form it takes" to any upheaval a disorderly Brexit might bring, Governor Mark Carney says. He says the central bank is "willing to tolerate some deviation of inflation from target for a limited period of time", which could defer a plan to gradually raise interest rates.

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The Guardian (London)
5/25/2018

Deutsche Bank's plan to slash its workforce indicates an intention to withdraw from investment banking, Ian King writes. CEO Christian Sewing wants to focus on lending, King writes, but the retreat clears the way for US institutions to dominate.

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Sky News
5/25/2018

China's economy is growing and is mostly unaffected by turbulence affecting other emerging markets, Richard Frost and Tian Chen writes. Stocks have risen and the yuan is at a two-year high, but US trade tensions and increasing interest rates could cloud the outlook, they write.

5/25/2018

Commerzbank has used blockchain to replicate a foreign exchange forward trade with thyssenkrupp, a German industrial group. Reconciliation is costly and time consuming for banks trading FX, and this experiment shows how blockchain can "digitalise the processes in this space", says Nikolaus Giesbert of Commerzbank.

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The Trade (UK)
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Commerzbank, ThyssenKrupp, Blockchain
5/25/2018

Citigroup and Deutsche Bank have asked EU policymakers to clarify whether they can continue to operate from London to serve EU clients after Brexit. Banks support mutual recognition, but European Parliament member Danuta Huebner says "mutual recognition is excluded on the EU side as a potential solution, so if I were you I would rather think in terms of how to improve equivalence."

5/25/2018

A disorderly Brexit could force the Bank of England to slow economic activity or to tolerate higher inflation, Governor Mark Carney says.

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Governor Mark Carney, BoE
5/25/2018

Over-the-counter derivatives notional increased 15%, or $28 trillion, in the first quarter at the eight US global systemically important banks, after dropping $23 trillion in Q4.