Bits & Pieces –
IDX 2015 Wrap-up: London’s Construction Boom, Algo Expansion, New Standards And So On
Doug Ashburn, JLN
Part of the allure of sending a team to London for the International Derivatives Expo each June is the ability to meet up with and receive updates from our European friends – subscribers, sponsors and market participants in general – on their turf. I came away with a new appreciation for just how much is happening in London and beyond.
And I am not just talking about the number of high-rise cranes dotting the London landscape (I stopped counting at 30; the property boom is for real). Progress is being made on the ground as well.
The London Metal Exchange is making progress on its move to Finsbury Square. The building will allow the exchange offices to consolidate under one roof and include a brand new ring, demonstrating the commitment to preserve the face-to-face trading system as necessary, even as the exchange (and the rest of the world) continues to electronify. I would call this the last trading pit to ever be built, but I recall saying the same thing when I moved to the CME’s upper trading floor in 1993, and again a couple years later when the CBOT added its new trading room.
Speaking of building, I had a chat with Cinnober CEO Veronica Augustsson about the Financial IT Quality Assessment (FIQA) standard they are promoting. The idea has merit, and if you would like to see for yourself, have a look at the paper they published on the topic
Also on the subject of building, as well as on the subject of research papers, Fidessa‘s Yuriy Shterk recently published the latest installment of the firm’s series on algos in futures markets and the challenges specific to derivatives markets. The upshot? Algos are getting smarter, on both the sell-side and buy-side, and that is not necessarily bad news. What’s good for the goose is good for the gander (my words, not his). View it HERE
Historically, open interest has been used to define the robustness of a contract or asset class. LCH.Clearnet’s Dan McGuire argues that the trend toward lower outstanding notional in interest rate derivatives is a good thing, because it means capital efficiency. Here are the numbers; do the math yourself. There was roughly $426 trillion outstanding at the beginning of 2014. About $643 trillion cleared last year, and about $300 trillion matured. But by the end of the year, there was only $362 trillion left outstanding, and that number has since been reduced to $295 trillion at last count. The difference is the effect of netting and compression.
As I continue with the “building” theme, perhaps the biggest takeaway from the conference (aside from the curry dinner we ate Thursday night), is the excitement around the adoption of blockchain technology to aid in the clearing, payment and settlement of financial contracts. One firm making the rounds, Cryex, generated a fair bit of buzz in its push to become a derivatives clearing organization and trade matching engine that uses a cryptocurrency such as bitcoin as a common denominator in cash and derivative transactions. Look for more on Cryex in an upcoming JLN Special Report.
Finally, and this piece is more of a remodeling project than new construction, FIA distributed the first issue of its newly-rebranded print magazine. Futures Industry is now called MarketVoice, and features a bit of the old, such as volume reports, but also a fresh new look at emerging trends as well as emerging firms. The futures industry is a whole lot more than the futures industry these days, if you get what I mean. MarketVoice attempts to reflect that trend.
The fading features of trading pit tribes; By early July, traders will be required to place their orders electronically.
By Ryan Carlson, FT
It was a language of many dialects, yet in three weeks it will be all but dead, and the tribe that nurtured it almost completely expelled from the trading pits that were among its earliest territories.
***** Another language banished but for a forgotten people in Ceres.
What Investors Need to Know as Saudi Stocks Open Up to the World
by Zahra Hankir, Dana El Baltaji, Bloomberg
Saudi Arabia is opening one of the world’s most-restricted stock markets to foreigners for the first time on Monday.
****** You need to know the market ran up on Friday.
Saudi Stocks Jump Most Since April Before Foreigners Get Access
by Dana El Baltaji, Ahmed A Namatalla, Bloomberg
Saudi Arabian stocks advanced the most in two months a day before the Arab world’s biggest bourse allows foreigners direct access. Dubai’s benchmark index rose.
******* Buy the rumor.
Saudi Arabian Stocks Drop as Arab World’s Biggest Bourse Opens
by Samuel Potter, Daria Solovieva, Bloomberg
Saudi Arabian stocks retreated after OPEC’s biggest oil exporter opened its equity market to direct foreign investment for the first time.
