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☆ In the Market: Regulators look to pry open the dark corners of Treasury markets
▼ + stars: | 2023-11-29 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Duffie said more could be done, but added that the "official sector Treasury market datasets are far more comprehensive now than they were a few years ago." They would have much better estimates of the basis trade, for example, but they still wouldn't know exactly how big it is. The trade involves hedge funds exploiting the difference between a Treasury security and its derivative in the futures market. The CFTC data includes other trades that hedge funds enter into that involve shorting treasury futures, the two industry sources said. At a major Treasury market conference earlier this month, officials underscored the importance of good data.

Persons: Darrell Duffie, Duffie, John Williams, Sherlock Holmes, Paritosh Bansal, Anna Driver Organizations: U.S . Federal Reserve, Financial Research, Stanford University, Treasury, Futures Trading Commission, Securities, Exchange Commission, Regulators, ” New York Fed, Thomson Locations: ”

ICBC Financial Services could not be reached for comment. It said it had cleared Treasury trades executed on Wednesday and repo financing trades done on Thursday. While market participants and officials have said the impact of the ICBC hack on Treasury market functioning was limited, the full extent of it is not yet understood. The hack is likely to become a key topic of conversation at a major Treasury market conference on Nov. 16. ICBC told market participants Friday that they were also hoping to have a secondary email system set up soon.

Persons: Kim Kyung, BNY Mellon, ICBC, Moxfive, Darrell Duffie, Duffie, BNY, SIFMA, Paritosh, Edward Tobin Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of China's, Treasury, ICBC Financial Services, Reuters, ICBC, Securities, Exchange, Stanford, ICBC Financial, Treasuries, Thomson Locations: Beijing, China, Commercial Bank of China's U.S, New York, Wall

☆ In the Market: Inside Wall Street's scramble after ICBC hack
▼ + stars: | 2023-11-13 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +7 min

It said it had cleared Treasury trades executed on Wednesday and repo financing trades done on Thursday. While market participants and officials have said the impact of the ICBC hack on Treasury market functioning was limited, the full extent of it is not yet understood. Nevertheless, market participants said the attack is likely to add a new aspect to the regulatory review, as it brings cyber threats into sharper focus. The hack is likely to become a key topic of conversation at a major Treasury market conference on Nov. 16. ICBC told market participants Friday that they were also hoping to have a secondary email system set up soon.

ICBC's U.S. unit told market participants on Friday it was hoping to finish the cyber review over the weekend, but the sources said they expected it would spill into next week. The cyberattack sent ripples through the U.S. Treasuries market, where ICBC acts as a broker for hedge funds and other market participants, helping them trade in the securities. The Chinese parent then injected capital into the U.S. unit, allowing it to settle the trades and pay back BNY Mellon, the sources said. They also told market participants about the capital injection but did not disclose the amount or the reason for it, the sources said. SIFMA, the trade group, organized calls for market participants with updates, the sources said.

Persons: Tingshu Wang, BNY Mellon, ransomware, ICBC, SIFMA, Janet Yellen, Lifeng, Scott Skyrm, Jack McIntyre, Harry Robertson, James Pearson, Naomi Rovinick, Yoruk, Davide Barbuscia, Chris Prentice, Mike Derby, Carolina Mandl, Laura Matthews, Paritosh, Zeba, Megan Davies, Dhara Ranasinghe, Alexander Smith, Richard Chang, Anna Driver Organizations: Asset Management, Fair for Trade, Services, REUTERS, Commercial Bank of China, U.S ., ICBC Financial Services, Securities Industry, Financial Markets Association, ICBC, Treasury, China, U.S, New York Federal Reserve, Securities, Depository Trust, Clearing Corp, Thomson Locations: Beijing, China, ICBC's U.S, U.S, San Francisco, Treasuries, Hong Kong, Shanghai, London, Amsterdam, Carolina, New York

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. The U.S. banking sector was in turmoil in the spring as Silicon Valley Bank abruptly collapsed after grappling with large amounts of unrealized losses spurred by rapidly rising interest rates. She said reinflation was a risk, especially if banks do not correctly anticipate interest rate moves and adjust their portfolios appropriately. That led to unrealized losses across the sector coming under closer scrutiny. Global banking and securities regulators are also still grappling with the fallout from the collapse of Credit Suisse Group (CSGC.UL).

