DOCSLIB.ORG

Weekly Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Weekly Update 3 August 2020 The Long and Short of it – Weekly Update Week in review – U.S. tech giants back in the driving seat… for now It was a week of sharp contrasts: strong numbers from tech giants, Amazon, Apple, Facebook, on the one hand counterbalanced by significant falls in GDP in the U.S. and eurozone combined with growing concerns about the pandemic. On Friday, the World Health Organization reported a record increase in global coronavirus cases, with the total rising by 292,527, and with Brazil, the U.S., India and South Africa having the biggest increases. In Europe, there has been an uptick in infections, which, in the UK, has led Boris Johnson to postpone plans to re-open high- risk venues such as casinos, as well as the government imposing new quarantine conditions on people travelling into the UK from Spain. Against this backdrop, it is hardly surprising that Willie Walsh, the CEO of IAG, which announced a €2.75 billion rights issue, indicated that he doesn’t think air travel will return to pre-Covid levels until 2023. The banks too face a challenging environment and the ECB this week asked that banks not pay dividends or buy back shares at least until January, three months longer than initially indicated, and expects banks “to exercise extreme moderation on variable remuneration to conserve capital in crisis”. It will review its position in Q4, as will the Bank of England, which indicated that it would conduct a review of any plans by the UK’s biggest banks to pay dividends. The S&P 500 rose on the week driven by the strong quarterly results from the tech giants, which will probably lead to even closer scrutiny from politicians and regulators looking at anti-competitive behaviour. In contrast, the FTSE 100 fell as quarterly results from the blue chips reflected the difficulties facing old economy stocks across sectors such as banks and oil and gas. There were some bright spots, BAE Systems reinstated its dividend and the miners are seeing good levels of demand across different commodities. Chart of the week: Eurozone and EU GDP growth rates, % change over the previous quarter based on seasonally adjusted date (Source: Eurostat) 2Q 2020 Change, Qtr-on-Qtr EU: -11.9% Eurozone: -12.1% Source: https://ec.europa.eu/eurostat/documents/2995521/11156775/2-31072020-BP-EN.pdf/cbe7522c-ebfa-ef08-be60-b1c9d1bd385b Week ahead – Decision time on the BP dividend Eurozone retail sales on Wednesday, Bank of England rate decision on Thursday, U.S. unemployment report on Friday, plus several PMI releases over the week. Earnings: 4 August – Diageo (FY20), BP (2Q20); 6 August – Glencore (1H20), Uber (2Q21) Top performing ETPs over the week – UK Blue Chips and U.S. Tech Leaders +3x Long BAE Systems (3LBA) +6.4% Long ETP +3x Long Apple (3LAP) +46.5% -3x Short Rolls Royce (3SRR) +49.4% Short ETP -3x Uber (3SUB) +18.8% Past performance is not a reliable indicator of future results. The value of an investment may go down as well as up and can result in losses, up to and including a total loss of the amount initially invested. All ETP