***** Sell the fact.
Mark Rubin Wins 4th Decathlon Title as Wall Street’s Top Athlete
by Erik Matuszewski, Bloomberg
Mark Rubin left no doubt who’s the best athlete on Wall Street. The 29-year-old futures and options sales trader won his fourth straight Decathlon title on Sunday with a record-setting point total.
***** They should name a sandwich after this guy.
Bridging the Week by Gary DeWaal: June 8 to 12 and 15, 2015 (Fair and Effective Markets, ALJs Unconstitutional, Europe’s More Extensive Position Limits; Vive La France)
By Gary DeWaal Katten Muchin Rosenman LLP
A US federal court in Georgia enjoined an administrative enforcement hearing brought by the Securities and Exchange Commission on the grounds that the administrative law judge was appointed in an unconstitutional manner. On the other side of the Atlantic Ocean, the executive director of the European Securities and Markets Authority seemed to suggest that there was at least one important difference in the approach of the Commodity Futures Trading Commission and the European Commission in overseeing clearinghouses that could derail a necessary determination by the EC to avoid onerous capital charges by European banks clearing through US clearinghouses. As a result, the following matters are covered in this week’s Bridging the Week:
****** Gary was banished to the Misc. section last week. We are still not sure why.
MarketsWiki Page of the Day
Mary L. Schapiro
MarketsWiki Recent Updates
Mary L. Schapiro; Bill Clinton; William Parke; Justin Bouchard; Steve Dickey; William Knottenbelt; Allen M. Poteshman; Paul T. Idzik; Alan B. Krueger; Gina McFadden; Edward Provost; Barbara Schmidt-Bailey; Arthur McCoy; John A. Bunnell
Companies, Organizations and Groups
64,055,648 pages viewed, 8,197 articles, 192,251 edits
Markets urge regulators to fix data confusion
Philip Stafford, FT
In a rare display of unity, banks, futures brokers, hedge funds and asset managers have joined together to urge global regulators to resolve the growing chaos around reporting requirements for trades.
London Stock Exchange Eyes Brydon As Chairman
Sky News, via Yahoo Finance UK
Donald Brydon, a former chairman of the London Metal Exchange (LME), is being lined up to take on the same role at its more famous cousin, the London Stock Exchange (LSE), Sky News has learnt. Mr Brydon is said to be in advanced discussions with the board of the LSE about the post, with an announcement possible within days, according to a person involved in the process.
Stock exchange link-ups need to prove their worth
John Sedgwick, FT
The Shanghai-Hong Kong Stock Connect, which provides offshore investors with direct access to the Shanghai stock exchange, has attracted fervent support from many global asset management companies that are gearing up to take advantage of it. But Asia is witnessing a flurry of such trading links, many of which are not likely to win the same interest.
SEC seeks views on ‘shocking’ auditor relationships
Madison Marriage, FT
Companies could soon be forced to disclose the length of their relationships with auditors amid concern that accounting firms have become too cosy with the companies they oversee.
LSE to offer membership to Hong Kong firms
Regulatory approval received for Hong Kong firms to access London Stock Exchange. Greater China financial ties provide significant boost to UK.
Finra summons banks and asset managers over market fears
Robin Wigglesworth and Joe Rennison in New York, FT
A US financial regulator has summoned a clutch of senior executives from banks and asset managers for two meetings to explore potential solutions to a liquidity crunch confronting bond markets.
The 37-year-old Bulgarian man at the center of an SEC lawsuit about a fake takeover bid for Avon might not exist
MYLES UDLAND, Business Insider
In May, Avon Products received an offer to be acquired for $18.75 per share.
The House is on fire
By Seymour Klierly, High Plains Journal
Recently, the House passed four reauthorization bills for agriculture—three of which passed in about 20 minutes. That was partly due to the auctioneer-like speed of the Speaker Pro Tempore Michael Simpson, a Republican from Idaho.
Three bills—H.R. 2088, the United States Grain Standards Act Reauthorization Act; H.R. 2051, the Mandatory Price Reporting Act; and H.R. 2394, the National Forest Foundation Reauthorization Act—all passed the House by voice vote.
