Hello everyone,

An Headlink-Partners selection of articles (in English and in French) from last week on Capital Markets, Asset Management and more.

Enjoy!

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Capital Market

• Europe is not ready for US Banks rules (US banks pushed Europe to play by their rules and gained market shares. Now the party is over with Europeans trying to protect their industry)
• LSE’s desperation to sell LCH SA division for £430M becomes apparent (the sale is mandatory to conclude the merger with Deutsche Börse but Euronext does not want to pay a penny for this entity)
• Pourquoi les banques accélèrent la cession de leurs créances douteuses (grosse pression de la BCE pour permettre aux banques de retrouver des marges de manœuvre pour financer l’économie)
• Les parts de fonds testées en collatéral pour des opérations de Repo (le manque de High Quality Collateral pour faire face aux besoins croissants pousse ce type d’initiative)
• US clearing members: Q3 ranking (concentration around a couple of firms with shrinking market share for EU banks, especially on OTCD)
• Goldman Sachs’ Brexit expectations don’t bode well for London banking jobs

Asset Management and Private banking

• Aberdeen drops Pioneer bid saying EU 3.5 Billion price too high (makes sense, especially with the increasing pressure on margins and management fees)
• Even top rated funds underperformed says MorningStar (always the same story, figures don’t lie: less than 1-2% of funds beat the market. Hard times for active asset management)
• Q&A with Jack Bogle who created Vanguard (long and fascinating interview. A must read to better understand the story behind the rise of passive Asset Management)
• Renaissance: inside a moneymaking machine like no other (brilliant article about the best quantitative hedge fund in the world)
• BNP Paribas signe une collecte record en gestion d’actifs

Digital and Fintechs

• Goldman Sachs leaves the R3 consortium (big move, linked to the difficulties to reach a good consensus between all parties)
• Payment provider Stripe has raise another $150M at a $9B valuation (electronic payments keeps growing at a fast pace)
• La banque du futur doit devenir une plateforme selon Citigroup (LA grosse tendance du moment. Vers la banque en totale architecture ouverte ?)

Management

• L’entreprise libérée est-elle un traquenard ? (derrière les grands discours, quelle réalité ? Une remise au goût du jour de la structure soleil menée par un leader charismatique ? Ou une véritable organisation collaborative ?)

Regulation

• EC looks to ease bank capital rules (new 2 year delay for mandatory clearing + more flexible rules to limit the impact of client’s collateral on leverage ration)