Financial institutions are increasingly building bespoke trading systems due to the convergence of cloud technology, open-source tools and tech accelerators, writes Matt Barrett, CEO of Adaptive. This shift is leveling the playing field, allowing mid-sized firms to access capabilities previously reserved for larger institutions, and is expected to enhance market efficiency and drive innovation.
Bank of America CEO Brian Moynihan has led the bank for 15 years with a focus on "responsible growth", a strategy aimed at stabilizing the bank post-financial crisis. Moynihan has avoided risky ventures, prioritizing a balanced approach to risk management. His leadership style is characterized by a steady, cautious approach, which has helped BofA grow to a market capitalization of $350 billion, making it the second-largest bank in the US.
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Banks are preparing to release earnings amid a challenging backdrop, including a strong jobs report that has raised inflation concerns and the Federal Reserve's cautious stance on interest rate cuts. Despite the uncertainty, analysts remain optimistic about a revival in dealmaking, which could boost results in 2025. BlackRock, Citigroup, Goldman Sachs, and JPMorgan Chase kick-off earnings on Wednesday.
Former Federal Reserve Vice Chair Randal Quarles says the central bank's independence will not be threatened under President-elect Donald Trump. "There's a fair bit of misunderstanding about what Fed independence is. Fed independence doesn't mean that the president can't express a view on Fed policy," Quarles said.
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Amazon, Meta and Tesla do not hedge foreign exchange exposure on a day-to-day basis, according to a Risk.net study of the companies' financial filings. This approach contrasts with other major tech firms such as Apple and Microsoft, which have sophisticated FX hedging programs. Experts suggest that the decision not to hedge might be driven by a focus on top-line growth and a belief that investors are more interested in revenue metrics than FX impacts.
Options traders are anticipating significant volatility during the upcoming earnings season, with expectations that S&P 500 stocks will experience an average move of 4.7% in either direction following their earnings reports. This would mark the largest earnings-day movements on record, as reported by Bank of America strategists.