Persons: Sarah Silbiger, Ana Arsov, Arsov, reinflation, ” Arsov, Tim Wennes, Paul Servais, Paritosh Bansal Tatiana Bautzer, Megan Davies, Lisa Shumaker, David Gregorio Our Organizations: El Progreso Market, Washington , D.C, REUTERS, Reuters, Banco Santander, Global, Credit Suisse Group, UBS, Jean, International Organization of Securities Commissions, Financial, Swiss, Thomson Locations: Mount Pleasant, Washington ,, U.S, SVB

☆ In the Market: Treasury market braces for seismic SEC rule
▼ + stars: | 2023-10-30 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

SIFMA, which has lobbied the SEC, expects the final rule next month, ahead of a Treasury market conference on Nov. 16. The SEC rule would be the most significant regulation so far to come out of that review. There is broad consensus on the need for Treasury market reform, including the benefits of central clearing -- even among the industry sources interviewed for this article. "It is going to improve financing and reduce the risks for turmoil in the U.S. Treasury market," said Yiming Ma, an associate professor at Columbia Business School. The SEC rule would force the banks to move that to central clearing.

Persons: Andrew Kelly, JPMorgan Chase, ”, Rob Toomey, SIFMA's, Gary Gensler, Banks, Ma, SIFMA, Toomey, Paritosh Bansal, Anna Driver Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Treasury, SEC, JPMorgan, Bank of New York Mellon, Federal Reserve, U.S . Treasury, Columbia Business School, Depository Trust, Clearing Corp, Thomson Locations: Washington ,, U.S

☆ In the Market: Inside a startup’s struggle in a higher-for-longer world
▼ + stars: | 2023-10-16 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Marvel, a unit of Walt Disney (DIS.N), initially planned to use Tractiv's software in a post-production process, documents show. They provide rare, sometimes blow-by-blow insight into the hardship facing startups, key drivers of American innovation. In February 2021, Tractiv got a major break when it gave a demonstration of the software to venture capital firms. The next few months Tractiv had a series of conversations with major financial services companies, including banks such as JPMorgan Chase (JPM.N). Several showed interest in Tractiv's software but did not buy it.

Persons: Beresford Hodge, Walt Disney, Drew Orsinger, Tractiv's, they're, Mark Almeida, Tractiv, Orsinger, Hans Morris, Morris, JPMorgan Chase, Jan, Nyca, Nyca's Morris, Paritosh Bansal, Anna Driver Organizations: Walt Disney Studios, REUTERS, Tractiv, Marvel Studios, Marvel, Walt, Disney, Hollywood, Venture, Reuters, SpaceX, CME Group, Honeywell, Nyca Partners, JPMorgan, Thomson Locations: London, Britain, Tractiv, headwinds

☆ In the Market-Inside a startup’s struggle in a higher-for-longer world
▼ + stars: | 2023-10-16 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

"It's not going to be a matter of struggling to get the inflation rate higher. While higher interest rates are good news for savers, businesses and consumers have become used to paying nothing for money over the past 15 years. Reuters GraphicsREADING YIELDSA market-based Fed model that breaks down the 10-year Treasury yield into its components provides further insight into investors' thinking. This rise in term premium, which spent much of the last decade below zero, reflects high levels of uncertainty about economic outlook and monetary policy, investors said. While the market appears to be confident in its belief in the end of the era of zero interest rates, it is far less so about the economy's actual likely path.

Persons: Sarah Silbiger, Greg Whiteley, It's, Neel Kashkari, Kashkari, Adrian, Crump, Emanuel Moench, John Velis, Leslie Falconio, BNY's Velis, Velis, Paritosh Bansal, Anna Driver 私 Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Treasury, Federal Reserve, York Fed, Minneapolis, Moench, Frankfurt School of Finance, Management, Americas, BNY Mellon, UBS Global Wealth Management, San, San Francisco Fed Locations: Washington ,, U.S, DoubleLine, San Francisco

Sept 18 (Reuters) - Cadence Bank (CADE.N) CEO Dan Rollins calls the regional banking crisis from earlier this year "March madness." Interviews with half a dozen regional bank executives and economists show the March banking crisis has had a lasting impact on the regional banking industry and the economy. Torsten Slok, chief economist at Apollo Global Management, said the banking crisis had "a magnifying effect" on the Fed's tightening but its full impact would come with a lag. The failure triggered a crisis of confidence, with depositors moving their money from regional banks to the perceived safety of the largest lenders. The KBW Regional Bank Index (.KRX) is down about 20% since early March despite a summer rebound.