Single stock futures and the importance of one regulator
Phil Johnson, Futures Magazine
Phil Johnson speaks about the creation of the CFTC
When the Congress was creating the Commodity Futures Trading Commission in the early 1970s, I was active in trying to ensure that the new CFTC would be the sole regulator of the futures markets. Those exchanges were rapidly expanding into new industries beyond farm products; industries already subject to other regulators that might seek a role in their subjects’ futures activity unless barred from doing so.
Derivatives exchanges slam regulators over open clearing
Regulators should not define how markets are structured when it comes to innovation and open access to clearing. Instead, it should be left up to the market to define how services are provided, according to speakers at the IDX FIA Europe conference in Europe this week.
SEC Publishes Request for Public Comment on Exchange-Traded Products
The Securities and Exchange Commission today announced that it is seeking public comment to help inform its review of the listing and trading of new, novel, or complex exchange-traded products (ETPs). The request for comment addresses key issues that arise when exemptions are sought by a market participant to trade a new ETP or when a securities exchange seeks to establish standards for listing new ETPs. Due to the expansion of ETP investment strategies in recent years that has led to a significant increase in the number and complexity of these requests, the Commission determined it would be beneficial to receive public input on these issues.
Industry Associations Endorse ISDA Data Reporting Principles
A group of 11 industry Associations has published a letter supporting a set of principles developed by the International Swaps and Derivatives Association, Inc. (ISDA) aimed at improving consistency in regulatory reporting standards for derivatives. The Associations signing the letter are: the Australian Financial Market Association (AFMA), the Alternative Investment Management Association (AIMA), the British Bankers’ Association (BBA), the German Investment Funds Association (BVI), the European Fund and Asset Management Association (EFAMA), the Futures Industry Association (FIA Global), the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA), ISDA, the Managed Funds Association (MFA), the Securities Industry and Financial Markets Association (SIFMA) and its Asset Management Group (SIFMA AMG), and The Investment Association.
Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
- BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 19.3 (i) (Release No. 34-75166; File No. SR-BATS-2015-43); see also Exhibit 5
- BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-75158; File No. SR-BATS-2015-44; June 11, 2015); see also Exhibit 5
- BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Y-Exchange, Inc. (Release No. 34-75159; File No. SR-BYX-2015-28; June 11, 2015); see also Exhibit 5
- EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of EDGX Exchange, Inc. (Release No. 34-75150; File No. SR-EDGX-2015-27; June 11, 2015); see also Exhibit 5
- FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Exemptions from the Order Audit Trail System Recording and Reporting Requirements (Release No. 34-75160; File No. SR-FINRA-2015-016; June 11, 2015)
- MIAX: Order Approving a Proposed Rule Change to Amend Exchange Rule 515 (Release No. 34-75152; File No. SR-MIAX-2015-19; June 11, 2015)
- NYSE: Notice of Filing of Proposed Rule Change Making Permanent the Rules of the New Market Model Pilot and the Supplemental Liquidity Providers Pilot (Release No. 34-75153; File No. SR-NYSE-2015-26; June 11, 2015); see also Exhibit 5
- NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Sections 401, 402 and 404 of the NYSEMKT Company Guide to (i) Provide that Companies Can Comply With the Exchanges Immediate Release Policy by Disseminating the Information Required to be Disseminated Pursuant to this Policy by Any Regulation Fair Disclosure Compliant Method or Combination of Methods, (ii) Clarify the Procedures Taken by the Exchange in the Event of Unusual Market Activity and (iii) Update References to Exchange Departments and Personnel and Make Other Non-Substantive Conforming Updates (Release No. 34-75167; File No. SR-NYSEMKT-2015-40; June 12, 2015); see also Exhibit 5
Policy Development Update – Issue 23
The Policy Development Update provides information on:
- publications issued since the last edition
- information about recent Handbook-related and other developments
- other publications – consumer publications, guidance consultations and finalised guidance
- an updated timetable for forthcoming publications
Restrictions on the retail distribution of regulatory capital instruments
In this paper we set out the rules we are implementing following our consultation on restrictions on the retail distribution of regulatory capital instruments (contingent convertible securities (CoCos) and mutual society shares).
Exchanges & Trading Facilities
EEX to launch ‘cap futures’ in Q3
Futures & Options World
The European Energy Exchange (EEX) has said it will launch its new cap futures contracts and cash-settled Belgian and Dutch power futures over the coming months, as it works to expand its product range across the power market. The cap future is a financially settled derivatives contract developed by EEX, “in view of the market which has developed further in the context of the energy turnaround,” it said.
