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☆ Dollar on a roll after U.S. jobs data and Middle East flare-up
▼ + stars: | 2024-10-07 | by ( ) www.cnbc.com time to read: +3 min

Bank notes of the Chinese yuan, Japanese yen and the U.S. dollar. Japan's yen fell to its lowest in nearly two months and other major currencies too were grappling with losses early on Monday as the dollar extended a rally sparked by Friday's strong U.S. jobs data and an escalation in the Middle East conflict. But that came on top of a more than 4% decline last week, its biggest weekly percentage decline since early 2009. Yields dipped early last week when investors bought safe-haven Treasuries after Iran launched more than 180 missiles against Israel in escalating geopolitical tensions. Market expectations have swung to the extreme for the Federal Reserve to do just a 25 bps cut in November, rather than 50 bps, following the jobs data.

Persons: Friday's, Chris Weston, haven't, Brent, underperformance, Shigeru Ishiba, Sterling, Huw Pill, Andrew Bailey, BoE Organizations: U.S ., Federal, U.S, Treasuries, Federal Reserve, Bank of England Locations: China, East, Israel, Lebanon, Gaza, Iran, Japan

☆ Case for the Bank of England to go further and faster with rate cuts: Oliver Wyman
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCase for the Bank of England to go further and faster with rate cuts: Oliver WymanHuw van Steenis, vice chair of Oliver Wyman and former advisor to Mark Carney, discusses the Bank of England's decision to hold interest rates at its September meeting and the impact of public sector pay rises.

Persons: Oliver Wyman Huw van Steenis, Oliver Wyman, Mark Carney Organizations: Bank of England, Bank of

☆ Huw Edwards: Former BBC presenter gets suspended prison sentence for having indecent images of children
▼ + stars: | 2024-09-16 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +3 min

London CNN —Former BBC news presenter Huw Edwards has been sentenced to six months’ imprisonment suspended for two years by a London court for having indecent images of children, according to PA Media. Edwards, who was the BBC’s highest-paid journalist, pleaded guilty in July to having 41 indecent images of children. The adult man who sent Edwards the images is a convicted pedophile, the court heard on Monday. Edwards sent him hundreds of pounds “apparently off the back of (him) sending pornographic images,” prosecutor Ian Hope said. No more illegal images were sent after that message, the court heard, but the pair were said to continue exchanging legal pornographic images until April 2022.

Persons: Huw Edwards, Edwards, Paul Goldspring, Ian Hope, Philip Evans KC, “, Evans, Edwards “, ” Evans, BBC Edwards, Queen Elizabeth II, Lisa Nandy, CNN’s Jessie Gretener Organizations: London CNN —, BBC, PA Media, Crown, Service of, BBC’s, BBC News Locations: London, tatters, Service of England, Wales

☆ BBC asks ex-presenter Huw Edwards to pay back $250,000 after he pleads guilty to having images of child sexual abuse
▼ + stars: | 2024-08-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

Edwards pleaded guilty to an appalling crime,” the publicly funded broadcaster said in a statement Friday. “Had he been upfront when asked by the BBC about his arrest, we would never have continued to pay him public money. On Wednesday last week, Edwards pleaded guilty to having 41 “indecent images of children,” all under the age of 18, on the messaging app WhatsApp, according to PA Media. London’s Westminster Magistrates’ Court, where Edwards pleaded guilty, heard that the presenter had been in contact with an adult man on WhatsApp who sent him 377 sexual images, 41 of which were indecent images of children. The court also heard that Edwards had told a man on WhatsApp not to send him images of minors.

Persons: Huw Edwards, ”, “ Mr, Edwards, “, ” Edwards, Queen Elizabeth II, —, WhatsApp, Philip Evans, Mr, Evans Organizations: London CNN, BBC, CNN, PA Media, ’, Prosecution Service Locations: London’s Westminster, ’ Court, UK’s

☆ Former Top BBC Anchor Pleads Guilty to Making Indecent Images of Children
▼ + stars: | 2024-07-31 | by ( Amelia Nierenberg | More About Amelia Nierenberg | ) www.nytimes.com time to read: 1 min

Huw Edwards, who left the BBC in April after many years leading the British national broadcaster’s coverage of major events, pleaded guilty on Wednesday to three counts of making indecent images of children. Mr. Edwards, 62, is charged with sharing illegal images on WhatsApp. The guilty plea caps a stunning fall for the television anchor, who presented the BBC’s flagship 10 p.m. newscast and was a familiar face in many British households. In 2022, he announced to the nation that Queen Elizabeth II had died, and he presided over coverage of her funeral and the subsequent coronation of King Charles III. This is a developing story.

