cityam--2020-12-11--Beyond digital gold: unlocking the true value of bitcoin

Digital gold has gone mainstream .
JP Morgan , BlackRock and the biggest names in global finance are now echoing the cypherpunks and suggesting that Bitcoin could replace the yellow metal as a safe haven in investment portfolios .
But while Bitcoin does share characteristics with gold , a big reason why the digital gold narrative has found so much traction with sophisticated investors is because of limitations with institutional-grade digital asset custody infrastructure .
In the name of security , most institutions are forced to adopt centralized crypto asset management methods , shunting the private keys that grant ownership @ @ @ @ @ @ @ the functionality of a dynamic decentralized currency to an inert rock .
At a time when investors of all stripes are trying to hedge against economic policies designed to counter the impact of coronavirus , the idea of digital gold has quickly gained traction .
But while the contagious idea has helped bitcoin spread to institutional investor ’ s portfolios , treating bitcoin like a simple commodity limits its ability to act as both a safe haven and a digital decentralized asset , particularly for institutional players .
As a cryptographic asset controlled @ @ @ @ @ @ @ enables a new form of ownership , which is spelled out with legal certainty in pioneering regulations from Wyoming that recognize the ownership rights conferred by control of private keys .
This is liberating for individuals , who can take advantage of a unique safe haven that has no negative carry , and is cheap and easy for an individual to manage .
Unlike gold , which is firmly rooted in the physical realm , bitcoin exists borderlessly on the blockchain , providing a safe haven that passes beyond geographic and jurisdictional limits @ @ @ @ @ @ @ as memorizing a 12 word mnemonic of the private key .
Better yet , Bitcoin can be put to work in the growing crypto economy , and lent , borrowed , or sweated in other ways without necessarily giving up control of the asset to a third party .
Institutions , on the other hand , can ’ t take advantage of this self-sovereign vision so easily .
Stringent regulations and lack of technical knowledge mean most sophisticated investors can ’ t simply take control of their own private keys , and are @ @ @ @ @ @ @ the cryptocurrency ’ s full potential .
When bitcoin is squirreled away in cold storage or locked in cumbersome multisig services , the asset is stripped of some of its most salient qualities .
These centralized methods of private key storage treat private keys like the buried treasure of pirates , locking them away on computers disconnected from the internet , or on strips of paper in safety deposit boxes and vaults hidden far below Swiss mountains .
Yet as a bearer asset , managing Bitcoin means handling these private keys .
So @ @ @ @ @ @ @ accounts or in offline wallets , management processes are obstructed by manual human operations , or gaining physical access to storage .
By forcing a decentralized asset into a centralized box , these private key management methods make transacting expensive and cumbersome , impeding institutions ’ ability to quickly execute time-sensitive trades , and forcing many fund managers to adopt a passive buy and hold strategy instead of capitalizing on volatility .
In addition , by treating bitcoin as if it was a lump of rock , investors lose the capacity of bitcoin @ @ @ @ @ @ @ easily put the asset to work in the crypto economy , and lend , borrow , or stake the cryptocurrency to earn yield and enhance portfolio value .
To deploy bitcoin as an asset in the growing DeFi economy , wrapped versions of bitcoin have emerged that represent a tokenized version of the cryptocurrency on another blockchain network , such as Ethereum .
Traders deposit bitcoin with a custodian and receive an IOU token — sort of like dollars back in the days of the gold standard when they could still be swapped @ @ @ @ @ @ @ token makes it easier for individuals to sweat their bitcoin , as it can easily be put to work in DeFi protocols on other networks , and used to conduct complex arbitrage trades like yield farming .
But as the tokens rely on a single custodian , wrapped Bitcoin forfeits the qualities of decentralization and censorship resistance that make Bitcoin a unique safe haven asset .
To let institutions securely realise the full potential of bitcoin as programmable money , without sacrificing the salient qualities of the asset , we need decentralized cryptoasset @ @ @ @ @ @ @ of MPC to decentralize digital asset custody .
This allows for private keys to be decentralized , providing security with no loss of accessibility , removing the need for cumbersome management processes or slow and expensive physical vaults .
With this decentralized custody , the censorship resistance and decentralised qualities of Bitcoin can be retained , and made compatible with institutional needs .
Strict governance controls can be assigned without compromising on speed or access , whitelists can be used , segregated accounts can be maintained , and multiple custodians can be appointed @ @ @ @ @ @ @ allows for the true potential of Bitcoin to be realized by institutions , who can then trade the cryptocurrency algorithmically with automated strategies , and securely participate in DeFi protocols , .
without counterparty risk and without sacrificing the self-sovereignty that is essential to Bitcoin .
As more custody technologies decentralize to reflect the decentralized assets they hold , the true potential of bitcoin as a dynamic digital asset will be unlocked , stretching the digital gold analogy beyond its limits .
Digital veteran Anthony Foy has been building pioneering tech companies for @ @ @ @ @ @ @ attention to blockchain after several successful ventures in cloud computing and SaaS .
At Qredo , Anthony leads the development of a cross-chain liquidity protocol that powers secure peer-to-peer trading and custody for institutions .

Beyond digital gold: unlocking the true value of bitcoin
Digital gold has gone mainstream. JP Morgan, BlackRock and the biggest names in global finance are now echoing the cypherpunks and suggesting that Bitcoin could replace the yellow metal as a safe haven in investment portfolios.
But while Bitcoin does share characteristics with gold, a big reason why the digital gold narrative has found so much traction with sophisticated investors is because of limitations with institutional-grade digital asset custody infrastructure.
In the name of security, most institutions are forced to adopt centralized crypto asset management methods, shunting the private keys that grant ownership over blockchain assets offline, and reducing the functionality of a dynamic decentralized currency to an inert rock.
A decentralized safe haven
At a time when investors of all stripes are trying to hedge against economic policies designed to counter the impact of coronavirus, the idea of digital gold has quickly gained traction.
But while the contagious idea has helped bitcoin spread to institutional investor’s portfolios, treating bitcoin like a simple commodity limits its ability to act as both a safe haven and a digital decentralized asset, particularly for institutional players.
As a cryptographic asset controlled by a string of code, Bitcoin enables a new form of ownership, which is spelled out with legal certainty in pioneering regulations from Wyoming that recognize the ownership rights conferred by control of private keys.
This is liberating for individuals, who can take advantage of a unique safe haven that has no negative carry, and is cheap and easy for an individual to manage. Unlike gold, which is firmly rooted in the physical realm, bitcoin exists borderlessly on the blockchain, providing a safe haven that passes beyond geographic and jurisdictional limits, and can be stored as easily as memorizing a 12 word mnemonic of the private key.
Better yet, Bitcoin can be put to work in the growing crypto economy, and lent, borrowed, or sweated in other ways without necessarily giving up control of the asset to a third party.
Institutions, on the other hand, can’t take advantage of this self-sovereign vision so easily. Stringent regulations and lack of technical knowledge mean most sophisticated investors can’t simply take control of their own private keys, and are forced to use custodians that often limit the cryptocurrency’s full potential.
The problem with centralized custody
When bitcoin is squirreled away in cold storage or locked in cumbersome multisig services, the asset is stripped of some of its most salient qualities.
These centralized methods of private key storage treat private keys like the buried treasure of pirates, locking them away on computers disconnected from the internet, or on strips of paper in safety deposit boxes and vaults hidden far below Swiss mountains.
Yet as a bearer asset, managing Bitcoin means handling these private keys. So when they are locked away behind multisig accounts or in offline wallets, management processes are obstructed by manual human operations, or gaining physical access to storage.
By forcing a decentralized asset into a centralized box, these private key management methods make transacting expensive and cumbersome, impeding institutions’ ability to quickly execute time-sensitive trades, and forcing many fund managers to adopt a passive buy and hold strategy instead of capitalizing on volatility.
In addition, by treating bitcoin as if it was a lump of rock, investors lose the capacity of bitcoin as programmable money; they cannot easily put the asset to work in the crypto economy, and lend, borrow, or stake the cryptocurrency to earn yield and enhance portfolio value.
Decentralized custody for decentralized assets
To deploy bitcoin as an asset in the growing DeFi economy, wrapped versions of bitcoin have emerged that represent a tokenized version of the cryptocurrency on another blockchain network, such as Ethereum.
Traders deposit bitcoin with a custodian and receive an IOU token — sort of like dollars back in the days of the gold standard when they could still be swapped for bullion at the bank. This token makes it easier for individuals to sweat their bitcoin, as it can easily be put to work in DeFi protocols on other networks, and used to conduct complex arbitrage trades like yield farming.
But as the tokens rely on a single custodian, wrapped Bitcoin forfeits the qualities of decentralization and censorship resistance that make Bitcoin a unique safe haven asset.
To let institutions securely realise the full potential of bitcoin as programmable money, without sacrificing the salient qualities of the asset, we need decentralized cryptoasset management.
Qredo uses the cryptographic breakthrough of MPC to decentralize digital asset custody. This allows for private keys to be decentralized, providing security with no loss of accessibility, removing the need for cumbersome management processes or slow and expensive physical vaults.
With this decentralized custody, the censorship resistance and decentralised qualities of Bitcoin can be retained, and made compatible with institutional needs. Strict governance controls can be assigned without compromising on speed or access, whitelists can be used, segregated accounts can be maintained, and multiple custodians can be appointed for self or managed custody.
This allows for the true potential of Bitcoin to be realized by institutions, who can then trade the cryptocurrency algorithmically with automated strategies, and securely participate in DeFi protocols,. without counterparty risk and without sacrificing the self-sovereignty that is essential to Bitcoin.
As more custody technologies decentralize to reflect the decentralized assets they hold, the true potential of bitcoin as a dynamic digital asset will be unlocked, stretching the digital gold analogy beyond its limits.
Digital veteran Anthony Foy has been building pioneering tech companies for over 20 years, and turned his attention to blockchain after several successful ventures in cloud computing and SaaS. At Qredo, Anthony leads the development of a cross-chain liquidity protocol that powers secure peer-to-peer trading and custody for institutions.
http://linkedin.com/in/anthony-foy-ceo