performance figures are inclusive of fees and other adjustments. Returns measured in currency of underlying stock. GRANITESHARES Limited GRANITESHARES.COM 71-91 Aldwych, Aldwych House, London WC2B 4HN [email protected] 1 3 August 2020 Weekly performance and moving averages – Underlying UK stocks Closing price 31 Weekly Price vs Underlying stock MA 200d MA 50d High - 52w Low - 52w Jul 2020 change 52w High AstraZeneca 8,530.00 -1.4% 7,793.13 8,582.16 10,120.00 5,871.00 -15.71% BAE Systems 490.20 2.6% 549.27 495.20 672.60 428.60 -27.12% Barclays 100.56 -11.5% 138.62 116.45 192.96 73.04 -47.89% BP 275.15 -7.7% 393.92 312.88 533.10 222.90 -48.39% Diageo 2,801.00 0.2% 2,909.82 2,801.77 3,633.50 2,139.00 -22.91% Glencore 174.64 -4.5% 193.25 172.36 264.10 109.76 -33.87% Lloyds Banking Group 26.29 -11.5% 44.99 31.20 69.99 25.50 -62.44% Rio Tinto 4,615.00 -2.8% 4,174.61 4,585.90 4,991.00 2,954.00 -7.53% Rolls-Royce 231.60 -13.6% 501.95 296.35 853.16 231.60 -72.85% Royal Dutch Shell A 1,121.60 -9.7% 1,729.22 1,314.25 2,440.00 946.10 -54.03% Vodafone 115.56 -5.4% 136.49 128.55 169.46 92.76 -31.81% 3x Long ETP performance Underlying stock Ticker 27-Jul 28-Jul 29-Jul 30-Jul 31-Jul 1 Week Last 20 days AstraZeneca 3LAZ -0.17% 1.81% -2.94% 4.72% -7.58% -4.54% -3.62% BAE Systems 3LBA 0.31% 3.71% -4.65% 17.67% -8.79% 6.44% 5.69% Barclays 3LBC -6.82% 2.31% -18.46% -12.01% -0.77% -32.12% -42.10% BP 3LBP -3.66% -0.76% 0.00% -10.73% -8.68% -22.06% -22.06% Diageo 3LDO -1.30% 6.16% 3.63% -1.68% -6.19% 0.14% 0.82% Glencore 3LGL 3.60% -3.09% -1.60% -8.38% -4.18% -13.26% -7.32% Lloyds Banking Group 3LLL -8.09% 3.46% -8.81% -23.00% 1.08% -32.51% -38.87% Rio Tinto 3LRI 5.75% -4.61% 2.07% -7.68% -3.89% -8.64% -9.93% Rolls-Royce 3LRR -10.53% 2.94% -8.57% -9.38% -17.69% -37.18% -38.79% Royal Dutch Shell A 3LRD -2.98% -0.34% -0.34% -16.84% -9.57% -27.54% -34.48% Vodafone 3LVO -2.97% -0.79% 6.05% -11.04% -7.63% -16.11% -22.19% 3x Short ETP performance Underlying stock Ticker 27-Jul 28-Jul 29-Jul 30-Jul 31-Jul 1 Week Last 20 days AstraZeneca 3SAZ 0.10% -1.84% 2.94% -4.72% 7.54% 3.64% -3.50% BAE Systems 3SBA -0.36% -3.77% 4.63% -17.69% 8.77% -10.19% -13.86% Barclays 3SBC 6.83% -2.34% 18.36% 12.08% 0.64% 39.28% 60.82% BP 3SBP 3.67% 0.65% -0.08% 10.66% 8.66% 25.38% 19.61% Diageo 3SDO 1.23% -6.21% -3.64% 1.66% 6.16% -1.27% -4.13% Glencore 3SGL -3.66% 3.06% 1.53% 8.36% 4.08% 13.70% 4.30% Lloyds Banking Group 3SLL 7.99% -3.34% 8.76% 22.83% -0.93% 38.15% 50.84% Rio Tinto 3SRI -5.82% 4.52% -2.05% 7.59% 3.89% 7.77% 7.45% Rolls-Royce 3SRR 9.02% -3.03% 10.82% 9.23% 16.72% 49.37% 37.02% Royal Dutch Shell A 3SRD 2.90% 0.46% 0.37% 16.63% 9.61% 32.64% 41.26% Vodafone 3SVO 2.85% 0.79% -6.09% 10.99% 7.63% 16.30% 21.06% Data and charts All performance data to 31 July 2020. Data and charts sourced from Bloomberg, unless otherwise indicated. Broker forecasts sourced from www.sharesmagazine.co.uk, company events sourced from company websites. GRANITESHARES Limited GRANITESHARES.COM 71-91 Aldwych, Aldwych House, London WC2B 4HN [email protected] 2 3 August 2020 Weekly performance and moving averages – Underlying U.S. stocks Closing price 31 Weekly Price vs Underlying