LSE head: ‘abolish stamp duty on listed shares’
By Rhiannon Williams, The Telegraph
Xavier Rolet is calling for the government to abolish stamp duty on listed shares.
The chief executive of the London Stock Exchange has called on the government to abolish stamp duty on all listed shares ahead of the Summer Budget next month.
OptionsCity price app to launch with NFX
Futures & Options World
Trading system technology firm, OptionsCity Software, has said it has created a new pricing application to launch with Nasdaq’s highly-anticipated new energy exchange, giving clients the ability to trade at the best price. Chicago-based OptionsCity has been working on the new feature – Best Bid or Offer (BBO) – for some time, and is gearing up to launch on Nasdaq Futures Exchange (NFX) “from day one,” Hazem Dawani, chief executive of the software firm, told FOW.
Number of erroneous CDP statements confirmed to be 195
Singapore Exchange (SGX) today confirmed that 195 erroneous May 2015 Central Depository (CDP) printed statements were mailed out earlier this month.
Hedge Funds & Managed Futures
Bond Swings So Extreme Even BlackRock Rewrites Risk Measures
by Eshe Nelson, Bloomberg
With $4.8 trillion in assets — or about the size of Japan’s economy — no one manages more money than BlackRock Inc. So, it’s worth paying attention when the firm says it’s time to cast aside its trusted models for assessing risk in bonds.
Brace for Inflation as Morgan Stanley Declares End of Lowflation
by Simon Kennedy, Bloomberg
Goodbye lowflation. Hello reflation.
The Fed Won’t Ruin Bond Markets
By Mark Gilbert, Bloomberg
With the Federal Reserve poised to unleash its first interest rate increase in almost a decade there’s a debate among investors about whether the past is any guide to how markets will react to a monetary tightening. The to-and-fro brings to mind automobile entrepreneur Henry Ford’s famous insistence that “history is more or less bunk.” But traders might be better served to recall a quote attributed to Mark Twain — that even if history doesn’t repeat itself, it does rhyme.
Hedge funds and Draghi blamed for bond volatility
Traders are bracing themselves for continued increased volatility in the bond markets, following warnings from numerous buy-siders in recent weeks.
Banks & Brokers
GFI Bows CME – LCH Cleared Spreads Data
Interdealer broker GFI will this week release a new market data product based on streaming liquidity from its GFI Swaps Exchange swap execution facility that will provide data on the spreads between swaps cleared by CME Group and LCH.Clearnet. Currently, GFI provides a range of market data from its SEF, which it launched in 2013, and which trades interest rate derivative and US Treasury bond products.
Brady Dougan insists he took right decisions at Credit Suisse
Laura Noonan in Zurich, FT
When Brady Dougan’s resignation from Credit Suisse was announced in March, the market’s verdict on his reign appeared brutal and decisive as shares in the bank rose sharply on the expectation that new chief executive Tidjane Thiam would do a better job.
Breaking up retail and investment banks is not so hard to do
Jonathan Ford, FT
Next to the hated bank levy, few of the UK government’s regulatory reforms are more calculated to bring even mild-mannered financiers out in angry hives than the requirement for institutions to ringfence their retail businesses.
UBS Announces Successful Implementation Of UBS Switzerland AG
With the implementation of UBS Switzerland AG, UBS has taken another substantial step to improve the resolvability of the Group in response to regulatory requirements affecting the entire banking industry. UBS Switzerland AG is now operating as a fully-owned banking subsidiary of UBS AG with its own banking license. As part of the changes to UBS’s legal structure, UBS AG’s Retail & Corporate and Wealth Management businesses booked in Switzerland have been transferred to UBS Switzerland AG, effective June 14.
Clearing & Settlement
Could 20 Digits Prevent Another Financial Crisis?
SEC Commissioner Kara Stein says a global system of legal entity identifiers (LEIs) could help stop the financial world from imploding
Swift offers ISO 20022 implementation best practice guidelines
Swift has published a best practice guideline for implementation of ISO 20022 for financial institutions, based on experience gleaned through its involvement in more than 150 consulting projects for more than 70 clients across the globe.