Tumbling down

The market continued to trade softer and in early Friday trade , Bitcoin was trading below $ 18,000 level , while Ethereum fell below $ 550 level .
Looking at the price action over this week and large cap MVIS index is down 7.5 % , while the small cap index is down 10.2 % .
The open interest ( OI ) across futures venues has dipped this week , although the decline has been steady and there is little evidence of panic .
The OI on the CME is also below $ 1 billion , although the venue is @ @ @ @ @ @ @ overall OI .
The flow in the options market has been a bit more melodramatic and the euphoric sentiment that saw dip buying of calls has turned into put buying between $ 17/18,000 area .
However , it is worth bearing in mind that positioning post December expiries is much more bullish , so either the market recovers aggressively and the recent downside is in part linked to profit taking or there is scope for further unwind in the new year .
In terms of news flow , CoinDesk reported that the New @ @ @ @ @ @ @ the handover of loan documents relating to an alleged $ 850 million cover-up will be completed in “ the coming weeks.
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Tumbling down
Softer does it
The market continued to trade softer and in early Friday trade, Bitcoin was trading below $18,000 level, while Ethereum fell below $550 level. Looking at the price action over this week and large cap MVIS index is down 7.5%, while the small cap index is down 10.2%.
The open interest (OI) across futures venues has dipped this week, although the decline has been steady and there is little evidence of panic. The OI on the CME is also below $1 billion, although the venue is still the third largest in terms of overall OI.
The flow in the options market has been a bit more melodramatic and the euphoric sentiment that saw dip buying of calls has turned into put buying between $17/18,000 area.
However, it is worth bearing in mind that positioning post December expiries is much more bullish, so either the market recovers aggressively and the recent downside is in part linked to profit taking or there is scope for further unwind in the new year.
In the Markets
Hand it over
In terms of news flow, CoinDesk reported that the New York Attorney General (NYAG) anticipates the handover of loan documents relating to an alleged $850 million cover-up will be completed in “the coming weeks.”
Crypto AM: Longer Reads
Crypto AM: Market View in association with Ziglu
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Crypto AM: Inside Blockchain with Troy Norcross
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cityam--2020-12-11--Morgan Stanley: UK bank shares could fall 20 per cent in no-deal Brexit

Morgan Stanley has said UK bank shares could tumble 10 to 20 per cent in a no-deal Brexit , with the FTSE 250 dropping as much as 10 per cent .
It comes as the UK and EU struggle to sign a free-trade agreement .
Prime Minister Boris Johnson yesterday said a no-deal Brexit outcome was now a “ strong possibility ” .
Morgan Stanley said that markets had been expecting a trade deal to be signed .
It said no deal would therefore “ represent a genuine and negative ‘ surprise ’ that markets are likely under-prepared for ” @ @ @ @ @ @ @ a note that the FTSE 100 would not be hit because a falling pound would support it .
When the pound drops , the overseas earnings of FTSE firms become worth more in relative terms .
Yet it said UK banks stocks would be hit particularly hard , as they are more closely correlated to sterling .
It said the 10 to 20 per cent drop would also be driven by a potential interest rate cut into negative territory .
Bank shares have suffered this year , with the Bank of England having @ @ @ @ @ @ @ Worries about bad loans have also weighed on share prices .
More domestically focused shares have also had a rough year , with the UK one of the worst-affected economies by coronavirus .
That would get worse under no deal , Morgan Stanley said .
“ We would see potential for six to 10 per cent underperformance from the FTSE 250 , ” it said .
The bank said insurers , real estate and housebuilders would be likely to suffer the most .
But it said companies with high overseas exposure would benefit @ @ @ @ @ @ @ : Boris Johnson : ‘ Strong possibility ’ now of a no-deal Brexit “ We think markets would react with a controlled degree of disappointment rather than distress given that the wider global outlook remains healthy with strong growth expected next year , ” Morgan Stanley said .
“ A no-deal Brexit would be unlikely to derail the recovery story for European GDP .
”

Morgan Stanley: UK bank shares could fall 20 per cent in no-deal Brexit
UK bank shares have slumped already this year, but Morgan Stanley said they could drop further
Morgan Stanley has said UK bank shares could tumble 10 to 20 per cent in a no-deal Brexit, with the FTSE 250 dropping as much as 10 per cent.
It comes as the UK and EU struggle to sign a free-trade agreement. Prime Minister Boris Johnson yesterday said a no-deal Brexit outcome was now a “strong possibility”.
Morgan Stanley said that markets had been expecting a trade deal to be signed. It said no deal would therefore “represent a genuine and negative ‘surprise’ that markets are likely under-prepared for”.
The Wall Street giant said in a note that the FTSE 100 would not be hit because a falling pound would support it. When the pound drops, the overseas earnings of FTSE firms become worth more in relative terms.
Yet it said UK banks stocks would be hit particularly hard, as they are more closely correlated to sterling. It said the 10 to 20 per cent drop would also be driven by a potential interest rate cut into negative territory.
Bank shares have suffered this year, with the Bank of England having already cut rates to record lows. Worries about bad loans have also weighed on share prices.
More domestically focused shares have also had a rough year, with the UK one of the worst-affected economies by coronavirus.
That would get worse under no deal, Morgan Stanley said. “We would see potential for six to 10 per cent underperformance from the FTSE 250,” it said.
The bank said insurers, real estate and housebuilders would be likely to suffer the most. But it said companies with high overseas exposure would benefit from a lower pound.
“We think markets would react with a controlled degree of disappointment rather than distress given that the wider global outlook remains healthy with strong growth expected next year,” Morgan Stanley said.
“A no-deal Brexit would be unlikely to derail the recovery story for European GDP.”


cityam--2020-12-11--Navy patrol ships on standby to protect UK from EU's fishy business

Four Royal Navy patrol ships are on standby for 1 January in case of a no-deal Brexit , ready to help to protect the UK ’ s fishing waters .
The 80-metre long armed vessels would have the power to halt , inspect and impound all EU fishing boats operating within the UK ’ s exclusive economic zone ( EEZ ) , which can extend 200 miles from shore , the Guardian reported .
Read more : EU banks losing appetite for exposure to Brexit Britain The patrol ships carry machine guns , but they would not be expected to @ @ @ @ @ @ @ In extreme cases , an EU boat could be impounded and taken to the nearest UK port .
“ Nobody is going to be firing warning shots against French fishermen ; firearms are only used when there is danger to life , ” a navy source told the Guardian .
Read more : Macron promises not to ‘ have cake and eat it ’ in Brexit negotiations Time is running out for the UK and the EU to agree a post-Brexit trade deal .
On the last day of the year the Brexit @ @ @ @ @ @ @ the two sides have not reached an agreement , World Trade Organisation ( WTO ) rules will come into place by default at 11pm – midnight in Brussels .
Without a deal EU boats would be banned from fishing in the UK ’ s EEZ , and likewise UK boats would be banned from fishing in EU member waters .
The two largest barriers to securing a Brexit deal are future fisheries arrangements and the UK ’ s future state subsidy regime , which is a part of discussions over the so-called level @ @ @ @ @ @ @ slumps as no-deal Brexit gloom hangs over markets Earlier this week Boris Johnson flew to Brussels to meet EU chief Ursula von der Leyen , with hope of trying to hammer out a last minute deal one-on-one .
Both sides have since said there is a strong likelihood of no-deal .
Leaving the EU on no-deal terms would be a disaster for the UK ’ s economy , with the Office for Budget Responsibility ( OBR ) predicting that this scenario would knock two per cent off the UK ’ s GDP growth @ @ @ @ @ @ @ a predicted 11.3 per cent drop in GDP this year – the largest contraction in 300 years .

Navy patrol ships on standby to protect UK from EU’s fishy business
The navy is on standby to help to protect British waters in the event of a no-deal Brexit.
Four Royal Navy patrol ships are on standby for 1 January in case of a no-deal Brexit, ready to help to protect the UK’s fishing waters.
The 80-metre long armed vessels would have the power to halt, inspect and impound all EU fishing boats operating within the UK’s exclusive economic zone (EEZ), which can extend 200 miles from shore, the Guardian reported.
The patrol ships carry machine guns, but they would not be expected to use them against EU fishing boats.
In extreme cases, an EU boat could be impounded and taken to the nearest UK port. “Nobody is going to be firing warning shots against French fishermen; firearms are only used when there is danger to life,” a navy source told the Guardian.
Time is running out for the UK and the EU to agree a post-Brexit trade deal. On the last day of the year the Brexit transition period will end, and if the two sides have not reached an agreement, World Trade Organisation (WTO) rules will come into place by default at 11pm – midnight in Brussels.
Without a deal EU boats would be banned from fishing in the UK’s EEZ, and likewise UK boats would be banned from fishing in EU member waters.
The two largest barriers to securing a Brexit deal are future fisheries arrangements and the UK’s future state subsidy regime, which is a part of discussions over the so-called level playing field.
Earlier this week Boris Johnson flew to Brussels to meet EU chief Ursula von der Leyen, with hope of trying to hammer out a last minute deal one-on-one. Both sides have since said there is a strong likelihood of no-deal.
Leaving the EU on no-deal terms would be a disaster for the UK’s economy, with the Office for Budget Responsibility (OBR) predicting that this scenario would knock two per cent off the UK’s GDP growth next year.
This would come after a predicted 11.3 per cent drop in GDP this year – the largest contraction in 300 years.