stock MA 200d MA 50d High - 52w Low - 52w Jul 2020 change 52w High Alphabet 1,487.95 -1.3% 1,358.07 1,466.91 1,586.58 1,009.00 -6.22% Amazon 3,164.68 5.2% 2,168.24 2,784.84 3,343.81 1,627.00 -5.36% Apple 425.04 14.7% 300.68 358.48 425.66 192.59 -0.15% Facebook 253.67 10.0% 204.83 234.92 255.85 137.11 -0.85% Microsoft 205.01 1.8% 170.36 197.80 216.38 130.79 -5.25% Netflix 488.88 1.8% 378.42 463.55 575.28 252.30 -15.02% NVIDIA 424.59 4.1% 281.72 382.35 431.54 147.40 -1.61% Tesla 1,430.76 1.0% 699.70 1,164.91 1,794.99 211.00 -20.29% UBER 30.26 -3.0% 31.38 32.95 43.00 13.71 -29.63% 3x Long ETP performance Underlying stock Ticker 27-Jul 28-Jul 29-Jul 30-Jul 31-Jul 1 Week Last 20 days Alphabet 3LAL 4.19% -5.06% 3.96% 2.92% -9.85% -4.58% -6.01% Amazon 3LZN 4.58% -5.39% 3.31% 1.81% 11.09% 15.60% 2.70% Apple 3LAP 7.08% -4.95% 5.75% 3.62% 31.39% 46.55% 32.25% Facebook 3LFB 3.61% -4.34% 4.11% 1.56% 24.51% 30.47% 16.70% Microsoft 3LMS 3.77% -2.71% 3.01% -0.25% 1.63% 5.44% -4.57% Netflix 3LNF 9.47% -4.33% -2.50% 0.81% 1.89% 4.89% -21.58% NVIDIA 3LNV 6.66% -5.94% 7.33% 4.26% 0.00% 12.26% 15.73% Tesla 3LTS 25.91% -12.31% 4.58% -2.34% -11.46% -0.15% -20.12% UBER 3LUB -1.89% -1.76% 2.03% -7.56% 0.18% -8.92% -15.58% 3x Short ETP performance Underlying stock Ticker 27-Jul 28-Jul 29-Jul 30-Jul 31-Jul 1 Week Last 20 days Alphabet 3SAL -4.24% 5.04% -3.98% -2.91% 9.82% 2.98% 2.45% Amazon 3SZN -4.62% 5.37% -3.33% -1.80% -11.10% -15.18% -12.22% Apple 3SAP -7.14% 4.93% -5.76% -3.64% -31.42% -39.32% -34.79% Facebook 3SFB -3.65% 4.35% -4.15% -1.56% -24.54% -28.40% -21.17% Microsoft 3SMS -3.83% 2.68% -3.04% 0.23% -1.65% -5.61% -0.14% Netflix 3SNF -9.54% 4.33% 2.47% -0.85% -1.90% -5.94% 18.87% NVIDIA 3SNV -6.69% 5.90% -7.35% -4.25% -0.04% -12.37% -17.91% Tesla 3STS -26.03% 12.35% -4.67% 2.39% 11.39% -9.64% -5.74% UBER 3SUB 1.78% 1.73% -2.08% 7.52% -0.21% 8.79% 8.76% Data and charts All performance data to 31 July 2020.
Load more

Recommended publications
  • Karl Brunner and UK Monetary Debate
    Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Karl Brunner and U.K. Monetary Debate Edward Nelson 2019-004 Please cite this paper as: Nelson, Edward (2019). \Karl Brunner and U.K. Monetary Debate," Finance and Economics Discussion Series 2019-004. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.004. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Karl Brunner and U.K. Monetary Debate Edward Nelson* Federal Reserve Board November 19, 2018 Abstract Although he was based in the United States, leading monetarist Karl Brunner participated in debates in the United Kingdom on monetary analysis and policy from the 1960s to the 1980s. During the 1960s, his participation in the debates was limited to research papers, but in the 1970s, as monetarism attracted national attention, Brunner made contributions to U.K. media discussions. In the pre-1979 period, he was highly critical of the U.K. authorities’ nonmonetary approach to the analysis and control of inflation—an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct interaction with Prime Minister Margaret Thatcher on issues relating to monetary control and monetary strategy.