Persons: Huw Edwards, Edwards, Elizabeth II, King Charles III Organizations: BBC, British

☆ Huw Edwards: Ex-BBC presenter pleads guilty to having indecent images of children
▼ + stars: | 2024-07-31 | by ( Jessie Gretener | ) edition.cnn.com time to read: +3 min

London CNN —Former BBC presenter Huw Edwards has pleaded guilty to having 41 indecent images of children on the messaging app WhatsApp, according to PA Media. The court heard that Edwards engaged in online chat with an adult man on WhatsApp who sent him 377 sexual images, 41 of which were indecent images of children. All charges were in relation to images of children under the age of 18. The court heard that seven of the illegal images were classified as category A, the most severe classification of indecent images of children under English law. Edwards leaves court on Wednesday after pleading guilty to having 41 indecent images of children on WhatsApp.

Persons: Huw Edwards, Edwards, WhatsApp, “, Dan Kitwood, Philip Evans, Mr Edwards, Mr, ” Evans, ” Edwards Organizations: London CNN — Former, PA Media, ’, London’s Metropolitan Police, Metropolitan Police, BBC

☆ Huw Edwards charged with making indecent images of children
▼ + stars: | 2024-07-29 | by ( Niamh Kennedy | Pauline Lockwood | ) edition.cnn.com time to read: +1 min

London CNN —Former BBC News presenter Huw Edwards has been charged with three counts of making indecent images of children, London’s Metropolitan Police said Monday. The charges related to images allegedly shared on WhatsApp, a police spokesperson said. Police charged Edwards, a former anchor of the BBC’s News at Ten bulletin, last month, the statement said. “The offences, which are alleged to have taken place between December 2020 and April 2022, relate to images shared on a WhatsApp chat,” the statement said. The BBC’s annual report, published last week, revealed that Edwards was paid between £475,000 ($610,000) and £479,999 ($616,000) in the period from April 2023 to March 2024.

Persons: Huw Edwards, Edwards, “ Edwards, ” Edwards Organizations: London CNN — Former BBC, London’s Metropolitan Police, Police, Crown Prosecution Service, ’, BBC Locations: Westminster, London

☆ Dollar adrift ahead of U.S. inflation test; sterling firms
▼ + stars: | 2024-07-11 | by ( ) www.cnbc.com time to read: +3 min

The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England. BoE Chief Economist Huw Pill on Wednesday said price pressures in Britain's economy were persistent and that the timing of a first rate cut was an "open question". His colleague Catherine Mann signalled she is unlikely to vote for an interest rate cut in August. Against the greenback, the euro gained 0.04% to $1.0834, and the Aussie dollar rose 0.01% to $0.6754.

Persons: BoE, Huw Pill, Catherine Mann, Carol Kong, Jerome Powell Organizations: Bank of England, Monetary, ANZ, MPC, Commonwealth Bank of Australia, Federal Reserve, U.S, New Zealand, Reserve Bank of New, Bank of Japan Locations: U.S, Asia, Japan

☆ Huw Edwards, a Top BBC Anchor, Resigns After 40 Years
▼ + stars: | 2024-04-22 | by ( Victor Mather | More About Victor Mather | ) www.nytimes.com time to read: 1 min

Huw Edwards, one of the BBC’s highest-profile anchors and who was suspended last year over allegations of paying for explicit images, resigned from the broadcaster on Monday. Mr. Edwards, 62, had led the BBC’s coverage of major national events, including the death and funeral of Queen Elizabeth II. He started as a trainee in 1984, and by the end of his career he was the regular anchor of “BBC News at Ten.”He was suspended by the BBC in July after The Sun tabloid newspaper reported that an unnamed anchor from the broadcaster had paid a teenager $45,000 for sexually explicit images, starting when the person was 17. Mr. Edwards’s wife later publicly identified her husband as the anchor in the report. The age of consent in Britain is 16, but sharing or possessing indecent images of someone under 18 is a crime.