cityam--2020-12-11--EU banks losing appetite for exposure to Brexit Britain

Banks in the European Union may be losing their appetite for exposure to Britain , the EU ’ s banking watchdog said today .
There are concerns in the bloc that a no-deal Brexit , which is looking increasingly likely , could disrupt financial markets .
Read more : Macron promises not to ‘ have cake and eat it ’ in Brexit negotiations Britain will stop having full access to the EU after 31 December , and many banks in London have opened hubs in the bloc to avoid being cut off from EU clients .
The European Banking Authority @ @ @ @ @ @ @ should ensure that adequate management capabilities are in place in the EU , and that leaders should ensure their customers ’ exposure to Britain have been transferred to the bloc .
Read more : Professional services firms to be called on to help make sense of Brexit The watchdog was publishing a risk assessment of the European banking system , examining 129 EU banks , and a further six from Britain , setting out 7,600 data points per lender , including details on Covid-19-related loans .
Banks are generally resilient , holding €318bn @ @ @ @ @ @ @ a 15 per cent average core solvency ratio to risk-weighted assets in June , up 60 basis points year-on-year .
But Stage 2 loans , where the risk of default has increased significantly , rose 23 per cent to €1.2trn in June compared with the same month in 2019 as the impact of Covid-19 on businesses and households was felt .
Read more : ECB ramps up bond-buying programme by €500bn “ It still needs to be seen how the phasing out of Covid-19 related measures … will affect asset quality , but @ @ @ @ @ @ @ further , ” EBA said .
Government-backed guarantees on loans and repayment holidays on mortgages were temporary , and banks should engage as soon as possible with struggling borrowers , EBA said .
The watchdog said the hit from rising provisioning for loans has yet to affect capital ratios at a time when rising impairment costs have further depressed low profitability .
“ Prudent capital distribution policies are still required , ” the EBA added .

EU banks losing appetite for exposure to Brexit Britain
Banks in the European Union may be losing their appetite for exposure to Britain, the EU’s banking watchdog said yesterday.
There are concerns in the bloc that a no-deal Brexit, which is looking increasingly likely, could disrupt financial markets.
Britain will stop having full access to the EU after 31 December, and many banks in London have opened hubs in the bloc to avoid being cut off from EU clients.
The European Banking Authority (EBA) said the EU-based hubs should ensure that adequate management capabilities are in place in the EU, and that leaders should ensure their customers’ exposure to Britain have been transferred to the bloc.
The watchdog was publishing a risk assessment of the European banking system, examining 129 EU banks, and a further six from Britain, setting out 7,600 data points per lender, including details on Covid-19-related loans.
Banks are generally resilient, holding €318bn in capital above overall requirements, with a 15 per cent average core solvency ratio to risk-weighted assets in June, up 60 basis points year-on-year.
But Stage 2 loans, where the risk of default has increased significantly, rose 23 per cent to €1.2trn in June compared with the same month in 2019 as the impact of Covid-19 on businesses and households was felt.
“It still needs to be seen how the phasing out of Covid-19 related measures … will affect asset quality, but it is very likely it will deteriorate further,” EBA said.
Government-backed guarantees on loans and repayment holidays on mortgages were temporary, and banks should engage as soon as possible with struggling borrowers, EBA said.
The watchdog said the hit from rising provisioning for loans has yet to affect capital ratios at a time when rising impairment costs have further depressed low profitability.
“Prudent capital distribution policies are still required,” the EBA added.


cityam--2020-12-11--Macron promises not to 'have cake and eat it' in Brexit negotiations

French President Emmanuel Macron has insisted that the EU is not “ asking to have its cake and eat it ” in Brexit negotiations on fishing rights .
Responding to a question on the European Commission contingency plans for a no-deal Brexit this morning , Macron said “ I don ’ t want to have my cake and eat it too .
No , but I do want a fair agreement ” .
The measures include a proposal to “ create the appropriate legal framework ” granting EU and UK fishermen reciprocal access to each other ’ s waters until @ @ @ @ @ @ @ is struck .
Read more : It ’ s not about fish , it ’ s about control Macron said his demands for the protection of French fishing rights in UK waters were “ coherent ” and that he was not asking for too much .
He also argued that the talks are not in a “ no-deal situation ” as the Withdrawal Agreement has already been agreed , adding that member states are “ united ” behind EU chief negotiator Michel Barnier .
Read more : Pound slumps as no-deal Brexit gloom @ @ @ @ @ @ @ accused Macron of making fresh demands at the eleventh hour , as the French premier strengthened his stance on France being able to preserve a substantial portion of existing fishing rights in British waters .
Barnier and British envoy David Frost have been locked in talks for weeks around how much access EU member states will have to UK ’ s fishing waters next year .
Britain last week lowered its original demand for a return of 80 per cent of the EU ’ s fishing quotas in its waters to 60 per @ @ @ @ @ @ @ to repatriate 18 per cent .
No Deal now very likely Macron ’ s comments today come after European Commission president Ursula Von der Leyen last night said that a no-deal Brexit is the most likely outcome for Sunday ’ s final agreement deadline .
Boris Johnson today said the prospect of Britain leaving the EU without a trade deal by the Brexit transition period deadline is now “ very , very likely ” .
The Prime Minister stated that UK was more likely to have an “ Australia-style ” relationship with EU @ @ @ @ @ @ @ accept the current terms of a trade deal offered by the bloc .
Read more : O Come , Emmanuel : Hopes of Brexit trade deal run thin as Macron toughens stance

Macron promises not to ‘have cake and eat it’ in Brexit negotiations
French President Emmanuel Macron has insisted that the EU is not “asking to have its cake and eat it” in Brexit negotiations on fishing rights.
Responding to a question on the European Commission contingency plans for a no-deal Brexit this morning, Macron said “I don’t want to have my cake and eat it too. No, but I do want a fair agreement”.
The measures include a proposal to “create the appropriate legal framework” granting EU and UK fishermen reciprocal access to each other’s waters until 31 December, or until a deal is struck.
Macron said his demands for the protection of French fishing rights in UK waters were “coherent” and that he was not asking for too much.
He also argued that the talks are not in a “no-deal situation” as the Withdrawal Agreement has already been agreed, adding that member states are “united” behind EU chief negotiator Michel Barnier.
Last week British officials accused Macron of making fresh demands at the eleventh hour, as the French premier strengthened his stance on France being able to preserve a substantial portion of existing fishing rights in British waters.
EU access to British fishing waters remains a key stumbling block in Brexit negotiations.
Barnier and British envoy David Frost have been locked in talks for weeks around how much access EU member states will have to UK’s fishing waters next year.
Britain last week lowered its original demand for a return of 80 per cent of the EU’s fishing quotas in its waters to 60 per cent, while the EU initially offered to repatriate 18 per cent.
Read more: No-deal Brexit likeliest outcome, Ursula von der Leyen tells EU leaders
No Deal now very likely
Macron’s comments today come after European Commission president Ursula Von der Leyen last night said that a no-deal Brexit is the most likely outcome for Sunday’s final agreement deadline.
Boris Johnson today said the prospect of Britain leaving the EU without a trade deal by the Brexit transition period deadline is now “very, very likely”.
The Prime Minister stated that UK was more likely to have an “Australia-style” relationship with EU, after repeatedly declaring he will not accept the current terms of a trade deal offered by the bloc.
Read more: O Come, Emmanuel: Hopes of Brexit trade deal run thin as Macron toughens stance


cityam--2020-12-11--Disney Plus increases subscriber target after surpassing 137m customers

Disney Plus has announced plans to increase its subscriber target by 2024 to between 300-350m overall subscriptions .
It follows a strong debut year in which the company surpassed 137m total subscribers .
Comparatively at the end of 2019 , Netflix had 167m subscribers world-wide .
However , Netflix began its streaming service back in 2007 , having a 13-year head start on Disney .
Moreover , Jeff Bezos announced that Amazon Prime Video now has more than 150m subscribers , but the service premiered by in 2014 .
Although not planned , Disney Plus could not have timed the @ @ @ @ @ @ @ .
The company along with the other streaming services have benefited substantially from the Covid crisis , with many people looking to boost their options for at-home entertainment .
Speaking at Disney ’ s Investor Day event in California yesterday , Bob Chapek , Disney ’ s chief executive officer said : “ The tremendous success we ’ ve achieved across our unique portfolio of streaming services , with more than 137 million subscriptions worldwide ” .
‘ “ With our amazing creative teams and our ever-growing collection of the high-quality branded entertainment @ @ @ @ @ @ @ are incredibly well positioned to achieve our long-term goals , ” he added .
In the coming years , Disney Plus plans to roll-out a lot more exclusive content , with the intention of continuing to entice new subscribers for the long-term .
In this time , the company hopes to release approximately 10 Star Wars series , 10 Marvel series , 15 Disney live action shows , a Disney animation and a Pixar series .
“ This incredible slate of new original content reflects our continuing commitment to harness the resources and @ @ @ @ @ @ @ audiences extraordinary entertainment experiences unlike anything else in the market , ” says Bob Igler , chairman of the board at Disney .

