Archive April 2019

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Week InAdvance: April 29, 2019

Mon Apr 29 Markets in Japan remain closed. | Tue Apr 30 Senate hearing on how banking agencies regulate and supervise institutions. | Wed May 1 FOMC rate decision. Labor Day/May Day in many countries.

Week InReview: April 26, 2019

Ban email, for cyber's sake?

Northern Trust, which oversees roughly $10 trillion, is looking at restricting the ability of some employees to send email outside the company as it beefs up its cybersecurity, according to a top executive at the company who requested anonymity because the policy hasn't yet been formalized.

The Chicago-based firm is exploring limiting external email to only employees who work with clients and other groups outside the company to avoid potential privacy breaches.

— Business Insider

Week InAdvance: April 22, 2019

Mon Apr 22 Earth Day. | Tue Apr 23 Fed to discuss bank control transparency. | Wed Apr 24 FDIC fintech forum. | Thu Apr 25 Belt & road forum in Beijing. | Fri Apr 26 Global threats on CFR's agenda. | Sat Apr 27 Japanese markets closed thru May 6.

Week InReview: April 19, 2019

Redacted Manhattan and Vodka, Neat: Drinks for Mueller Report

Everyone has a preferred drink that goes with their reading material: a coffee with the morning paper, a glass of red with a novel at night.

But as anticipation ran high for the release of the Mueller Report on Thursday, bartenders and booze experts from across the U.S. prepared their own drinks to reflect whatever they expected the contents of the report to be.

Here, they've shared a few recommendations. Spoiler alert: There's a lot of Russian vodka.

— What to Drink While Reading the Mueller Report

Week InAdvance: April 15, 2019

Mon Mar 15 Boston Marathon. The Supremes debate the trademark merits of a brand called "FUCT." | Wed Mar 17 Fed's Beige Book. | Thu Mar 18 U.S. bond market closes at 2pm. Canada bond market closes at 1pm | Fri Mar 19 U.S., Canada markets closed.

Week InReview: March 12, 2019

Is the party over?

"UBS Group AG fired a senior investment banker because he allegedly failed to apprise his managers of details of a leveraged-buyout loan, highlighting the pressure Wall Street firms are under to keep a lid on risk in the lucrative business.

"The Swiss bank in December dismissed James Boland, who ran its leveraged-finance group in the Americas, and a lieutenant. Their alleged offense: not informing superiors and the bank's compliance officials that they had reclassified a bond the firm was underwriting as a loan, according to people familiar with the matter...

"UBS had planned to finance the deal with a bond, the people said. But after officials at the Swiss bank realized they couldn’t provide enough disclosure for such a deal to pass legal muster, they switched it to a loan, which carries less-stringent disclosure requirements. Unlike bonds, however, loans are subject to the guidelines regulators put in place as part of broader efforts to limit excessive risk taking in the wake of the financial crisis.

"There is no sign that the loan ran afoul of government guidelines. Even though the loan was successfully syndicated to investors, UBS temporarily held on to a piece of it, and that is what caused the guidelines to come into play, one of the people said."

—The Wall Street Journal

Week InAdvance: April 8, 2019

Mon Apr 8 21st China-EU Summit in Brussels. | Tue Apr 9 Mnuchin gives annual testimony. IMF, World Bank spring meetings in DC. | Wed Apr 10 FOMC minutes. ECB's monetary-policy decision. | Thu Apr 11 G20 finmins and central bank guvs in DC.

Week InReview: April 5, 2019


"Investment bankers across Wall Street are tripping over themselves, and sometimes each other, to win business advising smaller companies on deals — assignments they would have scoffed at a few years ago. They are hiring bankers in cities like Dallas and Atlanta and cozying up to a different set of corporate executives....

"Goldman dispatched four partners to regional offices in Dallas, Seattle, Atlanta and Toronto and assigned a dedicated banker to hundreds of what it calls 'lonely clients,' which get little attention from New York bankers."

Big banks reach for small deals as merger boom slows

Week InAdvance: April 1, 2019

Mon Apr 1 U.K. Parliament tries again to adopt a Brexit withdrawal deal. | Tue Apr 2 Senate hearing on ESG & assets managers. G20 AML/CFT roundtable in DC. | Wed Apr 3 House panel meets on holding executives accountable. | Thu Apr 4 Cyber forum in Pentagon City. | Fri Apr 5 U.S. banks submit capital plans to the Fed ahead of stress tests.