Persons: Huw Edwards, Edwards, Queen Elizabeth II, Edwards’s Organizations: BBC, Sun Locations: Britain

☆ Bank of England rate cuts likely later but larger, Goldman Sachs says
▼ + stars: | 2024-02-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Mike Kemp | In Pictures | Getty ImagesThe Bank of England is likely to hold interest rates higher for longer before slashing them more sharply than expected in the second half of the year, new forecasts from Goldman Sachs show. But it said the central bank was then likely to cut rates more quickly than previously anticipated as inflation shows signs of cooling. Goldman now sees five consecutive 25 basis point interest rate cuts this year, lowering rates from their current 5.25% to 4%. Bank of England Governor Andrew Bailey said Tuesday that bets by investors on interest rate cuts this year were "not unreasonable," but resisted giving a timeline. Goldman said there was a 25% chance the BOE would delay rate cuts beyond June if wage growth and services inflation remained sticky.

Persons: Mike Kemp, Goldman Sachs, Goldman, BoE, Andrew Bailey, Bailey, Huw Pill, BOE Organizations: Bank of England, of England, Treasury, Bank Locations: City of London, London, United Kingdom

☆ I hand out millions in lottery money — and am banned from playing. Here's why I'm not jealous of the winners.
▼ + stars: | 2024-01-14 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +5 min

AdvertisementThis as-told-to essay is based on a conversation with Andy Carter, who advises major lottery winners for Camelot, the operator of the UK's National Lottery. AdvertisementIt wouldn't be a good look if someone working for the lottery won the lottery. For example, I've dealt with over 2,000 lottery winners, and I've never dealt with anyone I know personally. Mark and Helen Francis celebrate their $1.26 million lottery win in 2022. It's a myth that lottery wins always make people miserable, thoughThe biggest misconception people have about lottery winners is that everyone goes out and blows their money.

Persons: Andy Carter's, he's, —, Andy Carter, I've, haven't, haha —, Dylan Nolte, Anthony Highet, that's, Helen Francis, Huw John, Camelot, who've, they've, you've, Stuart C, Wilson, You've Organizations: Service, Camelot, National Lottery, British, Lamborghini Locations: Liverpool

☆ Binance might be peak for U.S. crypto enforcement cases, says CFTC official
▼ + stars: | 2023-12-05 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Representations of cryptocurrencies are seen in front of displayed Binance logo in this illustration taken November 10, 2022. U.S. regulators have brought several cases against crypto firms such as Binance, helping to establish "guardrails" to bring "order and structure" to the market, CFTC Commissioner Kristin Johnson told an FT crypto and digital assets summit. She urged crypto firms to study the Binance settlement to see what sort of governance regulators look for at crypto firms. The CFTC will also be "deeply thoughtful" on requiring better disclosures at crypto firms that are vertically integrated, combining different activities under one roof. In the meantime, crypto firms are setting up shop in Britain to build an ecosystem that can service the rest of the world and benefit from "nuanced" regulators, Quintenz said.

Persons: Dado Ruvic, Kristin Johnson, Johnson, Brian Quintenz, Quintenz, Xiao, Xiao Zhu, Huw Jones, Mark Potter Organizations: REUTERS, Futures Trading Commission, Treasury Department, Justice Department, European Union, CFTC, KKR, Thomson Locations: U.S, Binance's, Britain

☆ Global regulators propose tougher scrutiny of voluntary carbon markets
▼ + stars: | 2023-12-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Dec 3 (Reuters) - A global securities watchdog proposed 21 safety measures on Sunday to improve integrity, transparency and enforcement in voluntary carbon markets (VCMs) in a sector of growing importance to efforts to combat climate change. VCMs cover pollution-reducing projects, such as reforestation, renewable energy, biogas and solar power, that generate carbon credits companies buy to offset their emissions and meet net-zero targets. National regulators could require companies to disclose their use of carbon credits, and platforms that trade credits to have better anti-fraud and market manipulation safeguards, IOSCO said. VCMs are separate from government-regulated carbon markets, such as the emissions trading scheme in the European Union, the world's largest. Good practice could include "comprehensive disclosures on the project development process, verification and auditing methodologies, and the entities responsible for measurement, reporting, and verification," IOSCO said.