Disney Plus ups target after Netflix-rival surpasses 86m subscribers
Disney Plus has announced plans to increase its subscriber target by 2024 to between 300-350m overall subscriptions.
It follows a strong debut year in which the Netflix-rival surpassed 86m total subscribers.
Comparatively at the end of 2019, Netflix had 167m subscribers world-wide. However, Netflix began its streaming service back in 2007, having a 13-year head start on Disney.
Moreover, Jeff Bezos announced that Amazon Prime Video now has more than 150m subscribers, but the service premiered by in 2014.
Although not planned, Disney Plus could not have timed the release of their streaming platform more perfectly. The company along with the other streaming services have benefited substantially from the Covid crisis, with many people looking to boost their options for at-home entertainment.
Speaking at Disney’s Investor Day event in California yesterday, Bob Chapek, Disney’s chief executive officer said: “The tremendous success we’ve achieved across our unique portfolio of streaming services, with more than 137 million subscriptions worldwide”.
‘“With our amazing creative teams and our ever-growing collection of the high-quality branded entertainment that consumers want, we believe we are incredibly well positioned to achieve our long-term goals,” he added.
What next?
In the coming years, Disney Plus plans to roll-out a lot more exclusive content, with the intention of continuing to entice new subscribers for the long-term. In this time, the company hopes to release approximately 10 Star Wars series, 10 Marvel series, 15 Disney live action shows, a Disney animation and a Pixar series.
“This incredible slate of new original content reflects our continuing commitment to harness the resources and immense creativity across our company to bring audiences extraordinary entertainment experiences unlike anything else in the market,” says Bob Igler, chairman of the board at Disney.


cityam--2020-12-11--City Corporation clamps down on mixed-household Christmas parties amid rising COVID cases

Square Mile pubs and restaurants are being told they will be fined for allowing mixed-household Christmas parties in a tough clampdown by the City of London Corporation .
The Square Mile ’ s governing body issued the warning as London faces the threat of moving into Tier 3 : Very High alert , as coronavirus cases rise across the capital .
City Corporation Licensing Team and Environmental Health Officers are visiting the venues to check they are following COVID-secure rules , and will issue fixed penalty notices of up to £4,000 to premises breaking the regulations .
This includes those @ @ @ @ @ @ @ for groups of mixed households , which are not allowed under the Tier 2 : High Alert restrictions .
The action follows months of dialogue between City Corporation Licensing Team and Environmental Health Officers , City of London Police and bars and restaurants in the City to ensure they are COVID-secure and abiding by the appropriate regulations .
Guidance has also been issued to businesses across the Square Mile , and as of 10 December no fines have been issued by City Corporation officers as there has been a good level of compliance @ @ @ @ @ @ @ High Alert states you can only meet socially with friends and family indoors who you either live with or have formed a support bubble with , unless a legal exemption applies .
‘ Indoors ’ means any indoor setting , including indoor venues such as pubs and restaurants .
“ This is an important season for businesses in hospitality and I understand the immense impact this year has had on the industry already .
“ Whilst fines are usually issued as a last resort for non-compliance with the regulations , we can not @ @ @ @ @ @ @ the industry to push the City and wider London into Tier 3 restrictions .
“ If premises have any doubts or questions over the regulations , I urge them to contact the City Licensing Team for advice so we can work together to prevent another devastating blow to the industry.
” “ As part of the City of London Police ’ s Christmas campaign , officers will be carrying out proactive patrols during December to ensure the public and businesses are following the current restrictions , both for their safety and the safety @ @ @ @ @ @ @ has a safe and enjoyable festive season in the City .
“ Officers will be acting in accordance with the national policing four Es approach , and will engage , explain and encourage compliance in the first instance , and only resort to enforcement of the Tier 2 legislation where absolutely necessary.
” Venues must also abide by a number of other restrictions , including : • pubs and bars may not provide alcohol for consumption on the premises , unless with a substantial meal , so they are operating as a restaurant @ @ @ @ @ @ @ services ; • hospitality venues must stop taking orders after 10pm and must close between 11pm and 5am ( with exceptions for airports , ports , the Folkestone international rail terminal , on public transport services and in motorway service areas , although these places can not sell alcohol after 11pm ) ; • hospitality businesses and venues selling food and drink for consumption off the premises can continue to do so after 10pm , such as by take-away .
After 11pm , this must only be through delivery service or click-and-collect or @ @ @ @ @ @ @ shared smoking equipment for use on the premises ; Research by the Scientific Advisory Group for Emergencies ( SAGE ) has shown that hospitality venues are a significant risk for transmission of COVID-19 .
The police can take action against those who meet in groups , including breaking up illegal gatherings and issuing fines .
People can be given a fixed penalty notice of £200 for the first offence , doubling for each further offence up to £6,400 .
If you hold , or are involved in holding , an illegal gathering of @ @ @ @ @ @ @ issue fines of £10,000 .
Data from Public Health England shows cases of COVID-19 continue to rise across London , with the City of London registering 166 total cases as of 4 December .

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City Corporation clamps down on mixed-household Christmas parties amid rising COVID cases
The City of London, Getty Images
Square Mile pubs and restaurants are being told they will be fined for allowing mixed-household Christmas parties in a tough clampdown by the City of London Corporation.
The Square Mile’s governing body issued the warning as London faces the threat of moving into Tier 3: Very High alert, as coronavirus cases rise across the capital.
City Corporation Licensing Team and Environmental Health Officers are visiting the venues to check they are following COVID-secure rules, and will issue fixed penalty notices of up to £4,000 to premises breaking the regulations.
This includes those that host Christmas parties and get togethers for groups of mixed households, which are not allowed under the Tier 2: High Alert restrictions.
The action follows months of dialogue between City Corporation Licensing Team and Environmental Health Officers, City of London Police and bars and restaurants in the City to ensure they are COVID-secure and abiding by the appropriate regulations.
Guidance has also been issued to businesses across the Square Mile, and as of 10 December no fines have been issued by City Corporation officers as there has been a good level of compliance.
Government guidance for Tier 2: High Alert states you can only meet socially with friends and family indoors who you either live with or have formed a support bubble with, unless a legal exemption applies. ‘Indoors’ means any indoor setting, including indoor venues such as pubs and restaurants.
City of London Corporation Licensing Committee Chairman Sophie Fernandes said:
“This is an important season for businesses in hospitality and I understand the immense impact this year has had on the industry already.
“Whilst fines are usually issued as a last resort for non-compliance with the regulations, we cannot allow repeated breaches by a minority of the industry to push the City and wider London into Tier 3 restrictions.
“If premises have any doubts or questions over the regulations, I urge them to contact the City Licensing Team for advice so we can work together to prevent another devastating blow to the industry.”
City of London Police Temporary Commander David Evans said:
“As part of the City of London Police’s Christmas campaign, officers will be carrying out proactive patrols during December to ensure the public and businesses are following the current restrictions, both for their safety and the safety of others, and so that everyone has a safe and enjoyable festive season in the City.
“Officers will be acting in accordance with the national policing four Es approach, and will engage, explain and encourage compliance in the first instance, and only resort to enforcement of the Tier 2 legislation where absolutely necessary.”
Venues must also abide by a number of other restrictions, including:
pubs and bars may not provide alcohol for consumption on the premises, unless with a substantial meal, so they are operating as a restaurant. They may remain open for take-away services; hospitality venues must stop taking orders after 10pm and must close between 11pm and 5am (with exceptions for airports, ports, the Folkestone international rail terminal, on public transport services and in motorway service areas, although these places cannot sell alcohol after 11pm); hospitality businesses and venues selling food and drink for consumption off the premises can continue to do so after 10pm, such as by take-away. After 11pm, this must only be through delivery service or click-and-collect or drive-through; businesses must not provide shared smoking equipment for use on the premises; business meetings should be ‘reasonably necessary’.
Research by the Scientific Advisory Group for Emergencies (SAGE) has shown that hospitality venues are a significant risk for transmission of COVID-19.
The police can take action against those who meet in groups, including breaking up illegal gatherings and issuing fines. People can be given a fixed penalty notice of £200 for the first offence, doubling for each further offence up to £6,400. If you hold, or are involved in holding, an illegal gathering of over 30 people, the police can issue fines of £10,000.
Data from Public Health England shows cases of COVID-19 continue to rise across London, with the City of London registering 166 total cases as of 4 December.


cityam--2020-12-11--Professional services firms to be called on to help make sense of Brexit

Professional services firms will play an important role in deciphering a Brexit deal – should the UK get one – or what the rules will be in the event of a no-deal scenario .
Time is running out for the UK and the EU to agree a post-Brexit trade deal .
On the last day of the year the Brexit transition period will end , and if the two sides have not reached an agreement , World Trade Organisation ( WTO ) rules will come into place by default at 11pm – midnight in Brussels .
Read more : Macron @ @ @ @ @ @ @ eat it ’ in Brexit negotiations Many businesses are still not ready for the end of the transition period , and now a deal has been left until the eleventh-hour , it is even trickier for businesses to prepare .
According to Theta Global Advisors partner Chris Biggs , both legal and consulting firms will play an important role in helping businesses make sense of Brexit – whether it is deal or no-deal for the UK .
Read more : Pound slumps as no-deal Brexit gloom hangs over markets “ There is still @ @ @ @ @ @ @ [ Brexit ] could mean for a number of sectors that trade nationally and globally .
In the professional services space , many clients will be impacted heavily by Brexit , so they are trying to understand their new working rules and regulations as quickly as possible , ” he said .
“ Legal and consulting firms hold an important role in deciphering a deal if it comes , and the framework and intricacies that it entails , or what the rules will be around a no-deal and future trade .
“ Many @ @ @ @ @ @ @ try and prepare the best they can for 2021 , but when the new rules are in practice , many will call on the professional services market to ensure that there are adhering to both the UK and European rules of the future.
” Biggs said systems and data were sectors likely to be heavily impacted by Brexit , and as a result firms may have to implement new systems to deal with both UK and EU law if a compromise is not agreed .
“ Consulting firms that can help businesses with @ @ @ @ @ @ @ coming weeks , and while the House of Lords ’ EU sub-committee raised potential concerns in the sectors , businesses will be relying on these firms to help them get through this period , ” the partner added .
The two largest barriers to securing a Brexit deal are future fisheries arrangements and the UK ’ s future state subsidy regime , which is a part of discussions over the so-called level playing field .
Earlier this week Boris Johnson flew to Brussels to meet EU chief Ursula von der Leyen , in @ @ @ @ @ @ @ a last minute deal one-on-one .
Both sides have since said there is a strong likelihood of no-deal .
Read more : Boris Johnson : ‘ Strong possibility ’ now of a no-deal Brexit Leaving the EU on no-deal terms would be a disaster for the UK ’ s economy , with the Office for Budget Responsibility ( OBR ) predicting that this scenario would knock two per cent off the UK ’ s GDP growth next year .
This would come after a predicted 11.3 per cent drop in GDP this year @ @ @ @ @ @ @ .