    [Show full text]
  • The Pound Sterling
    ESSAYS IN INTERNATIONAL FINANCE No. 13, February 1952 THE POUND STERLING ROY F. HARROD INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS AND SOCIAL INSTITUTIONS PRINCETON UNIVERSITY Princeton, New Jersey The present essay is the thirteenth in the series ESSAYS IN INTERNATIONAL FINANCE published by the International Finance Section of the Department of Economics and Social Institutions in Princeton University. The author, R. F. Harrod, is joint editor of the ECONOMIC JOURNAL, Lecturer in economics at Christ Church, Oxford, Fellow of the British Academy, and• Member of the Council of the Royal Economic So- ciety. He served in the Prime Minister's Office dur- ing most of World War II and from 1947 to 1950 was a member of the United Nations Sub-Committee on Employment and Economic Stability. While the Section sponsors the essays in this series, it takes no further responsibility for the opinions therein expressed. The writer's are free to develop their topics as they will and their ideas may or may - • v not be shared by the editorial committee of the Sec- tion or the members of the Department. The Section welcomes the submission of manu- scripts for this series and will assume responsibility for a careful reading of them and for returning to the authors those found unacceptable for publication. GARDNER PATTERSON, Director International Finance Section THE POUND STERLING ROY F. HARROD Christ Church, Oxford I. PRESUPPOSITIONS OF EARLY POLICY S' TERLING was at its heyday before 1914. It was. something ' more than the British currency; it was universally accepted as the most satisfactory medium for international transactions and might be regarded as a world currency, even indeed as the world cur- rency: Its special position waS,no doubt connected with the widespread ramifications of Britain's foreign trade and investment.
    [Show full text]
  • Gladstone and the Bank of England: a Study in Mid-Victorian Finance, 1833-1866
    GLADSTONE AND THE BANK OF ENGLAND: A STUDY IN MID-VICTORIAN FINANCE, 1833-1866 Patricia Caernarv en-Smith, B.A. Thesis Prepared for the Degree of MASTER OF ARTS UNIVERSITY OF NORTH TEXAS May 2007 APPROVED: Denis Paz, Major Professor Adrian Lewis, Committee Member and Chair of the Department of History Laura Stern, Committee Member Sandra L. Terrell, Dean of the Robert B. Toulouse School of Graduate Studies Caernarven-Smith, Patricia. Gladstone and the Bank of England: A Study in Mid- Victorian Finance, 1833-1866. Master of Arts (History), May 2007, 378 pp., 11 tables, bibliography, 275 titles. The topic of this thesis is the confrontations between William Gladstone and the Bank of England. These confrontations have remained a mystery to authors who noted them, but have generally been ignored by others. This thesis demonstrates that Gladstone’s measures taken against the Bank were reasonable, intelligent, and important for the development of nineteenth-century British government finance. To accomplish this task, this thesis refutes the opinions of three twentieth-century authors who have claimed that many of Gladstone’s measures, as well as his reading, were irrational, ridiculous, and impolitic. My primary sources include the Gladstone Diaries, with special attention to a little-used source, Volume 14, the indexes to the Diaries. The day-to-day Diaries and the indexes show how much Gladstone read about financial matters, and suggest that his actions were based to a large extent upon his reading. In addition, I have used Hansard’s Parliamentary Debates and nineteenth-century periodicals and books on banking and finance to understand the political and economic debates of the time.