Persons: Rodrigo Buenaventura, IOSCO, Morgan Stanley, Huw Jones, Barbara Lewis Organizations: Sunday, European Union, Reuters, Thomson Locations: Asia, Europe, Latin America, United States, Dubai

☆ Britain yet to make the case for a digital pound, lawmakers say
▼ + stars: | 2023-12-02 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

People and businesses could use a digital pound to make payments, with the BoE suggesting a limit of up to 20,000 pounds for digital wallets provided by banks, far higher than the 3,000 euros discussed by the European Central Bank for a digital euro. The committee's "The digital pound: still a solution in search of a problem?" The prospect of a digital pound, now in the design phase, has raised concerns that it would allow the authorities to spy on what people spend on, and that it could spell the end of cash. "We recommend that any primary legislation used to introduce a digital pound does not allow the Government or Bank of England to use the data from a digital pound for any purposes beyond those already permitted for law enforcement," the report said. The BoE has said interest should not be payable on digital pound deposits, but the committee said this position should be reviewed.

Persons: Susannah Ireland, BoE, Harriett Baldwin, Huw Jones, Alison Williams Organizations: of, Bank of England, REUTERS, Treasury, European Central Bank, Government, Thomson Locations: of England, London, Britain

☆ Irish central bank: EU to adopt broader approach to boost capital market
▼ + stars: | 2023-11-30 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The bloc has introduced several "top down" reforms in a bid to boost its capital market, but progress has been modest and it continues to lag Wall Street in terms of breadth and depth, and company listings. Rowland said the push towards a deeper capital market would also focus on "bottom up" measures, such as steps taken at the national level, or initiatives by market participants. Speeding up EU capital market reforms has become more pressing since Brexit as Britain also eases capital market rules to become more globally competitive. They need to mobilise private capital," he said, adding that some bottom-up measures were already emerging, such as Italy's capital markets law, and a green industry law in France. Regulators in Britain and globally, however, have some concerns about whether assets in private markets have valuations that properly reflect the impact of higher interest rates and inflation.

Persons: Derville Rowland, Rowland, Huw Jones, Sharon Singleton, Bernadette Baum, Emelia Organizations: Central Bank of Ireland, European Commission, EU's, Markets Union, CMU, Publicly, EU, Regulators, Thomson Locations: Britain, France

For much of this year central banks have successfully pushed back against rate cut bets. "I believe the Fed will act rationally and begin to cut rates by the end of next year, but we can't rule out the scenario that the Fed is not going to cut rates and just let the ramifications of recession do what they do." Reuters GraphicsSHIFT NEARINGMarkets now fully price in a 25 basis point U.S. rate cut in May, having seen a 65% chance earlier this week. "There are now committee members in all three (banks) willing to talk about rate cuts next year," said Chris Jeffery, head of rates and inflation strategy at LGIM. "The ECB should begin to ease policy as soon as April 2024, with risks that a more sinister downturn in growth could warrant a rate cut as soon as March," he said.

Persons: Jonathan Ernst, ramping, It's, Nate Thooft, Goldman, Christopher Waller, Huw Pill, Yannis Stournaras, Chris Jeffery, we'd, Dario Perkins, Simon Harvey, Yoruk, Naomi Rovnick, Harry Roberston, Davide Barbuscia, Ira Iosebasvili, Saqib Iqbal Ahmed, Dhara Ranasinghe, Catherine Evans Organizations: . Federal, REUTERS, ECB, U.S . Federal Reserve, European Central Bank, Manulife Investment Management, Treasury, Graphics, Bank of England, Deutsche, Lombard, Traders, Yoruk Bahceli, Thomson Locations: Washington, United States, Europe, Goldman Sachs, Greek, Amsterdam, London