Professional services firms to be called on to help make sense of Brexit
Professional services firms will play an important role in making sense of Brexit – whether it’s deal or no-deal for the UK.
Professional services firms will play an important role in deciphering a Brexit deal – should the UK get one – or what the rules will be in the event of a no-deal scenario.
Time is running out for the UK and the EU to agree a post-Brexit trade deal. On the last day of the year the Brexit transition period will end, and if the two sides have not reached an agreement, World Trade Organisation (WTO) rules will come into place by default at 11pm – midnight in Brussels.
Many businesses are still not ready for the end of the transition period, and now a deal has been left until the eleventh-hour, it is even trickier for businesses to prepare.
According to Theta Global Advisors partner Chris Biggs, both legal and consulting firms will play an important role in helping businesses make sense of Brexit – whether it is deal or no-deal for the UK.
“There is still a huge amount of speculation of what [Brexit] could mean for a number of sectors that trade nationally and globally. In the professional services space, many clients will be impacted heavily by Brexit, so they are trying to understand their new working rules and regulations as quickly as possible,” he said.
“Legal and consulting firms hold an important role in deciphering a deal if it comes, and the framework and intricacies that it entails, or what the rules will be around a no-deal and future trade.
“Many firms will have used this time to try and prepare the best they can for 2021, but when the new rules are in practice, many will call on the professional services market to ensure that there are adhering to both the UK and European rules of the future.”
Biggs said systems and data were sectors likely to be heavily impacted by Brexit, and as a result firms may have to implement new systems to deal with both UK and EU law if a compromise is not agreed.
“Consulting firms that can help businesses with this will be in demand in the coming weeks, and while the House of Lords’ EU sub-committee raised potential concerns in the sectors, businesses will be relying on these firms to help them get through this period,” the partner added.
No-deal likely
The two largest barriers to securing a Brexit deal are future fisheries arrangements and the UK’s future state subsidy regime, which is a part of discussions over the so-called level playing field.
Earlier this week Boris Johnson flew to Brussels to meet EU chief Ursula von der Leyen, in the hope of trying to hammer out a last minute deal one-on-one. Both sides have since said there is a strong likelihood of no-deal.
Leaving the EU on no-deal terms would be a disaster for the UK’s economy, with the Office for Budget Responsibility (OBR) predicting that this scenario would knock two per cent off the UK’s GDP growth next year.
This would come after a predicted 11.3 per cent drop in GDP this year – the largest contraction in 300 years.


cityam--2020-12-11--Bitcoin Regulation Stalls Rally! Is Now A Good Time To Buy Bitcoin?

After an incredibly volatile week , Bitcoin heads into the weekend with great uncertainty over the price .
There are many bullish events happening in the markets at the moment but one major bearish event is overshadowing them all .
New legislation in the USA ?
As Donald Trump gears up to leave the White House , one of his final orders to his organisation appears to have been to rush through legislation for Cryptocurrencies that requires all self hosted digital wallets to have KYC ( Know Your Customer ) Identification attached to them somehow .
Now I could talk @ @ @ @ @ @ @ not possible to implement , police or proceed with but ultimately there is such a fundamental misunderstanding of how much power the state has over Bitcoin that no doubt they will try and rush it through and it will be quickly undone again by the next president , because , to put it simply , nobody can enforce such legislation , it is not possible .
On my YouTube Channel I have been discussing all week how Bitcoin on the surface has so many good things going for it .
For example MicroStrategy @ @ @ @ @ @ @ convertible senior notes .
These notes are essentially company bonds that pay the purchaser 0.75 % Interest Compound every 6 months .
Michael Saylor , the CEO of MicroStrategy , plans to use the capital raised from this to invest the whole $ 550 million into Bitcoin .
It seems to be commonplace these days among the wealthy that they must allocate a portion of their wealth to Cryptocurrencies , as just this week we have seen the founder of Ex social media giant ‘ Bebo ’ invest 25 % of his net @ @ @ @ @ @ @ the only one however as MassMutual just today purchased $ 100 million of Bitcoin .
On a smaller scale , many mid-size family offices have been making multi-million dollar purchases of Bitcoin because Bitcoin is now in the accumulation phase .
Where next ?
Retail vs institutions The price of Bitcoin currently resides just under the $ 18,000 level .
In the short term this may prove problematic with there being a strong possibility of a dip down to $ 16,400 .
If the price of Bitcoin were to go so low it @ @ @ @ @ @ @ but by institutions as we have witnessed the amount of exchange held Bitcoin continue to fall whereas the amount of Bitcoin held by Grayscale , the largest institutional Bitcoin fund , has continued to rise throughout 2020 .
There has been a clear shift in the market : retail is bearish and institutions are bullish .
Retail wants to buy cheaper Bitcoin and institutions are quite happy to buy at these levels .
Ultimately with so many large players priced in so high , it seems unlikely that Bitcoin will have a huge @ @ @ @ @ @ @ experiencing price discovery – we have very little data on Bitcoin above $ 14,000 as it has spent less than 1 % of its existence above these levels .
Because of this , Bitcoin will likely remain trading between $ 16,400 and $ 19,600 for the foreseeable future until the next round of USA stimulus further devalues the US dollar and floods of retail and institutional money panic buy into stores of value .
For the reasons above Bitcoin will over the next few weeks probably be quite boring to watch with ever @ @ @ @ @ @ @ the price of Bitcoin will trade sideways over Christmas , as institutions take the holiday period off .
At the same time I am really concentrating on trading the macro swings in the price of Bitcoin but also on Altcoins .
The Altcoin market is very healthy at the moment , recent project launches such as Bondly and Terra Virtua have come to the market with functional products , great tokenomics and the market has rewarded these qualities with over 1600 % ROI on Bondly on the first day of launch for presale @ @ @ @ @ @ @ sign the market is changing in favour of Altcoins , coupled with my analysis of Bitcoin dominance that can be found in every video I upload on YouTube .
Bitcoin dominance looks good for Altcoins with us forming a clear bear flag coupled with many other bearish indicators .
As Bitcoin dominance falls this means that Altcoins occupy a larger proportion of the entire market cap of Cryptocurrency .
My Altcoin portfolio this week has risen a total of 15 % whereas Bitcoin ’ s price in the same timespan has fallen .
@ @ @ @ @ @ @ at the moment and I will continue to document my investments on YouTube .
My most recent major investment was into Elrond EGLD of which I purchased at $ 8.30 and currently trades around $ 13.50 per coin .
There are so many product launches and so much fundraising going on it is hard to be bearish on Altcoins as a whole because historically when interest in Bitcoin falls , interest in Altcoins rises .
Overall going forward into the next week I am expecting to see the final volatile days for Bitcoin @ @ @ @ @ @ @ as MicroStrategy purchase $ 550m of Bitcoin and the KYC Regulation fear-mongering develops then fades away again .
After that in my eyes it will be a very interesting time for Altcoins as I expect a lot of market attention to shift in their direction and fingers crossed that results in positive price momentum !
TMG ‘ That Martini Guy ’ is a British Cryptocurrency Trader & YouTuber that publishes daily Bitcoin & Crypto videos on youtube .
In the Crypto Space since 2013 he has vast experience in both Cryptocurrency bull and @ @ @ @ @ @ @ one in the history of Bitcoin !

Bitcoin Regulation Stalls Rally! Is Now A Good Time To Buy Bitcoin?
After an incredibly volatile week, Bitcoin heads into the weekend with great uncertainty over the price. There are many bullish events happening in the markets at the moment but one major bearish event is overshadowing them all.
New legislation in the USA?
As Donald Trump gears up to leave the White House, one of his final orders to his organisation appears to have been to rush through legislation for Cryptocurrencies that requires all self hosted digital wallets to have KYC (Know Your Customer) Identification attached to them somehow.
Now I could talk for days about how such legislation is not possible to implement, police or proceed with but ultimately there is such a fundamental misunderstanding of how much power the state has over Bitcoin that no doubt they will try and rush it through and it will be quickly undone again by the next president, because, to put it simply, nobody can enforce such legislation, it is not possible.
Bitcoin’s big buyers
On my YouTube Channel I have been discussing all week how Bitcoin on the surface has so many good things going for it. For example MicroStrategy is selling $550 million dollars of convertible senior notes. These notes are essentially company bonds that pay the purchaser 0.75% Interest Compound every 6 months. Michael Saylor, the CEO of MicroStrategy, plans to use the capital raised from this to invest the whole $550 million into Bitcoin.
It seems to be commonplace these days among the wealthy that they must allocate a portion of their wealth to Cryptocurrencies, as just this week we have seen the founder of Ex social media giant ‘Bebo’ invest 25% of his net worth into Bitcoin. He is not the only one however as MassMutual just today purchased $100 million of Bitcoin. On a smaller scale, many mid-size family offices have been making multi-million dollar purchases of Bitcoin because Bitcoin is now in the accumulation phase.
Where next? Retail vs institutions
The price of Bitcoin currently resides just under the $18,000 level. In the short term this may prove problematic with there being a strong possibility of a dip down to $16,400. If the price of Bitcoin were to go so low it would be bought up not by retail but by institutions as we have witnessed the amount of exchange held Bitcoin continue to fall whereas the amount of Bitcoin held by Grayscale, the largest institutional Bitcoin fund, has continued to rise throughout 2020.
There has been a clear shift in the market: retail is bearish and institutions are bullish. Retail wants to buy cheaper Bitcoin and institutions are quite happy to buy at these levels. Ultimately with so many large players priced in so high, it seems unlikely that Bitcoin will have a huge correction in price. We are still experiencing price discovery – we have very little data on Bitcoin above $14,000 as it has spent less than 1% of its existence above these levels. Because of this, Bitcoin will likely remain trading between $16,400 and $19,600 for the foreseeable future until the next round of USA stimulus further devalues the US dollar and floods of retail and institutional money panic buy into stores of value.
Altcoin market
For the reasons above Bitcoin will over the next few weeks probably be quite boring to watch with ever decreasing volatility. It is quite likely the price of Bitcoin will trade sideways over Christmas, as institutions take the holiday period off. At the same time I am really concentrating on trading the macro swings in the price of Bitcoin but also on Altcoins. The Altcoin market is very healthy at the moment, recent project launches such as Bondly and Terra Virtua have come to the market with functional products, great tokenomics and the market has rewarded these qualities with over 1600% ROI on Bondly on the first day of launch for presale investors. This for me is a sign the market is changing in favour of Altcoins, coupled with my analysis of Bitcoin dominance that can be found in every video I upload on YouTube. Bitcoin dominance looks good for Altcoins with us forming a clear bear flag coupled with many other bearish indicators.
As Bitcoin dominance falls this means that Altcoins occupy a larger proportion of the entire market cap of Cryptocurrency. My Altcoin portfolio this week has risen a total of 15% whereas Bitcoin’s price in the same timespan has fallen. I am continuing to invest into Altcoins at the moment and I will continue to document my investments on YouTube. My most recent major investment was into Elrond EGLD of which I purchased at $8.30 and currently trades around $13.50 per coin. There are so many product launches and so much fundraising going on it is hard to be bearish on Altcoins as a whole because historically when interest in Bitcoin falls, interest in Altcoins rises.
Next week
Overall going forward into the next week I am expecting to see the final volatile days for Bitcoin at the start of the new week as MicroStrategy purchase $550m of Bitcoin and the KYC Regulation fear-mongering develops then fades away again. After that in my eyes it will be a very interesting time for Altcoins as I expect a lot of market attention to shift in their direction and fingers crossed that results in positive price momentum!
TMG ‘That Martini Guy’ is a British Cryptocurrency Trader & YouTuber that publishes daily Bitcoin & Crypto videos on youtube. In the Crypto Space since 2013 he has vast experience in both Cryptocurrency bull and bear markets having experienced nearly every single one in the history of Bitcoin!
Twitter: https://twitter.com/MartiniGuyYT
YouTube: https://www.youtube.com/c/ThatMartiniGuy?sub_confirmation=1