    [Show full text]
  • Bank of England List of Banks
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 31 October 2017 (Amendments to the List of Banks since 30 September 2017 can be found on page 5) Banks incorporated in the United Kingdom Abbey National Treasury Services Plc DB UK Bank Limited ABC International Bank Plc Diamond Bank (UK) Plc Access Bank UK Limited, The Duncan Lawrie Limited (Applied to cancel) Adam & Company Plc ADIB (UK) Ltd EFG Private Bank Limited Agricultural Bank of China (UK) Limited Europe Arab Bank plc Ahli United Bank (UK) PLC AIB Group (UK) Plc FBN Bank (UK) Ltd Airdrie Savings Bank FCE Bank Plc Al Rayan Bank PLC FCMB Bank (UK) Limited Aldermore Bank Plc Alliance Trust Savings Limited Gatehouse Bank Plc Alpha Bank London Limited Ghana International Bank Plc ANZ Bank (Europe) Limited Goldman Sachs International Bank Arbuthnot Latham & Co Limited Guaranty Trust Bank (UK) Limited Atom Bank PLC Gulf International Bank (UK) Limited Axis Bank UK Limited Habib Bank Zurich Plc Bank and Clients PLC Habibsons Bank Limited Bank Leumi (UK) plc Hampden & Co Plc Bank Mandiri (Europe) Limited Hampshire Trust Bank Plc Bank Of America Merrill Lynch International Limited Harrods Bank Ltd Bank of Beirut (UK) Ltd Havin Bank Ltd Bank of Ceylon (UK) Ltd HSBC Bank Plc Bank of China (UK) Ltd HSBC Private Bank (UK) Limited Bank of Cyprus UK Limited HSBC Trust Company (UK) Ltd Bank of Ireland (UK) Plc HSBC UK RFB Limited Bank of London and The Middle East plc Bank of New York Mellon (International) Limited, The ICBC (London) plc Bank of Scotland plc ICBC Standard Bank Plc Bank of the Philippine Islands (Europe) PLC ICICI Bank UK Plc Bank Saderat Plc Investec Bank PLC Bank Sepah International Plc Itau BBA International PLC Barclays Bank Plc Barclays Bank UK PLC J.P.
    [Show full text]
  • Big Bang 20 Years On
    Big Bang 20 years on New challenges facing the financial services sector COLLECTED ESSAYS WITH A FOREWORD BY NIGEL LAWSON CENTRE FOR POLICY STUDIES 57 Tufton Street, London SW1P 3QL 2006 THE AUTHORS LORD LAWSON was Chancellor of the Exchequer from 1983 to 1989. MICHAEL SNYDER is Chairman of the City of London’s Policy and Resources Committee. DOUGLAS MCWILLIAMS is chief executive and JONATHAN SAID senior economist from the centre for economics and business research (cebr). ANDREW HILTON is director of the Centre for the Study of Financial Innovation (CSFI). MALCOLM LEVITT is EU Adviser at the City of London Corporation. ALAN YARROW is Chairman of the London Investment Banking Association (LIBA). ANGELA KNIGHT is Chief Executive of the Association of Private Client Investment Managers and Stockbrokers (APCIMS). PETER LINTHWAITE is Chief Executive of the British Venture Capital Association (BCVA). ISBN No. 1 905 389 38 8 Centre for Policy Studies, October 2006 Printed by 4 Print, 138 Molesey Avenue, Surrey CONTENTS Foreword Nigel Lawson 1. The challenges ahead 1 Michael Snyder 2. The importance of the City of London to the UK economy 11 Douglas McWilliams and Jonathan Said 3. All regulation is bad 24 Andrew Hilton 4. The City and the EU 32 Malcolm Levitt 5. The challenges facing investment banking in the UK 42 Alan Yarrow 6. Wealth Management: London a global centre 51 Angela Knight 7. UK Private Equity 59 Peter Linthwaite Appendix: technical issues in calculating employment data in the City The City of London Corporation FOREWORD NIGEL LAWSON THE 20TH ANNIVERSARY of the radical reform of the London Stock Exchange that came to be known as ‘Big Bang’ thoroughly deserves the thoughtful celebration this collection of essays provides.