☆ Global watchdog proposes detailed climate disclosures from banks
▼ + stars: | 2023-11-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The Basel Committee of banking regulators from G20 and other economies proposed climate-related disclosures by banks to make it easier for investors to also compare climate exposures at lenders, and ensure banks hold enough capital to remain stable. The proposals provide more detailed banking sector climate-related disclosures to supplement broader corporate disclosures agreed at the global level by the International Sustainability Standards Board. Not all countries will apply ISSB disclosures, however, and it is unclear how Basel's disclosures would dovetail with corporate climate disclosures the European Union has finalised. Draft U.S. corporate climate disclosures from the Securities and Exchange Commission face heavy pushback from companies which want to ditch the inclusion of so-called Scope 3 greenhouse gas emissions produced by a company's customers. "For banks, financed emissions are often the most significant part of their total GHG emissions."

Persons: Amanda Perobelli, Huw Jones, Tomasz Janowski Organizations: Committee, International Sustainability, Union, Securities and Exchange Commission, Thomson Locations: Amazonia, Nova Xavantina, Mato Grosso, Brazil, Basel

☆ UK investment advisers face capital hike to cover compensation costs
▼ + stars: | 2023-11-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Nov 29 (Reuters) - Investment advisers in Britain should hold extra capital to cover compensation costs, regulators proposed on Wednesday, in a bid to put a lid on the rising bill for bad advice. It is important that the polluter pays," Sarah Pritchard, the FCA's executive director of markets and international, said in a statement. Advisers already have to set aside a minimum of 20,000 pounds in capital to operate. PIMFA, a trade body for financial advisers, said it welcomed a "polluter pays" model, but urged a proportionate approach to avoid barring new entrants.

Persons: Toby Melville, Sarah Pritchard, Yadarisa, Dhanya Ann Thoppil, Christina Fincher Organizations: FCA, Financial, Authority, REUTERS, Investment, steelworkers, Thomson Locations: London, Britain, Bengaluru

☆ Global regulators to assess if more crypto safeguards needed
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - More measures may be needed to stop blow-ups at complex crypto firms like FTX from destabilising the wider financial system, the global Financial Stability Board (FSB) said on Tuesday. The vulnerabilities are similar to those found in traditional finance, including leverage, liquidity mismatches, technology and operational vulnerabilities, the FSB said in a report. Evidence suggests that the threat to wider financial stability and the economy is limited at present, it added. The FSB and IOSCO, a global body of securities watchdogs, have already published this year high level recommendations for supervising crypto activities. Regulators, however, should assess whether these measures adequately stop risks from crypto being amplified across the financial system, the report said.

Persons: Dado Ruvic, FTX, Huw Jones, Kirsten Donovan Organizations: REUTERS, FSB, Thomson

☆ EU committee backs law to relocate euro clearing from London to bloc
▼ + stars: | 2023-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. EU securities regulator ESMA would also have to become the direct supervisor of clearers based in the EU. LSEG CEO David Schwimmer has said he is "optimistic" that clearing in London for EU customers would continue after that date. EU banks have warned that being cut off from global clearing pools in London would put them at a competitive disadvantage to international rivals.

Persons: Long, Danuta Huebner, David Schwimmer, Huw Jones, Mark Potter Organizations: European Union, EU, London Stock Exchange Group, Deutsche Boerse, European, Thomson Locations: London, Brussels, United Kingdom, EU, Frankfurt, Madrid

☆ Top players in private credit will outperform new entrants in the space, says Oliver Wyman's Steenis
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTop players in private credit will outperform new entrants in the space, says Oliver Wyman's SteenisHuw Van Steenis, vice-chair and partner at Oliver Wyman, joins 'Squawk on the Street' to discuss his worries about the growing private credit market, why there may not be a crisis of confidence in the private credit market, and more.

