The recent financial crisis, which started in the US in 2007 and reverberated around the world, demonstrated that cooperation on regulation and oversight of the global financial system has never been more important. Regulatory divergence is not only economically costly, but encourages regulatory arbitrage and undermines the ability for financial authorities to export regulatory approaches to the rest of the world. It can also introduce duplicative or inefficient practices for both providers and users of capital, thereby undermining global economic growth.
Clearly, regulation and its impact are at the top of the list of issues for members of the financial industry. This is why, together with the Atlantic Council and TheCityUK, we have released a 2nd version of our report, The Danger of Divergence: Transatlantic Financial Reform & the G20 Agenda. First published in 2010, the new 2013 report calls for more effective and closer cooperation between the transatlantic economies and the need for regulators to send consistent messages to market participants. This includes regulators in Asia and emerging financial centres, to build a coherent regulatory framework for the international financial system – not just the west. (more…)
Throughout 2013 headlines have focused on the challenging conditions that have persisted across European markets and economies. Against this backdrop it is even more impressive to have had the opportunity last evening to celebrate the accomplishments of seven women colleagues as finalists at the European Women in Sales Awards, and to honour Zhanna Martyniuk, Direct Account Manager for us in Switzerland as the winner in Financial Sales.
Since joining Thomson Reuters in 2009, Zhanna has served in Austria and Switzerland. Now based in Geneva, she predominantly focuses on 139 clients in the Commodities and Energy Sector for Central Europe. In addition to demonstrating consistent outperformance against targets, she embodies ambition, professionalism, teamwork and is considered a role model in her team.
The Women in Sales Awards is designed to find the most exemplary women in sales across Europe and recognizes general sales ability, track record in achieving and exceeding targets and understanding of the implications of change on the wider business. Spanning many organisations (including global companies like Google, LinkedIn, Oracle, PepsiCo and GE) and eight industries, the fact that one-third of the finalists were Thomson Reuters sales professionals is a stunning endorsement of the breadth and depth of talent in our organisation. Our other colleagues recognized as finalists were: (more…)
By Jennifer Ablan, Editor-in-Charge, U.S. Investment Strategy
Some of the world’s closely watched money managers including activist billionaire investor Carl Icahn, Loomis Sayles’ vice chairman Dan Fuss, famous short seller Jim Chanos (above), Andrew Wilson, chief executive for Europe, Middle East and Africa at Goldman Sachs Asset Management and Avenue Capital’s Marc Lasry and his sister, Avenue co-founder Sonia Gardner, were among the three dozen investors headlining the Reuters Global Investment Outlook 2014 Summit. For a summary recap report of the Summit, click click here.
The Summit, which came a week ahead of other news organizations’ Year Ahead summits and 2014 Outlook stories, produced more than 50 stories, analyses, sidebars and Reuters TV interviews during the week of November 18. For the first time in Investment Summit history, we blogged at the end of each day on everything from BitCoin to eminent domain to Carl Icahn’s hour-long discussion with our group and several of our guests participated in our one-year-old Global Markets Forum.
It’s been three years since China became the world’s second largest economy, behind the United States. Despite having this economic powerhouse status, China’s currency is not yet in the equivalent ranks of the ‘majors’ or most actively traded currencies. But, perhaps we are getting closer. Some recent changes certainly point to this.
Just two months ago, the UK chancellor George Osborne and China Vice Premier Kai Ma signed a landmark agreement which will potentially create Europe’s first RMB offshore market in London, worth RMB 80 billion (or about US $13 billion). This is on top of the RMB 144.6 billion (US$ 23.7 billion) that China has already designated for foreign investment. I should note that other centres, including Paris and Frankfurt, are also vying to create such hubs in Europe as well. These would effectively create the first offshore RMB market(s) outside of Asia, following the creation of RMB offshore centres in Singapore and Hong Kong. The Financial Times recently cited estimates from HSBC that HK accounts for $12-13 billion each day, doubling the amount traded last year. (more…)
Introducing My Account – our new portal for market data, billing and administration contacts. Watch this video to see how My Account enables our Financial and Risk customers to easily access information, support and billing.
The financial industry has been buzzing with news that some financial institutions may ban the use of chat rooms and instant messaging, returning, instead, to voice communications. This follows observations that some of the biggest scandals that emerged from the financial industry in recent years were uncovered through reviews of online chat room histories.
But blaming the tool for the behaviour of those using it will not solve the issue. Chat rooms and instant messaging have become ingrained in how business is conducted across the financial landscape. The activity and behaviour, if not addressed from a cultural perspective, will go back to phone or in person conversations. It would certainly be much better to manage these interactions electronically, where there are audit trails and more controls can be put in place.
So far, the risks have been high for banks. Reports, such as this one from Reuters earlier this month, speculate that financial firms could well end up paying $125 billion globally to clear up misdeeds from the financial crisis. For an overburdened compliance team, the easy solution might be to simply shut things down, but there are ways for institutions to reduce the headaches whilst still meeting the communications needs of a 21st century workforce. (more…)