    [Show full text]
  • Bank of England List of Banks- October 2020
    LIST OF BANKS AS COMPILED BY THE BANK OF ENGLAND AS AT 1st October 2020 (Amendments to the List of Banks since 31st August 2020 can be found below) Banks incorporated in the United Kingdom ABC International Bank Plc DB UK Bank Limited Access Bank UK Limited, The Distribution Finance Capital Limited Ahli United Bank (UK) PLC AIB Group (UK) Plc EFG Private Bank Limited Al Rayan Bank PLC Europe Arab Bank plc Aldermore Bank Plc Alliance Trust Savings Limited (Applied to Cancel) FBN Bank (UK) Ltd Allica Bank Ltd FCE Bank Plc Alpha Bank London Limited FCMB Bank (UK) Limited Arbuthnot Latham & Co Limited Atom Bank PLC Gatehouse Bank Plc Axis Bank UK Limited Ghana International Bank Plc GH Bank Limited Bank and Clients PLC Goldman Sachs International Bank Bank Leumi (UK) plc Guaranty Trust Bank (UK) Limited Bank Mandiri (Europe) Limited Gulf International Bank (UK) Limited Bank Of Baroda (UK) Limited Bank of Beirut (UK) Ltd Habib Bank Zurich Plc Bank of Ceylon (UK) Ltd Hampden & Co Plc Bank of China (UK) Ltd Hampshire Trust Bank Plc Bank of Ireland (UK) Plc Handelsbanken PLC Bank of London and The Middle East plc Havin Bank Ltd Bank of New York Mellon (International) Limited, The HBL Bank UK Limited Bank of Scotland plc HSBC Bank Plc Bank of the Philippine Islands (Europe) PLC HSBC Private Bank (UK) Limited Bank Saderat Plc HSBC Trust Company (UK) Ltd Bank Sepah International Plc HSBC UK Bank Plc Barclays Bank Plc Barclays Bank UK PLC ICBC (London) plc BFC Bank Limited ICBC Standard Bank Plc Bira Bank Limited ICICI Bank UK Plc BMCE Bank International plc Investec Bank PLC British Arab Commercial Bank Plc Itau BBA International PLC Brown Shipley & Co Limited JN Bank UK Ltd C Hoare & Co J.P.
    [Show full text]
  • Marek Grabowski Director of Audit Policy Financial Reporting Council 5Th Floor, Aldwych House 71 – 91 Aldwych London WC2B 4HN
    Marek Grabowski Director of Audit Policy Financial Reporting Council 5th Floor, Aldwych House 71 – 91 Aldwych London WC2B 4HN 1 May 2013 By email: [email protected] Dear Marek Implementing the Recommendations of the Sharman Panel: Revised Guidance on Going Concern and revised International Standards on Auditing (UK & Ireland) (‘the draft guidance’) Introductory remarks Chartered Accountants Ireland (‘the Institute’) is pleased to respond to the above consultation. In framing our response, both in terms of general comments and in answering the specific questions in the Consultation, we have had regard to the particular circumstance of Chartered Accountants Ireland which has significant membership both in the United Kingdom and in Ireland. We are also grateful to staff of the Financial Reporting Council (‘FRC’) who took the time to visit Dublin recently to meet with various Irish stakeholders to discuss both these proposals and other FRC proposals for amending ISA 700 (UK & Ireland) ‘The Auditor’s Report on Financial Statements’. This meeting has been helpful to us in finalising our comments, as has the public meeting held by the FRC in London on 25th April. The Institute has previously expressed its support for a key aim of the Sharman Inquiry, namely to address questions that have been previously raised about the ‘quality of information provided on companies financial health and their ability to withstand economic and financial stresses in the short, medium, and longer term’. In our comments on the original Sharman Inquiry ‘call for evidence’ the Institute expressed the view that enhanced disclosures of an entity’s financial risks would be of benefit to stakeholders in assessing the sustainability of an entity.