Persons: Oliver Wyman's, Huw Van Steenis, Oliver Wyman

☆ Britain's Hunt broadens push to unlock pension pots for growth
▼ + stars: | 2023-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

By 2030, the majority of workplace DC savers will have their pension pots managed in schemes of over 30 billion pounds, and by 2040, all local government pension funds will be invested in pools of 200 billion pounds or more," Hunt told parliament. Hunt said such changes could help unlock an extra 75 billion pounds ($93.46 billion) of financing for high growth companies by 2030, and improve returns for pensioners. The British Business Bank will set up a new growth fund for schemes to invest in growth companies, and there will be a consultation on giving the Pension Protection Fund a new role to help consolidate direct benefit schemes, he said. The government also wants to allow certain portions of shares - fractional shares - within ISAs. ($1 = 0.8025 pounds)Reporting by Huw Jones Editing by Frances Kerry and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hannah McKay, Hunt, PIMFA, William Wright, Huw Jones, Frances Kerry, Bernadette Baum Organizations: REUTERS, British, London Stock Exchange's, Aquis Exchange, DC, British Business Bank, Local, ISA, Labour Party, Labour, New, Thomson Locations: London, Britain, New York, ISAs

☆ UK payments report calls for alternatives to Mastercard and Visa
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 22 (Reuters) - Britain needs a "digital alternative" to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday. The conclusions of the Future of Payments Review echo longstanding complaints across Europe about heavy reliance on the American duo for card payments, though calls and attempts to create a 'home grown' alternative have made little progress. Britain's Payment Systems Regulator (PSR) is reviewing the fees card schemes charge, a longstanding battle ground pitching Visa and Mastercard against 'merchants' charged for accepting their cards from customers making payments. Visa welcomed the review's conclusion saying that the UK payments landscape was in a good position. "We are keen to work with Government to ensure the UK continues to be at the forefront of payments innovation", it said.

Persons: Thomas White, Huw Jones, Jose Joseph, Kirsten Donovan, Alexandra Hudson Organizations: REUTERS, Visa, Mastercard, Systems, Government, Alexandra Hudson Our, Thomson Locations: Britain, Europe

☆ Frankfurt builds up clearing volumes as EU seeks to pull business from London
▼ + stars: | 2023-11-21 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 21 (Reuters) - Deutsche Boerse's (DB1Gn.DE) derivatives arm said on Tuesday that it has been building up volume in its Euribor futures contract in Frankfurt as the European Union vies with London for the multi-billion-euro market post Brexit. The EU wants to significantly relocate the clearing of Euribor futures and euro-denominated interest rate swaps (IRS) out of London, which is now largely cut off from the bloc's financial market and rules since its 2020 exit from the EU. The market had previously been dominated by U.S. rival ICE (ICE.N), with its operations based in London. It is likely that in the initial phase there will be no mandatory minimum clearing volume set for an account, but this could change if not enough clearing shifts. London Stock Exchange Group's (LSEG.L) LCH dominates clearing of euro IRS, a market in which Eurex is also slowly building up clearing volume, and which is being targeted by the Madrid Exchange too.

Persons: Matthias Graulich, it's, Graulich, David Schwimmer, Huw Jones, Sharon Singleton Organizations: Deutsche, European, EU, U.S, ICE, Reuters, London, Exchange, Thomson Locations: Frankfurt, London, EU, Madrid, Brussels

☆ UK insurer Aviva posts 13% rise in nine-month premiums
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

A man walks past an AVIVA logo outside the company's head office in the city of London March 5, 2009. REUTERS/Stephen Hird (BRITAIN)/File Photo Acquire Licensing RightsLONDON, Nov 16 (Reuters) - British insurer Aviva (AV.L) on Thursday posted a 13% rise in its general insurance gross written premiums for the first nine months of the year, saying it would continue to return surplus capital to shareholders. Insurers have dealt with issues such as rising inflation and the higher cost of claims by increasing premiums. The life and general insurer, whose main markets are Britain, Canada and Ireland, reported premiums of 8 billion pounds ($9.91 billion), up from 7.2 billion a year earlier. "We see significant opportunities to generate further higher return, capital-light growth in the future as we prioritise these segments."

Persons: Stephen Hird, Amanda Blanc, Blanc, Eva Mathews, Carolyn Cohn, Huw Jones, Sherry Jacob, Phillips, Jason Neely Organizations: AVIVA, REUTERS, Aviva, RSA, Reuters, Thomson Locations: London, BRITAIN, British, Britain, Canada, Ireland, Bengaluru

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