Markets News 

JPMorgan and Citigroup just closed bond desks for smaller trades in favor of algorithms. It’s another sign that robots are taking over.

“Some of Wall Streets’ biggest corporate bond dealers are replacing humans with algorithms for a portion of their trades, another sign that the robot revolution is in full swing” writes Dakin Campbell for businessinsider.com. That means the handling of the odd-lot bonds will be managed by algorithms instead of humans.The path to the change was paved in September 2018, when Citi reorganized the corporate bond trading team to bring institutional trading teams and the retail trading teams under one leadership.Citigroup and JPMorgan both recently disbanded teams dedicated solely to trading…

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Markets News Stocks 

$10 trillion in corporate debt has become a ticking time bomb for the next credit crisis — but one group of stocks is best positioned to escape it

“But outstanding corporate debt, which now stands at nearly $10 trillion, is where the red flags are more frequently hoisted” writes Akin Oyedele for businessinsider.com. A decade after the crisis, investors’ biggest concern is no longer household debt.Their net-debt-to-EBITDA ratio has more than doubled since 2009 and was 1.5 times that of their S&P 500 peers at the end of 2018.Half of the small-cap companies have debt that comes due within the next five years, compared with 40% of the S&P 500. Source: businessinsider.com

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News 

Citi Preps For Corporate Banking Uptick

“While business with its corporate clients slowed down at the start of the year, Citigroup said it is preparing for its corporate banking operations to pick up as the year moves forward” reports pymnts.com. According to Mason, there is a “disconnect” between economic data and concerns about an economic downturn, and the strong performance of the bank’s corporate customers across the globe. Last month Citi announced a partnership with corporate treasury and cash management solution provider Kyriba, which will connect its business customers to faster payment capabilities provided by Citi.While…

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News 

CEO Timothy Sloan just told Congress that the massive, scandal-plagued bank “does well by doing right.”

“But in federal court, Wells Fargo tells a different story” writes Senior Reporter for huffpost.com. Sloan: They do Porter: Then why are your lawyers in federal court arguing these are ‘corporate puffery’?. Sloan’s vows to “restore trust,” according to court filings from the bank’s own lawyers, are mere “corporate puffery” that “no reasonable investor” could rely on. Source: huffpost.com

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Crypto News 

Corporates Keep Coffers Open To Blockchain

“Businesses continue to invest in blockchain technology as more service providers, particularly in the finance arena, pull their distributed ledger innovations out of beta and into the real world” reports pymnts.com. A new report from the International Data Corporation (IDC) pegged corporate spending on blockchain at a new high for 2019, expecting loose purse strings to continue through 2022.The report identified which regions’ corporate communities are investing the most in blockchain, with the U.S. leading the way.Analysts pointed to the blockchain industry’s ability to “remove a layer of uncertainty” as it continues…

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Neo Launches FX Management For EU Corporates

“Corporate cash management FinTech Neo is rolling out a new solution to help business customers manage their foreign exchange exposure” reports pymnts.com. In an announcement Friday (March 8), Neo said its Neo FX Hub solution enables corporate customers to manage their foreign exchange risk exposures while supporting hedging activity, and provides forwards, swaps and options.With our FX Hub, we have built from scratch a trading floor and coupled it with a treasury management platform.Research released in 2016 from cross-border payments firm Covercy found small businesses in the U.K. are particularly…

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Bad Box configurations lead to leaks of sensitive corporate data

“Dozens of organizations left terabytes of data exposed online through web links to files hosted on data-sharing platform Box, according to research published Monday” writes Sean Lyngaas for cyberscoop.com. After locating the sub-domains of various corporate Box accounts, Adversis researchers began brute-forcing files and folders, “returning results faster than we could review them.” TechCrunch was first to report on the data leak. Box has updated its file-sharing guidance, advising people to set default access to share files only with internal company users.The exposed data, which spanned hundreds of thousands of documents,…

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The Trump bump has ‘entirely evaporated’: Fidelity surveyed 165 analysts and found worry around presidential policy more than doubling

“Only about a fourth of analysts covering North America expect supportive fiscal policy this year, it said, driven by tax cuts” writes Trista Kelley for businessinsider.com. Most significant, the report said, is a notable shift among analysts covering companies in North America.For the first time our analysts report that the net impact on companies is expected to be negative.”. Fewer than one in five said Trump’s policies would be positive, a plunge from 38% who said the same 12 months ago, Fidelity found.The telecoms sector, typically more domestically focused, is…

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Elizabeth Warren pulled a ninja move to turn tech angst into a crackdown with real teeth, and tech is going to suffer even if she’s not president

“It’s been a long time since antitrust policy has been a major topic of a presidential election” writes Finanzen Net Gmbh for businessinsider.com. Instead of viewing concentrations of corporate power in a dim light, federal regulators generally came to view them favorably. Source: businessinsider.com

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