OPINION: Why OTC is back in vogue
FTSE Global Markets
A recent study by the Bank of International Settlements (BIS) shows that market value for OTC derivatives increased from $17 trillion to $21 trillion between June and December last year – their highest level in three years.What’s driving this renewed interest and who will reap the rewards?By Edward Lopez, Vice President, EMEA at OpenLink provides some answers.
Cross currency tear-ups extended to Korean won
Post-trade derivatives processing firm TriOptima has completed its first cross-currency compression cycle in US dollar/Korean won swaps. The cycle eliminated US$8.8bn of notional outstanding through the triReduce platform with participation from 11 financial institutions.
Indexes & Products
China’s MSCI reality check is too big to ignore
In recent weeks, much of the debate on China has centered on the idea that it is “too big to be ignored,” meaning the rest of the world would inevitably need to own its equities and currency. But now it’s set for a reality check.In the same week that Chinese A-shares failed to be included in MSCI’s emerging-market benchmark, it was also revealed that global investors pulled $7.9 billion out of Asia. This was the biggest weekly withdrawal in almost 15 years, according to data provider EPFR Global, and the majority reportedly related to China.
Look for lower passive ownership in a stock
There is no denying that the rise of exchange traded funds, which passively follow a stock market index, has made life harder for investors trying to make a living from buying individual stocks. First, they have caused a crisis of confidence. Why take the risk of picking stocks if one can get a guaranteed market return from an ETF? Second, by increasing correlations between stocks, they have reduced the opportunities to outperform the market.
S&P Dow Jones talking to 8 asset managers for IPO indices
Global index provider S & P Dow Jones Indices is in talks with 8 mid-sized and small asset managers in Saudi to launch IPO indices, reflecting a boom in the primary market, Charbel El Azzi, head of Middle East, Africa & CIS, S & P Dow Jones Indices told Gulf News.
Indices rejig to provide exposure to yield and China
MSCI will added China A-shares into its global benchmark indices but has not indicated when it would do so stating it still needed to resolves issues relating to market accessibility with the China Securities Regulatory Commission (CSRC).
How did South African active managers perform against their benchmarks in 2014?
Daniel Ung – Indexology, S&P Dow Jones Indices
Following the success of the SPIVA (S&P Indices versus Active) in the U.S., Australia, Canada, India, Japan, Europe and Latin America, we are now starting coverage on South Africa. Like the reports covering other regions, we aim to shed some light on the ongoing active vs. passive debate. SPIVA South Africa will be published twice a year, mid-year and at the end of the year.
Let’s take a look at the results of the past year.
Eurex Exchange’s MSCI news – June 2015
May was again another successful month for Eurex Exchange and our MSCI derivatives. See below for the most important facts on volumes, open interest and other developments including interesting articles.
The future of blockchain is not Bitcoin!
Bitcoin technology has been the focus of some very large scale venture capital investments over the past year, representing a complete 180 degree turn from the previous year’s uncertainty in terms of values, and litany of high profile, reputation-damaging events including the downfall of MtGox, and the seizure by the US Government of anonymous marketplace Silk Road.
London Tech Week Seeks to Boost U.S. Investment in Startups
by Kasper Viita, Bloomberg
London technology companies are starting a weeklong push to narrow the gap with Silicon Valley.
Portigon deploys Broadridge platform for post-trade processing
Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Portigon Financial Services, an international portfolio service provider with branches in Dusseldorf, London and New York, is now live on Broadridge’s global post-trade processing solution for both its German domestic and international businesses across exchange-traded derivatives and securities.
IBM to Invest ‘Hundreds of Millions’ in Free Data Technology
by Alex Barinka, Jack Clark, Bloomberg
International Business Machines Corp. will invest “hundreds of millions a year” into a free data analytics technology, according to Beth Smith, general manager of the company’s analytics division.
Financial technology takes a shine to Belfast
Vincent Boland, Ireland correspondent, FT
As Paddy Cosgrave jetted around the world in recent weeks inviting start-ups and potential exhibitors to attend the latest addition to his growing stable of international technology conferences, the conversation would go something like this. “They would say, ‘yes, we’d love to come, where is it on?’ I’d say, ‘Belfast’. And they would go, ‘Belfast?'”