    [Show full text]
  • Inside the Bank of England Opens in a New Window
    Inside the Bank of England Inside the Bank of England 1 The Bank’s mission The Bank of England is the central bank of the United Kingdom. Sometimes known as ‘the Old Lady of Threadneedle Street’, the Bank was founded in 1694 during a period of economic turbulence, in order to ‘promote the publick good and benefitt of our people’ by acting as the Government’s banker and debt manager. The Bank Charter Although the Bank’s role and responsibilities The Bank Charter was sealed on 27 July 1694, have evolved and expanded since its foundation, and the Bank opened for business shortly after. its mission today remains true to its original purpose: to promote the good of the people of the William III By Henry Cheere United Kingdom by maintaining monetary and William III was the monarch at the time of the financial stability. Bank’s founding in 1694. This statue was In 2013, a new legal framework governing the commissioned by the Bank and unveiled in its new Bank of England conferred greater statutory premises in Threadneedle Street on 1 January 1735. duties on the Bank than at any time in its history. Originally established as a privately owned The Bank needs to be understood, credible and institution, the Bank was nationalised on trusted so that its policies are effective. The Bank 1 March 1946, but retained its broad – but is therefore committed to being transparent, largely informal – public service mission. independent and accountable to stakeholders. 2 Bank of England The Bank today The Bank’s mission to maintain monetary and financial stability is overseen, in the first instance, by the Bank’s Governors.
    [Show full text]
  • Decision Notice Relates Has Been Discontinued and No Further Action Will Be Taken
    Following the decision of the Upper Tribunal on 6 July 2021, the action to which this Decision Notice relates has been discontinued and no further action will be taken. DECISION NOTICE To: Mr Stuart Malcolm Forsyth Individual Reference Number: SMF01029 30 September 2019 1. ACTION 1.1. For the reasons given in this Notice, the PRA has decided to: (1) make an order, pursuant to section 56 of the Act, prohibiting Stuart Malcolm Forsyth from performing any function in relation to any regulated activity carried on by a PRA-authorised person or an exempt person in relation to any PRA-regulated activity carried on by that person; and (2) impose, pursuant to section 66 of the Act, a financial penalty of £76,180 on Mr Forsyth. 2. SUMMARY OF REASONS 2.1. The PRA has decided to take the action set out in paragraph 1.1 because, for the reasons set out below, it considers that Mr Forsyth’s conduct demonstrates a serious lack of integrity in breach of Statement of Principle 1 (Integrity) of the Statements of Principle of Approved Persons and Individual Conduct Standard 1 (Integrity) of the PRA’s Insurance Conduct Standards. The PRA has concluded that Mr Forsyth is therefore not fit and proper to perform any function in relation to any PRA-regulated activity carried on by a PRA-authorised person, or by a person who is an exempt person in relation to any PRA-regulated activity carried on by that person. 2.2. Mr Forsyth became the CEO of a mutual insurance firm, SBMIA, in September 2000.
    [Show full text]
  • British Banks' Role in U.K. Capital Markets Since the Big Bang
    Chicago-Kent Law Review Volume 68 Issue 1 Chicago-Kent Dedication Symposium Article 27 December 1992 British Banks' Role in U.K. Capital Markets since the Big Bang Philip N. Hablutzel IIT Chicago-Kent College of Law Follow this and additional works at: https://scholarship.kentlaw.iit.edu/cklawreview Part of the Law Commons Recommended Citation Philip N. Hablutzel, British Banks' Role in U.K. Capital Markets since the Big Bang, 68 Chi.-Kent L. Rev. 365 (1992). Available at: https://scholarship.kentlaw.iit.edu/cklawreview/vol68/iss1/27 This Article is brought to you for free and open access by Scholarly Commons @ IIT Chicago-Kent College of Law. It has been accepted for inclusion in Chicago-Kent Law Review by an authorized editor of Scholarly Commons @ IIT Chicago-Kent College of Law. For more information, please contact [email protected], [email protected]. BRITISH BANKS' ROLE IN U.K. CAPITAL MARKETS SINCE THE BIG BANG PHILIP N. HABLUTZEL* In the Fall of 1986, two legal events occurred in the United King- dom which became known as the "Big Bang." First, on October 27, the actual "Big Bang" was a reform in the operation of the Stock Exchange in the form of a settlement between the Exchange and the Government regarding claims that the Exchange had been anticompetitive. Particular practices complained of were the fixed brokerage commissions and the separation of brokers (who could not act on their own account) and job- bers (market-makers could not act for customers). The Big Bang abol- ished fixed commissions and the distinction between brokers and jobbers.1 Then, on November 7, 1986, the Financial Services Act began com- ing into force, a process completed by April 29, 1988.
