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Tradeweb 2022 Annual Client Letter: Markets Put To The Test… Again

Date 16/12/2022

Dear Client,

If 2020 and 2021 were tests of our resilience and resolve, this past year was a masterclass in macroeconomic and geopolitical one-upmanship. Financial markets weathered the storm of an ongoing global pandemic, supply chain disruption and massive geopolitical unrest, while rising inflation and rapid-fire interest rate increases and a persistent threat of recession tested the resilience of our markets.

US Financial Stability Oversight Council Meeting

Date 16/12/2022

On Friday, December 16, U.S. Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council) at the Treasury Department.   

US Financial Stability Oversight Council Releases 2022 Annual Report

Date 16/12/2022

The Financial Stability Oversight Council (Council) today unanimously approved its 2022 annual report.  The report notes that, amid heightened geopolitical and economic shocks and inflation, risks to the U.S. economy and financial stability have increased even as the financial system has exhibited resilience.  The annual report reviews financial market developments, describes potential emerging threats to U.S. financial stability, identifies vulnerabilities in the financial system, and makes recommendations to mitigate those threats and vulnerabilities.  The report was developed collaboratively by Council members and their agencies and staffs. 

Readout: Financial Stability Oversight Council Meeting On December 16, 2022

Date 16/12/2022

Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. Department of the Treasury (Treasury). 

ESMA: New Q&As Available

Date 16/12/2022

The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has updated the following Questions and Answers:

BIS: Central Banking After The Pandemic: Challenges Ahead

Date 16/12/2022

The 21st BIS Annual Conference took place in Basel, Switzerland, on 24 June 2022. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Central banking after the pandemic: challenges ahead". The papers presented at the conference are released as BIS Working Papers, nos 1060, 1061, 1062 and 1063.

BIS: The Burst Of High Inflation In 2021–22: How And Why Did We Get Here?

Date 16/12/2022

Summary

Focus 

The current institutional arrangements for monetary policy delivered more than two decades of low and stable inflation.

BIS: London As A Financial Centre Since Brexit: Evidence From The 2022 BIS Triennial Survey

Date 16/12/2022

Key takeaways

• Historically, London has enjoyed an outsized role in euro-denominated financial transactions. We examine the latest evidence on whether Brexit has affected its central role in trading of interest rate derivatives, foreign exchange, international banking and bond underwriting.
• The 2022 BIS Triennial Central Bank Survey shows that London remains dominant in FX trading, but has lost share in euro interest rate swaps to euro area centres after five Surveys showing gains.
• London retains its pre-eminence in international banking, but its banking ties to the euro area have loosened in part owing to the shift of euro repo clearing from London to Paris.

Impianti S.p.A. Lists On Euronext Growth Milan

Date 16/12/2022

• 23rd listing of 2022 on Euronext Growth Milan

• Impianti S.p.A. brings the total number of companies listed on Euronext Growth Milan to 187

• 80th listing on Euronext in 2022

• Total placement volume of the offering equal to €2 million

BIS: Cryptocurrencies And Decentralised Finance (DeFi)

Date 16/12/2022

Summary

Focus 

Historically, financial intermediaries have been the key nodes in the financial system that control the accuracy of customer accounts, perform bookkeeping functions and ensure that unauthorised persons do not have access to an account. But recent advances in technology have enabled, in the form of decentralised finance (DeFi), a new form of intermediation in crypto markets that aims to cut out the middle men and reduce transaction costs. The key elements of the DeFi ecosystem are novel automated protocols on blockchains, ie forms of permissionless distributed ledger in which details of transactions are held in the ledger in the form of blocks of information.