cityam--2020-12-11--Le Comptoir Robuchon is the perfect tonic to 2020 life

Time has become airy and fugacious , like a fine mousse .
Days drag on for weeks , but months pass in no time at all .
Le Comptoir Robuchon opened a year ago , and yet it still feels like a new opening .
Read more : The top wines to drink this Christmas , from cooking to pudding It had a couple of months to show off its homage to the legacy of the greatest chef who ever lived before it was tossed into the spin-cycle of coronavirus .
What a shame , because it ’ s a @ @ @ @ @ @ @ , just the tonic for this crappiest of years .
At least it ’ s now open again , for the time being at least , although by the time I press ‘ send ’ on this article we may be plunged back into the virtual lockdown of Tier 3 .
In theory it ’ s a relatively casual spin on the cuisine that earned Joël Robuchon the “ Chef of the Century ” award , although in this case the word “ casual ” should be filtered through the prism of Mayfair @ @ @ @ @ @ @ is dominated by a relaxed bar overlooking the open kitchen ( “ comptoir ” means counter ) , and there is sharing concept , but this is still very much haute cuisine , with all the accoutrements that suggests and a price tag to match .
The dining room is quietly palatial , what a Left Bank cafe might look like had it been hewn from a single block of marble .
Through the magic of acoustics , it managed to feel relatively buzzy even through the gloom of social distanced dining , @ @ @ @ @ @ @ ’ s back to full strength .
The menu is a combination of classic Robuchon dishes and new ones dreamt up by head chef Dario Avenca .
There ’ s also some Japanese dishes because , well , we ’ re in Mayfair .
It would be a pretty major scandal if it weren ’ t up to snuff – even two years after his death , the name Robuchon still holds more weight in the food world than a lot of big-name chefs who still inhabit this mortal coil .
It doesn @ @ @ @ @ @ @ rather unwieldy ) menu filled with fascinating little flourishes and theatrical spins on classics .
Le Poireau ( as in “ leek ” , not to be confused with “ Poirot ” , the mustachioed detective ) presents its smoked leek , mimosa eggs , shiitake mushrooms and croutons as it were a reconstructed leek ; the pate selection , sliced and plated by the table , drew envious looks from fellow diners .
The langoustine ravioli in foie gras sauce – a Robuchon special – is in a class of its own @ @ @ @ @ @ @ amount of bite to the pasta and crunch to the langoustine – undoubtedly the best thing I ’ ve eaten all year , albeit a year in which my horizons have been somewhat smaller than they might have been .
We ’ re also well into truffle season , and Le Comptoir Robuchon isn ’ t missing that trick .
It came in various guises : first riding a crunchy gondola as an amuse bouche , but most notably liberally grated over spaghetti and slow-cooked egg , a combination that ’ s just @ @ @ @ @ @ @ costs £70 ; we went for the off-menu white truffle version , and it ’ s best not to dwell on trifling details like monetary value .
The sommelier is first class , gracefully negotiating the pitfalls of selecting wine for a bunch of sharing plates , not to mention the indecisiveness of the clientele .
She looked on sympathetically as we desperately tried to find the bottle of 2014 Guffens-Heynen Macon Pierreclos ‘ Tri de Chavigne ’ to buy online .
It ’ s available by the glass here but only by @ @ @ @ @ @ @ If you ’ re looking to dive back into London ’ s dining scene , what better place to start than with a new venture underpinned by the culinary foundations of Joel Robuchon ?
And with the coronavirus door perhaps about to blow closed once more , you ’ d better book a table sooner rather than later…

Le Comptoir Robuchon is the perfect tonic to 2020 life
The dining room at Le Comptoir Robuchon
Time has become airy and fugacious, like a fine mousse. Days drag on for weeks, but months pass in no time at all. Le Comptoir Robuchon opened a year ago, and yet it still feels like a new opening.
It had a couple of months to show off its homage to the legacy of the greatest chef who ever lived before it was tossed into the spin-cycle of coronavirus. What a shame, because it’s a brilliant little restaurant, fun and vibrant, just the tonic for this crappiest of years.
At least it’s now open again, for the time being at least, although by the time I press ‘send’ on this article we may be plunged back into the virtual lockdown of Tier 3.
What is Le Comptoir Robuchon?
In theory it’s a relatively casual spin on the cuisine that earned Joël Robuchon the “Chef of the Century” award, although in this case the word “casual” should be filtered through the prism of Mayfair dining. The letter-box shaped dining room is dominated by a relaxed bar overlooking the open kitchen (“comptoir” means counter), and there is sharing concept, but this is still very much haute cuisine, with all the accoutrements that suggests and a price tag to match.
The dining room is quietly palatial, what a Left Bank cafe might look like had it been hewn from a single block of marble. Through the magic of acoustics, it managed to feel relatively buzzy even through the gloom of social distanced dining, so expect a lively atmosphere once it’s back to full strength.
How’s the food?
The menu is a combination of classic Robuchon dishes and new ones dreamt up by head chef Dario Avenca. There’s also some Japanese dishes because, well, we’re in Mayfair.
It would be a pretty major scandal if it weren’t up to snuff – even two years after his death, the name Robuchon still holds more weight in the food world than a lot of big-name chefs who still inhabit this mortal coil. It doesn’t disappoint, with the (rather unwieldy) menu filled with fascinating little flourishes and theatrical spins on classics.
Le Poireau (as in “leek”, not to be confused with “Poirot”, the mustachioed detective) presents its smoked leek, mimosa eggs, shiitake mushrooms and croutons as it were a reconstructed leek; the pate selection, sliced and plated by the table, drew envious looks from fellow diners.
The langoustine ravioli in foie gras sauce – a Robuchon special – is in a class of its own, perfect little parcels, the exact amount of bite to the pasta and crunch to the langoustine – undoubtedly the best thing I’ve eaten all year, albeit a year in which my horizons have been somewhat smaller than they might have been.
We’re also well into truffle season, and Le Comptoir Robuchon isn’t missing that trick. It came in various guises: first riding a crunchy gondola as an amuse bouche, but most notably liberally grated over spaghetti and slow-cooked egg, a combination that’s just absurdly tasty. The black truffle version costs £70; we went for the off-menu white truffle version, and it’s best not to dwell on trifling details like monetary value.
What else?
The sommelier is first class, gracefully negotiating the pitfalls of selecting wine for a bunch of sharing plates, not to mention the indecisiveness of the clientele. She looked on sympathetically as we desperately tried to find the bottle of 2014 Guffens-Heynen Macon Pierreclos ‘Tri de Chavigne’ to buy online. It’s available by the glass here but only by the case to punters like us.
In conclusion
If you’re looking to dive back into London’s dining scene, what better place to start than with a new venture underpinned by the culinary foundations of Joel Robuchon? And with the coronavirus door perhaps about to blow closed once more, you’d better book a table sooner rather than later…


cityam--2020-12-11--Lloyds pay black staff 20 per cent less than their white peers

Lloyds Banking Group has revealed that black staff at the company receive around 20 per cent less pay than their colleagues .
The average hourly earnings of black , Asian and minority ethnic ( BAME ) employees is 6.8 per cent lower than that of white employees , according to the Ethnicity Pay Data Report , published by the banking giant today .
Black employees make up only 1.5 per cent of their workforce and have the greatest median pay difference , namely 19.7 per cent .
Read more : Professional services firms to be called on to help make @ @ @ @ @ @ @ a result of BAME under-representation at a senior level within the bank .
The Lloyds report found that black employees make up just 0.6 per cent of senior management .
Despite the differences in pay , group chief executive Antonio Horta-Osorio stressed that “ we are an anti-racist organisation – one where all employees speak up , challenge , and act to take an active stance against racism.
” The data report was part of the banks Race Action Plan , launched in July .
It aims to address the challenges faced by @ @ @ @ @ @ @ recruitment and progress , including pay .
Read more : City sponsors initiative for more diversity in asset management Under-representation is an ongoing issue within the financial service industry .
The Parker Review , a government-sponsored body , reported in February of this year that some 37 FTSE 100 companies had no black , Asian or minority ethnic directors at all .
In October , the Investment Association found that almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards .
However , efforts are being undertaken to @ @ @ @ @ @ @ City of London Corporation , the Chartered Institute for Securities and Investment and the Diversity launched a program to increase access to the corporate world for black individuals .
Read more : Investors demand greater transparency on ethnic diversity on boards