Persons: Dan Rollins, Rollins, Mark Zandi, ”, Zandi, Torsten Slok, Slok, Cadence's Rollins, Steve Wyett, Wyett, Banks, Cadence’s Rollins, Randy Chesler, Chesler, Moody's Zandi, Jeff Jackson, Raj Singh, Singh, Paritosh Bansal, Anna Driver Organizations: Cadence Bank, Moody’s, Apollo Global Management, Bank, Reuters Graphics, Valley, Regional, BOK, Federal, Loan, Thomson Locations: . Federal, Silicon, Tulsa , Oklahoma, Kalispell , Montana, Wheeling , West Virginia

☆ In the Market: Funds fret over the fallout of Biden's China order
▼ + stars: | 2023-08-14 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

The executive order along with anti-China moves by lawmakers and agencies means the overall policy is unclear and riddled with landmines. "It will be very important to monitor how this executive order is being received in Congress." The executive order affects venture funds and private equity firms that invest in Chinese companies in semiconductors and microelectronics, quantum information technologies and artificial intelligence. MORE RESTRICTIONSSome of the investors said the administration's approach in framing the executive order had been more consultative. U.S. Representative Maxine Waters, Biden's fellow Democrat, said on Friday the executive order and rulemaking on outbound investment must be "broadened and strengthened."

Persons: Florence Lo, Biden, Anthony Rapa, Blank, Blackrock, MSCI, Maxine Waters, Paritosh Bansal, Andrea Shalal, Laura Matthews, Anna Driver Organizations: REUTERS, Fund, Investors, Blackrock, U.S, Chinese Communist Party, The, Vanguard, Morningstar, Blackrock's, Reuters Graphics Reuters, Thomson Locations: China, U.S, Beijing, Washington, MSCI, New York

As of end-March, the three banks had total credit exposure of about $64 billion to China, or roughly 1% of their total assets, according to their financial statements. The FSA's request to look into China-related geopolitical risk was made in May, said two other sources. At a meeting last month, one of the banks was asked by the FSA how it is assessing risk related to China operations, one of them said. China claims democratically governed Taiwan as its territory and has never renounced the use of force to bring it under its control. Dealing with China sanctions would be extremely complex, the executive added.

Persons: Banks, SMFG, Antony Blinken, Wang Yi, Takaya Yamaguchi, Makiko Yamazaki, Sumeet Chatterjee, Jamie Freed Organizations: Financial Services, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Mizuho, American Chamber of Commerce, Reuters, Thomson Locations: China, TOKYO, Ukraine, Russia, United States, China . U.S, Beijing, West, Taiwan, U.S, Tokyo, New York

☆ In the Market: For firms, China policy semantics are not the point
▼ + stars: | 2023-06-12 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

June 12 (Reuters) - 'De-risk, not decouple' are the new buzzwords for Western policy toward China, drawing skepticism from Beijing about whether there is any difference between the two. Whether that involves a complete separation or something short of that depends on the business and its direct and indirect exposure to China, the executives said. So while Sequoia took the route of separation, many other major business executives have traveled to China in recent weeks to meet staff, clients and officials. SMALL YARD, TALL FENCEWashington is putting export controls on sensitive technologies and encouraging Western companies to reassess supply chains. The financial firm's CEO said there had not been enough focus on the costs of the new policy.

Persons: ”, Henrietta Fore, “, Sequoia, Jamie Dimon, Jane Fraser, Tesla's, Elon Musk, he's, they'd, Paritosh Bansal, Anna Driver Organizations: UNICEF, Sequoia, JPMorgan's, chipmaker Micron Technology, Companies, Thomson Locations: China, Beijing, Russia, Taiwan, U.S, Washington

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