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JUNE 20, 2023

THE NEW CRYPTO EXCHANGE

EDX Markets has opened its doors with a focus on serving brokers and investors interested in alternative digital asset options. Backed by Citadel Securities, Fidelity Investments, and Charles Schwab, EDX Markets has been quietly trading for the past few weeks with a “noncustodial” approach, meaning it does not directly engage with customer digital assets. The exchange will offer trading in Bitcoin, Bitcoin cash, Ethereum, and Litecoin, with clearing and settlement services provided by third-party crypto firms.

UNSTABLE OIL PRICES

Oil prices have experienced small fluctuations, influenced by broader market movements, as China implemented measures to support its economy. As a result, Brent futures experienced a slight increase of 0.4% to reach around $76, following a brief dip. While China reduced lending rates, traders are debating the extent to which the country’s authorities will implement broader measures to boost economic growth, leading to uncertainty in the global oil market, given China’s status as a major crude oil importer.

WALL STREET’S SHIFT

Wall Street’s money-market funds are reducing their cash deposits in the Federal Reserve borrowing program, which shows the government’s efforts to refill its funds after the debt-ceiling dispute have not disrupted the market. Instead, these funds are shifting towards purchasing newly issued Treasury bills, which could ease concerns about increased market volatility and government funding costs. The decline in the use of the borrowing program offers hope that the flow of money in short-term markets will remain stable and not stress the financial system.

UBS REGULATORY FINES

UBS Group AG is facing substantial regulatory fines due to Credit Suisse Group AG’s involvement with Archegos Capital. With UBS acquiring Credit Suisse and inheriting all of its legal matters, the U.S. Federal Reserve is anticipated to impose a fine of up to $300 million, while the UK’s Prudential Regulation Authority could levy a fine of around £100 million. UBS had expected potential legal liabilities from Credit Suisse to reach $4 billion over the next year, along with possible asset write-downs of about $13 billion. Moreover, despite UBS’s gains from the acquisition, its stock price declined, and the bank has requested regulatory agencies to publish their findings and announce penalties jointly.

INTERNATIONAL NEWS

There are growing concerns that the UK could enter a period of recession if the Bank of England decides to push its benchmark lending rate to 6%. This decision could result in GDP shrinking by 0.3% this year and up to 1.4% in 2024, posing significant challenges to the Prime Minister’s government and households across the country. Economists warn that a rate increase could cause job losses, with more than one million households being affected and resulting in higher costs for refinancing loans.

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