    [Show full text]
  • Review of Financial Regulation in the Crown Dependencies
    Review of Financial Regulation in the Crown Dependencies Presented to Parliament by the Secretary of State for the Home Department by Command of Her Majesty November 1998 Cm 4109-i Part 1 - Main Report £17.85 Cm 4109-ii Part 2 - The Jersey Finance Centre £10.30 Cm 4109-iii Part 3 - The Guernsey Finance Centre £12.60 Cm 4109-iv Part 4 - The Isle of Man Finance Centre £11.40 published by The Stationery Office as Part 1 ISBN 0 10 141092 1 Part 2 ISBN 0 10 141093 X Part 3 ISBN 0 10 141094 8 Part 4 ISBN 0 10 141095 6 Review of Financial Regulation in the Crown Dependencies OFFICE OF THE REVIEW OF FINANCIAL REGULATION IN THE CROWN DEPENDENCIES c/o Home Office 50 Queen Anne's Gate London SW1H 9AT Rt Hon Jack Straw MP Home Secretary Home Office 50 Queen Anne's Gate London SW1H 9AT 24 October 1998 Dear Home Secretary REPORT OF THE REVIEW OF FINANCIAL REGULATION IN THE CROWN DEPENDENCIES You commissioned me on 20 January 1998 to review with the Island authorities in Jersey, Guernsey and the Isle of Man their laws, systems and practices for regulation of their international finance centres, the combating of financial crime and co- operation with other jurisdictions. I have pleasure in submitting my Report with this letter. As explained in Chapter 1, the Report consists of four Parts. Part I presents my own assessment. I take responsibility for what it says. It includes a two-page summary of Principal Issues followed by a full Summary and Main Conclusions and then the Main Report.
    [Show full text]
  • Bank of England Market Operations Guide: Our Tools
    Bank of England Market Operations Guide: Our tools Further detail on the market-wide operations and facilities we use to achieve our monetary policy and financial stability i objectives Content Overview Managing risk Who can apply Eligible participants Collateral Requirements Eligible collateral for lending summary Collateral haircuts Sterling Monetary Framework (SMF) operations Reserves accounts Operational Standing Facility (OSF) Sterling Monetary Framework (SMF): Liquidity Operations Publishing usage of our liquidity operations The Discount Window Facility (DWF) Key information about the DWF Indexed Long-Term Repo (ILTR) How ILTR works Key information about the ILTR Contingent Term Repo Facility (CTRF) Term Funding The Term Funding Scheme with additional incentives for SMEs (TFSME) Drawdowns, terms and fees Borrowing Allowance Published information The Term Funding Scheme (TFS) (closed to new drawings) The Funding for Lending Scheme (FLS) (closed to new drawings) Asset purchases Purchasing gilts Purchasing corporate bonds Short-term non-sterling liquidity facilities Overview This section of the Guide provides more detail on the market-wide operations and facilities we use to achieve our monetary policy and financial stability objectives. It also covers how firms can apply for access and make use of them. Our ‘open for business’ approach means that where eligible firms meet our supervisory threshold conditions and have appropriate collateral they can sign up to and use our facilities. Managing risk When we lend to firms we naturally incur risk. To protect public money, we manage that risk in three ways: First, by applying appropriate eligibility criteria. To be eligible to participate in the Bank’s operations, firms must be subject to robust supervisory oversight by the Prudential Regulation Authority (PRA) or a comparable prudential regulator.
    [Show full text]