Global Fintech provider Broadridge Financial Solutions, Inc. (NYSE:BR), announced that LTX, its new AI-driven corporate bonds trading platform, has executed its first trades. In the creation of LTX, Broadridge partnered with Jim Toffey, founder of Tradeweb Markets. The platform combines artificial intelligence (AI) with a new digital execution protocol that allows broker-dealers to improve market liquidity, efficiency and execution for their buy-side customers.
The OPEC + has agreed on unprecedented cuts in oil production and according to the energy minister of the United Arab Emirates, Suhail Mohammed Faraj Al Mazroui, this may restore the prices. The coronavirus crisis cut demand dramatically in March and April sinking crude oil prices. Brent international crude prices never went negative but West Texas Intermediate (WTI) crude benchmark plummeted to minus $40.
FX technology provider Integral announced that financial services provider INTL FCStone Ltd started trading NDFs on Integral’s BankFX Platform. INTL FCStone provides financial-services execution, risk management, market intelligence, post-trade services, as well as trading and clearing in a wide range of OTC FX instruments. The company developed the Non-Deliverable Forward (NDF) offering to meet growing client demand and will be supported by Integral’s new streaming NDF workflow, along with its established Request for Stream functionality.
CLS, the market infrastructure provider of risk mitigation services to the global FX market, released its operating metrics for May 2020. The average daily traded volume submitted to CLS was USD 1.48 trillion, down 4.3% from USD 1.55 trillion in April 2020.
The Reserve Bank of Australia released its monthly metrics for April, showing the extend of Covid-19’s impact on the economy and the possible long-term effects it can have. RBA’s payments numbers include total April payments falling by 25% or $15.4 billion, credit/charge card spend declining 33%. Debit card payments were down 10.1% – but an effective swing of 19.8%, ATMs fell 41%, pre-paid cards by 51.6% and NPP/Osko had its first drop since launched in Feb 2018.
Euronext, the pan-European exchange in the Eurozone, announced the launch of a new suite of ESG products, services and initiatives, designed to empower sustainable growth. The launch is a important step in Euronext’s three-year strategic plan, “Let’s Grow Together 2022”. Euronext teamed up with Vigeo Eiris Moody’s in the design of the Euronext Eurozone ESG Large 80 index, which tracks the Eurozone’s 80 best-performing Large Cap companies with strong performance on social and governance criteria and leading the transition to a low carbon economy. This new ESG index responds to investors’ need for a public climate action benchmark in the Eurozone.
American Express announced its joint-venture in China, Express (Hangzhou) Technology Services Company Ltd, has received approval from the People’s Bank of China for a network clearing license. The American multinational financial services corporation becomes the first foreign payments network to be licensed to clear RMB transactions in China. Amex is expected to start processing transactions later this year.
In a second day of testimony before lawmakers in Washington, Federal Reserve chairman Jerome Powell warned that the recent gains made by the economy could be put at risk if stimulus such as support for shut-down businesses and workers who have lost jobs is rolled back too rapidly by Congress. He noted that 25 million workers remain without employment and that “it would be a concern if Congress were to pull back from the support it’s providing too quickly”. Lawmakers will face the challenge over the summer of how to address temporary relief measures that were set to expire. Powell said that the trillions of dollars has helped to fuel a jump in consumer spending recently, and that continued support would be required for the economy to get through “this critical phase.”
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