Lloyds pay black staff 20 per cent less than their white peers
Lloyds Banking Group has revealed that black staff at the company receive around 20 per cent less pay than their colleagues.
The average hourly earnings of black, Asian and minority ethnic (BAME) employees is 6.8 per cent lower than that of white employees, according to the Ethnicity Pay Data Report, published by the banking giant today.
Black employees make up only 1.5 per cent of their workforce and have the greatest median pay difference, namely 19.7 per cent.
Under-represented
The pay gap is a result of BAME under-representation at a senior level within the bank. The Lloyds report found that black employees make up just 0.6 per cent of senior management.
Despite the differences in pay, group chief executive Antonio Horta-Osorio stressed that “we are an anti-racist organisation – one where all employees speak up, challenge, and act to take an active stance against racism.”
The data report was part of the banks Race Action Plan, launched in July. It aims to address the challenges faced by ethnic minorities, focusing on culture, recruitment and progress, including pay.
Wider sector
Under-representation is an ongoing issue within the financial service industry. The Parker Review, a government-sponsored body, reported in February of this year that some 37 FTSE 100 companies had no black, Asian or minority ethnic directors at all.
In October, the Investment Association found that almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards.
However, efforts are being undertaken to change this.
Last month, the City of London Corporation, the Chartered Institute for Securities and Investment and the Diversity launched a program to increase access to the corporate world for black individuals.


cityam--2020-12-11--The Mandalorian Season 2, Episode 7 – S2E7 hots up

*** SPOILERS AHEAD : If you haven ’ t watched the most recent episodes of The Mandalorian Season 2 , look away now*** We ’ re coming into the home stretch with this second season of The Mandalorian , a series that has been the jewel in the Disney+ crown and no doubt was behind their recent decision to greenlight shows for practically every popular character in a galaxy far , far away .
The penultimate episode , S2E7 , follows a familiar pattern , but gives us a huge turning point in Mando ’ s journey .
Read more @ @ @ @ @ @ @ Christmas , from cooking to pudding As revealed last episode Moff Gideon ( Giancarlo Esposito ) has Grogu/The Child , and The Mandalorian ( Pedro Pascal ) is being helped by Boba Fett ( Temuera Morrison ) and Fennec Shand ( Ming-Na Wen ) .
With the help of Cara Dune ( Gina Carano ) , they find Migs Mayfeld ( Bill Burr ) , a former Imperial sharpshooter from season one now serving time after being captured by Mando .
They need Mayfeld to help them get access codes to Gideon ’ @ @ @ @ @ @ @ only way to get those codes is to break into an Imperial refinery and use an Internal Imperial Terminal .
What on Earth is that ?
It doesn ’ t really matter – it ’ s a MacGuffin that gives our heroes a reason to go on another heist .
While it ’ s always spectacular , the “ Get In/Get The Thing/Get Out ” formula that has shaped many of the episodes this season is beginning to feel a tiny bit repetitive .
It ’ s still enjoyable , but largely thanks @ @ @ @ @ @ @ the mission itself .
The security systems mean only Mayfeld can enter the base , however Mando doesn ’ t trust him to get the job done and steals a stormtrooper ’ s armour , meaning he has to remove his helmet ( even if it ’ s only to put another one on ) .
Here we get to the true meaning of the episode .
It ’ s not about accessing information , it ’ s about seeing how far The Mandalorian will go to save his child .
The middle @ @ @ @ @ @ @ slowly driving Imperial transport , which contains explosive materials that means they can ’ t go too fast .
This gives the two characters time to exchange philosophies , and for Burr to shine .
“ What would they say on Mandalor ?
” he teases as Mando comes out in Trooper gear .
He then pierces the strict moral code of his companion by arguing that they are not so different .
“ Your rules start to change once you get desperate ” he remarks , before adding that “ everyone ’ @ @ @ @ @ @ @ t cross until things get messy ” .
This is why Burr was important for S2E7 .
As a comedian , his stand up deconstructs human behaviour in a frank way , so who better to get to the core of who The Mandalorian is than him .
His casting in season one was a surprise for many given that he has repeatedly made fun of the Star Wars Universe , and was cast by Jon Favreau partly because he thought it would be funny to include a hater in that world .
@ @ @ @ @ @ @ first appearance , saying he doesn ’ t remember what it was like working with Baby Yoda .
Interestingly , S2E7 does tap into a common thread , in that many famous Star Wars actors have at one point resented their involvement in the franchise .
Harrison Ford and Mark Hamill have had their issues with the films over the years , while Alec Guinness once agreed to sign an autograph for a child as long as he promised to never watch Star Wars again .
All may have grown fond of their @ @ @ @ @ @ @ is the best Star Wars performances are often from actors who aren ’ t in awe of what they ’ re doing .
It comes across in the characters , who wouldn ’ t be in awe of their surroundings .
In this sense , Burr is perfect , because he ’ s not trying to have a moment with The Mandalorian , and in doing so Mayfeld throws down the gauntlet – how far is he willing to go for Grogu ?
As it turns out , the answer is all the @ @ @ @ @ @ @ try to highjack their transport , and are bemused as they are cheered into the refinery by stormtroopers who hail them as heroes .
All that stands between them and victory is the terminal , situated in the refinery ’ s mess hall .
In another quirky twist , Mayfeld can ’ t use it because an officer he once served under is nearby , so Mando must use the terminal… which requires a facial scan .
Surprisingly , there ’ s little “ will he/won ’ t he ” as Pascal whips @ @ @ @ @ @ @ .
It ’ s a huge deal , only the second time we ’ ve seen the star ’ s face and timed just right so that it feels like a climactic event .
It also sets a new tone – Mando ’ s priority is no longer ‘ The Way ’ , it ’ s Grogu , and he will do whatever it takes to get him back .
One final onstacle comes when an officer ( Richard Brake , who also played Game of Thrones ’ Night King ) asks them @ @ @ @ @ @ @ see the line Mayfeld has to cross , as he has a moment of conscience remembering the many people killed under the officer ’ s watch .
The pair then blast their way out of the refinery , with a well-timed shot blowing it all up .
Once they meet up with the rest of their crew , Cara Dune sets Mayfeld free and Mando sends a chilling message to Gideon , repeating the speech that he gave at the climax of season one .
So , what ’ s to come from @ @ @ @ @ @ @ to sneak aboard the Imperial Cruiser and find Grogu , but hopefully containing some epic showdowns that make the finale stand out .
The end comes at the right time as the repetitions were beginning to stand out , but S2E7 shows The Mandalorian remains the best destination for those who want to go on an adventure with memorable characters .
If Disney are handing out spin-off shows like party favours , we wouldn ’ t mind Burr leading a Mayfeld series in the future .
New episodes of The Mandalorian Season 2 @ @ @ @ @ @

The Mandalorian Season 2, Episode 7 – S2E7 hots up
S2E7 of The Mandalorian sees the action heat up
*** SPOILERS AHEAD: If you haven’t watched the most recent episodes of The Mandalorian Season 2, look away now***
We’re coming into the home stretch with this second season of The Mandalorian, a series that has been the jewel in the Disney+ crown and no doubt was behind their recent decision to greenlight shows for practically every popular character in a galaxy far, far away. The penultimate episode, S2E7, follows a familiar pattern, but gives us a huge turning point in Mando’s journey.
As revealed last episode Moff Gideon (Giancarlo Esposito) has Grogu/The Child, and The Mandalorian (Pedro Pascal) is being helped by Boba Fett (Temuera Morrison) and Fennec Shand (Ming-Na Wen). With the help of Cara Dune (Gina Carano), they find Migs Mayfeld (Bill Burr), a former Imperial sharpshooter from season one now serving time after being captured by Mando.
They need Mayfeld to help them get access codes to Gideon’s ship, and he reveals the only way to get those codes is to break into an Imperial refinery and use an Internal Imperial Terminal. What on Earth is that? It doesn’t really matter – it’s a MacGuffin that gives our heroes a reason to go on another heist. While it’s always spectacular, the “Get In/Get The Thing/Get Out” formula that has shaped many of the episodes this season is beginning to feel a tiny bit repetitive. It’s still enjoyable, but largely thanks to those on the mission rather than the mission itself.
The security systems mean only Mayfeld can enter the base, however Mando doesn’t trust him to get the job done and steals a stormtrooper’s armour, meaning he has to remove his helmet (even if it’s only to put another one on). Here we get to the true meaning of the episode. It’s not about accessing information, it’s about seeing how far The Mandalorian will go to save his child.
The middle section of S2E7 involves Mayfeld and Mando slowly driving Imperial transport, which contains explosive materials that means they can’t go too fast. This gives the two characters time to exchange philosophies, and for Burr to shine. “What would they say on Mandalor?” he teases as Mando comes out in Trooper gear. He then pierces the strict moral code of his companion by arguing that they are not so different. “Your rules start to change once you get desperate” he remarks, before adding that “everyone’s got their lines they don’t cross until things get messy”.
This is why Burr was important for S2E7. As a comedian, his stand up deconstructs human behaviour in a frank way, so who better to get to the core of who The Mandalorian is than him. His casting in season one was a surprise for many given that he has repeatedly made fun of the Star Wars Universe, and was cast by Jon Favreau partly because he thought it would be funny to include a hater in that world. Burr even dismissed his involvement after his first appearance, saying he doesn’t remember what it was like working with Baby Yoda.
Interestingly, S2E7 does tap into a common thread, in that many famous Star Wars actors have at one point resented their involvement in the franchise. Harrison Ford and Mark Hamill have had their issues with the films over the years, while Alec Guinness once agreed to sign an autograph for a child as long as he promised to never watch Star Wars again.
All may have grown fond of their associations over time, but the point is the best Star Wars performances are often from actors who aren’t in awe of what they’re doing. It comes across in the characters, who wouldn’t be in awe of their surroundings. In this sense, Burr is perfect, because he’s not trying to have a moment with The Mandalorian, and in doing so Mayfeld throws down the gauntlet – how far is he willing to go for Grogu?
As it turns out, the answer is all the way. Mando fights off pirates who try to highjack their transport, and are bemused as they are cheered into the refinery by stormtroopers who hail them as heroes. All that stands between them and victory is the terminal, situated in the refinery’s mess hall. In another quirky twist, Mayfeld can’t use it because an officer he once served under is nearby, so Mando must use the terminal… which requires a facial scan.
Surprisingly, there’s little “will he/won’t he” as Pascal whips the helmet off and obtains the information. It’s a huge deal, only the second time we’ve seen the star’s face and timed just right so that it feels like a climactic event. It also sets a new tone – Mando’s priority is no longer ‘The Way’, it’s Grogu, and he will do whatever it takes to get him back.
One final onstacle comes when an officer (Richard Brake, who also played Game of Thrones’ Night King) asks them to have a drink. We then see the line Mayfeld has to cross, as he has a moment of conscience remembering the many people killed under the officer’s watch. The pair then blast their way out of the refinery, with a well-timed shot blowing it all up. Once they meet up with the rest of their crew, Cara Dune sets Mayfeld free and Mando sends a chilling message to Gideon, repeating the speech that he gave at the climax of season one.
So, what’s to come from the final episode? Probably a plan to sneak aboard the Imperial Cruiser and find Grogu, but hopefully containing some epic showdowns that make the finale stand out. The end comes at the right time as the repetitions were beginning to stand out, but S2E7 shows The Mandalorian remains the best destination for those who want to go on an adventure with memorable characters. If Disney are handing out spin-off shows like party favours, we wouldn’t mind Burr leading a Mayfeld series in the future.
New episodes of The Mandalorian Season 2 are available every Friday on Disney+


