UBS Financial News

UBS's fees from dealmaking slipped by nearly 60% in the third quarter, kicking off an earnings season for major European investment banks after a slump at Wall Street rivals.

Tom Zschach, chief innovation officer at Swift says that the success showed that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that Swift’s new transaction management capabilities could orchestrate all inter-network communication.“For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments," he says.14 central and commercial banks, including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now collaborating in a testing environment to accelerate the path to full scale deployment.As reported by Finextra yesterday, a seperate Swift-led pilot has also successfully implemented a common framework linking tokenisation systems between CSD’s and global custodians. Working in collaboration with Citi, Clearstream, Northern Trust, and technology partner SETL, Swift explored 70 scenarios simulating market issuance and secondary market transfers of tokenised bonds, equities and cash.

Take a look at some of the biggest movers in the premarket:

As the majority of the world’s Central Banks are now developing or researching the prospects of Central Bank Digital Currencies (CBDCs), the Society for Worldwide Interbank Financial Telecommunications has detailed how these individual CBDCs can co-exist in a global setting.

Tom Zschach, chief innovation officer at Swift says that the success showed that the blockchain networks could be interlinked for cross-border payments through a single gateway, and that Swift’s new transaction management capabilities could orchestrate all inter-network communication.“For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway, ensuring the instant and smooth flow of cross-border payments," he says.14 central and commercial banks, including Banque de France, the Deutsche Bundesbank, HSBC, Intesa Sanpaolo, NatWest, SMBC, Standard Chartered, UBS and Wells Fargo, are now collaborating in a testing environment to accelerate the path to full scale deployment.As reported by Finextra yesterday, a seperate Swift-led pilot has also successfully implemented a common framework linking tokenisation systems between CSD’s and global custodians. Working in collaboration with Citi, Clearstream, Northern Trust, and technology partner SETL, Swift explored 70 scenarios simulating market issuance and secondary market transfers of tokenised bonds, equities and cash.

In this article

Eleven of the world’s largest banks and brokerages will collectively pay $1.8bn in fines to resolve regulatory investigations over their employees’ use of messaging applications that broke record-keeping rules, regulators said 27 September.

In this article

David Wighton is a columnist for Financial News

UBS has assembled a team of senior dealmakers to advise clients on ESG issues, as the transition to a cleaner economy is expected to provide a lucrative new line of fees for banks.

Texas troubles

Check out the companies making headlines in midday trading.

Many of Wall Street’s biggest banks are nearing agreements to pay as much as $200m each and admit that their employees’ use of personal messaging apps such as WhatsApp violated regulatory requirements, according to people familiar with the matter.

In this article

For years the poster child of European banking, UBS has just turned in an uncharacteristic-ally disappointing set of earnings for the second quarter. But there was one bright spot — its small fixed-income trading business, where revenue surged 19%.

Barclays has hired a senior UBS dealmaker to co-head its advisory business in the UK.

Barclays has hired a senior UBS dealmaker to co-head its advisory business in the UK.

UBS gave a gloomier picture of its business managing money for the rich than analysts expected for the second quarter, sending the Swiss bank's stock down 6%.

Ken Moelis, the billionaire former president of UBS, is no stranger to the turbulent world of crypto. He has a personal investment in Paxos, a blockchain firm, and last year likened the industry to the California gold rush of 1848.

UBS chief executive Ralph Hamers said that the bank is not planning a hiring freeze or job cuts despite missing market expectations with its second-quarter results.

UBS's investment banking fees slumped by nearly 60% during the second quarter, a larger drop than Wall Street rivals, as European lenders prepare to take a hit from a decline in dealmaking.