Former director convicted of dishonest conduct
A former director of a financial advice company was today convicted of dishonest conduct. In October 2014 Barry David Hassell of Athelstone, South Australia, pleaded guilty to 39 charges including dishonest conduct, providing ASIC with false or misleading information and failing to provide a disclosure document to clients (refer: 14-268MR).
Environmental & Energy
Congress, Pay Attention to This Carbon Tax Bill
(Editorial) Bloomberg Views
The challenge to prevent climate change is daunting for its scale. How can society change human behavior widely enough to stop the accumulation of atmosphere-warming gases — without swelling the government or ruining the economy?
Scientists Are Coming Up With ‘Last Ditch’ Remedies for Climate Change
By Louise Downing – Bloomberg News
As talks aimed at slowing global warming drag on, researchers are pushing new ideas that some are calling last-ditch attempts to avert the worst effects of climate change.
Renewable power will overtake coal if climate pledges are kept
By Pilita Clark – Financial Times
Wind, solar and other types of renewable power will overtake coal to become the world’s top source of electricity in just 15 years if the pledges countries are making for a global climate change deal this year are met.
The oil cash-and-carry trade does the shipping tanker contango
The oil cash-and-carry trade is one of those phenomena you hear about in airport lounges just around the time it is nearly over.
China Margin Loan Cap Leaves Leeway for Biggest Lender GF
China’s most aggressive margin lender, brokerage GF Securities Co., may have room to more than double its financing of customers’ share purchases under the securities regulator’s proposed industry cap.
Chinese Companies Pull $3 Billion Bonds as IPOs Suck Funds
Chinese companies have canceled or delayed onshore bond sales of at least 18.6 billion yuan ($3 billion) over the past two weeks as a slew of initial public offerings sucks funds from the corporate note market.
Stand Back: China’s Bubble Will Burst
By Clive Crook, Bloomberg
Singapore, which I’m visiting at the moment, opens your mind to the highly improbable. Rich, ethnically diverse, cheerfully efficient, globalized in the extreme, it’s a man-made economic miracle — astonishing proof of what market forces combined with superb top-down direction can achieve.
China’s stock market is now worth over $10 trillion
Business – WSBT.com
$10 trillion! That’s how much money China’s stock market is worth right now. As of the end of May, the Shanghai Stock Exchange had a total market cap of $5.9 trillion while the Shenzhen Stock Exchange clocked in at $4.4 trillion, according to the World Federation of Exchanges.
Share sale proceeds double in China, HK as firms ride stock market dragon
By Elzio Barreto and Engen Tham, Reuters
Chinese companies have almost doubled their proceeds from share issues in initial public offerings and secondary markets after favourable policy winds from the government in Beijing stoked massive stock market rallies in Hong Kong and the mainland.
Energy Nations Better Watch Out as Saudis Open Stock Market
by Maria Levitov, Bloomberg
Global equity markets are waking up to a new $558 billion magnet pulling cash out of developing nations from Russia to Malaysia.
For Emerging-Market Traders, the Trend Truly Is Their Friend Now
It used to be that a four- or five-day rally in emerging-market stocks was a big deal. Not anymore. Nowadays, if the stretch of gains, or losses, doesn’t reach double digits, it almost feels inconsequential.
Saudi Arabia targets 2017 MSCI emerging markets inclusion
THE BUSINESS TIMES
Saudi Arabia, which allowed foreigners direct access to its equities for the first time on Monday, aims to be part of MSCI Inc’s emerging markets index in 2017, according to the chief executive officer of the stock exchange.
Investors Eyeball Iran Market; Firms consider entry if sanctions are lifted in connection with U.S.-Tehran nuclear talks
By ASA FITCH and ARESU EQBALI, WSJ
Dominic Bokor-Ingram recently visited a growing economy full of well-run companies that the London-based money manager deemed ripe for investment. The catch: The place was Tehran, a target of grinding international sanctions.
Mobile banking has eclipsed branches and even the rest of the internet; Apps now the biggest route to checking bank balances in Britain, industry research shows
By Marion Dakers, The Telegraph
Britons are now checking their bank balance on their mobile phones more than anywhere else, leaving more traditional services like a visit to the high street branch in decline.