European Union

As Of This Moment, Barclays Is Not Accepting FX Stop Loss Orders

"Both Barclays Electronic Trading Desk and Barclays Voice Spot Trading Desk will endeavour to operate as close to normal levels of service as the Disrupted Market Conditions allow.  However, taking into account the potential Disrupted Market Conditions during the EU Referendum Period, Barclays has decided to impose certain restrictions on its electronic and voice FX Stop Loss order offering during this period and would like to highlight certain matters with respect to Disrupted Market Conditions."

Frontrunning: June 23

  • ‘Brexit’ Vote: U.K. Heads to the Polls in Historic Referendum on EU Membership (WSJ)
  • The Brits Have No Good Options on Europe Vote (BBG)
  • Stocks Rise With U.S. Futures as Pound Gains While U.K. Votes (BBG)
  • Trump and Clinton Place Bets to Woo Undecided Voters (BBG)
  • China brushes off doubts over support on South China Sea, says it is growing (Reuters)

Robots To Pay "Social Security" Under EU Tax Proposal

The EU is studying a proposal that would count robots as people for tax purposes. Although the proposal is deemed “too early” to implement just yet, rest assured once nannycrats get a bad idea in their heads, it never leaves. This provides yet another reason to vote in favor of Brexit.

Voting Begin: Stocks Surge, Sterling Hits 2016 Highs, Futures Flirt With 2100

On the day voting for the UK referendum finally began, what started off as a trading session with a modest upward bias, promptly turned into a buying orgy in painfully illiquid markets shortly after Europe opened as an influx of buy orders pushed European stocks 2% higher, propelled by cable which was above 1.49 for the first time since December and USDJPY climbing over 1.05 in sympathy, following the release of the final Ipsos Mori poll which showed Remain at 52% to 48% for leave.

With Or Without You? U2 Urges Irish Brits To Vote "Remain"

You know the establishment is paniccing when they roll out Bono (and Liam Neeson) to appeal to the Irish (which make up around 10% of the UK electorate) to vote "Remain" or face "the worst ramifications." As The Irish Times reports, U2 warns "a Brexit vote will make us weak," suggesting a vote to 'Leave' would mean Thursday bloody Thursday and a vote to 'Stay' would be a Beautiful Day.

The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result

BOJ Governor Haruhiko Kuroda will be in Switzerland as the results are announced of the U.K.’s June 23 vote on whether to remain in the European Union.He won't be alone: Kuroda will be traveling from June 23 to June 28 to attend meetings of the Bank for International Settlements, where other central bankers also will gather, the BOJ said Wednesday.

Something Strange Emerges When Looking Behind The "Brexit" Bookie Odds

When one looks at the actual dynamics within the bookies, an odd divergence emerges: "Although Ladbrokes has received a higher volume of bets to leave the EU, those making a punt on remain were placing higher financially larger" - the average stake on a bet to remain was £450, compared to £75 on a bet to leave."

Frontrunning: June 22

  • Nervy global investors revisit 1930s playbook (Reuters)
  • Stocks Trade Near Week High Before Brexit Vote; Commodities Gain (BBG)
  • Yellen May Face Tougher Crowd in House Appearance (WSJ)
  • In SolarCity Bid, Tesla’s Musk Targets Customers Wanting All (BBG)
  • Trump to detour from campaign to visit Scotland golf properties (Reuters)

Eerie Calm Across Markets One Day Before The Main Event: Asia, Europe, US Unchanged

There is an eerie quiet across markets, one day before the year's main risk event: with the UK referendum vote starting in less than 24 hours and results due out shortly after, it is as if even the algos have stopped frontrunning other algos, in a market so thin and illiquid even the smallest order can result in a gap, either higher or lower. As a result, European, Asian stocks and S&P futures are little changed ahead of Thursday, with the Stoxx Europe 600 Index swinging between gains and losses more than five times so far today.

Britain Doesn't Need The EU To Thrive

The history of mankind is a struggle between the individual trying to retain freedoms and tyrannical governments trying to take it away from him. The EU was created to increase freedoms: the freedom of the movement of goods, capital, and people. As expected, it has devolved into an entity that does just the opposite...