cityam--2020-12-12--Iran executes French-based dissident journalist captured last year

( Reuters ) – Iranian dissident journalist Ruhollah Zam , who was convicted of fomenting violence during anti-government protests in 2017 , was executed on Saturday , Iran ’ s state television reported .
Iran said on Tuesday its Supreme Court had upheld the death sentence of Zam , who was captured in 2019 after years in exile .
His Amadnews feed had more than one million followers .
State TV said on Saturday Zam , “ director of the counter-revolutionary Amadnews network , was hanged this morning ” .
France and human rights groups had condemned the Supreme Court @ @ @ @ @ @ @ press advocacy group Reporters Without Borders ( RSF ) condemned the execution .
“ RSF is outraged at this new crime of Iranian justice and sees ( Supreme Leader Ayatollah ) @ ali_khamenei as the mastermind of this execution , ” the group tweeted .
The son of a pro-reform Shi ’ ite cleric , Zam fled Iran and was given asylum in France .
In October 2019 , Iran ’ s Revolutionary Guards Corps said it had trapped Zam in a “ complex operation using intelligence deception.
” It did not say @ @ @ @ @ @ @ News , a news agency close to the Revolutionary Guards , said last week that Zam was detained by Guards agents after he travelled to Iraq in September 2019 and brought to Iran .
Iranian officials have accused the United States as well as Tehran ’ s regional rival Saudi Arabia and government opponents living in exile of stoking the unrest , which began in late 2017 as regional protests over economic hardship spread nationwide .
Officials said 21 people were killed during the unrest and thousands were arrested .
The unrest was @ @ @ @ @ @ @ decades , and was followed by even deadlier protests last year against fuel price rises .
Zam ’ s Amadnews feed was suspended by messaging service Telegram in 2018 for allegedly inciting violence but later reappeared under another name .

Iran executes French-based dissident journalist captured last year
(Reuters) – Iranian dissident journalist Ruhollah Zam, who was convicted of fomenting violence during anti-government protests in 2017, was executed on Saturday, Iran’s state television reported.
France reacted with anger to the hanging of the Paris-based journalist, which it called “barbaric and unacceptable” and said ran counter to Iran’s international obligations.
Iran said on Tuesday its Supreme Court had upheld the death sentence against Zam, who was captured in 2019 after years of living in exile in France. His Amadnews feed had more than 1 million followers.
State TV said Zam, “director of the counter-revolutionary Amadnews network, was hanged this morning”.
The French foreign ministry said in a statement: “France condemns in the strongest possible terms this serious breach of free expression and press freedom in Iran. This is a barbaric and unacceptable act that goes against the country’s international commitments.”
Press advocacy group Reporters Without Borders (RSF) condemned the execution.
“RSF is outraged at this new crime of Iranian justice and sees (Supreme Leader Ayatollah) @ali_khamenei as the mastermind of this execution,” the group tweeted.
Amnesty International said it was “shocked and horrified” by Iran’s action.
“We call on the international community, including member states of the UN Human Rights Council and the EU, to take immediate action to pressure the Iranian authorities to halt their escalating use of the death penalty as a weapon of political repression,” the rights group said in a statement.
The son of a pro-reform Shi’ite cleric, Zam fled Iran and was given asylum in France.
In October 2019, Iran’s Revolutionary Guards said it had trapped Zam in a “complex operation using intelligence deception”. It did not say where the operation took place.
Nour News, a news agency close to the Revolutionary Guards, said last week that Zam was detained by Guards agents after he travelled to Iraq in September 2019 and brought to Iran.
Iranian officials have accused the United States, as well as Tehran’s regional rival Saudi Arabia and government opponents living in exile, of stoking the unrest that began in late 2017 as regional protests over economic hardship spread nationwide.
Officials said 21 people were killed during the unrest and thousands were arrested. The unrest was among the worst Iran has seen in decades, and was followed by even deadlier protests last year against fuel price rises.
Zam’s Amadnews feed was suspended by messaging service Telegram in 2018 for allegedly inciting violence, but later reappeared under another name.
(dubai.newsroom@thomsonreuters.com; Additional reporting by John Irish in Paris; Editing by Sam Holmes, Mark Potter and Alex Richardson)


cityam--2020-12-12--London retains finance jobs as Brexit fails to deliver blow to the City

Warnings that Brexit would deliver a major shock to the City ’ s financial services jobs have failed to pay off , with international banks maintaining the bulk of their UK staff since the 2016 referendum .
A survey of 24 major international banks and asset managers by the Financial Times found that the majority had increased their London headcount over the past five years .
Read more : Confidence in the City of London remains strong , with planning applications up in November JP Morgan , BNP Paribas , UBS , Japan ’ s MUFG and Goldman Sachs are @ @ @ @ @ @ @ have boosted their UK employee numbers in the past few years , despite warnings that Brexit would cause an exodus to the continent .
Goldman Sachs has hired around 900 new British-based staff , while JP Morgan ’ s UK employee numbers have grown by around 2,000 following a hiring spree in areas such as Glasgow and Edinburgh .
Meanwhile , nine of the biggest asset managers from around the globe have boosted UK hiring since the Brexit referendum , with total combined headcount surging around 35 per cent to more than 10,000 @ @ @ @ @ @ @ s second-largest asset manager , and T Rowe Price , a US-headquartered firm , have both doubled their London workforce since the 2016 referendum to 600 and 575 respectively .
Read more : EU banks losing appetite for exposure to Brexit Britain It comes despite naks such as Deutsche Bank and JP Morgan previously warning that as many as 4,000 of their staff could flee London as the Brexit deadline edged closer .
British and EU negotiators have been locked in talks over the past few weeks as part of last-ditch efforts to @ @ @ @ @ @ @ But the City will still lose its current level of access to the EU even if a deal is struck .
Read more : Macron promises not to ‘ have cake and eat it ’ in Brexit negotiations UK-based firms will lose automatic passporting rights on 1 January which allow them to offer services across Europe .
They will either need to establish bases in the EU or hold onto hopes that the European Commission will unilaterally find UK regulations to be equivalent to those of Brussels to continue operations as usual .
@ @ @ @ @ @ @ around 7,500 jobs and £1 trillion in assets to new EU hubs as a result , but the City still holds its lead over European rivals such as Frankfurt , Milan and Paris .
The City of London ’ s most influential lobby group earlier this week hit out at the EU for politicising decisions on the UK ’ s financial services sector ’ s access to Europe post-Brexit .
The CityUK chief executive Miles Celic told a Westminster committee that Brussels has created uncertainty for Square Mile firms through the “ regrettable @ @ @ @ @ @ @ .
Read more : City to shift €150bn of UK assets into France ahead of Brexit “ We ’ ve seen a regrettable politicisation of what ought to be technical decisions on the European side , ” he said .
“ The equivalence process has unfortunately become politicised and companies will look at this , consider there is uncertainty , consider there is a cost and , particularly with some foreign companies , they may decide for now that the United States or Asia is a better bet , certainly in the short @ @ @ @ @ @ @ Professional services firms to be called on to help make sense of Brexit

London retains finance jobs as Brexit fails to deliver blow to the City
Sunrise in London
Warnings that Brexit would deliver a major shock to the City’s financial services jobs have failed to pay off, with international banks maintaining the bulk of their UK staff since the 2016 referendum.
A survey of 24 major international banks and asset managers by the Financial Times found that the majority had increased their London headcount over the past five years.
JP Morgan, BNP Paribas, UBS, Japan’s MUFG and Goldman Sachs are among a raft of high-profile banks to have boosted their UK employee numbers in the past few years, despite warnings that Brexit would cause an exodus to the continent.
Goldman Sachs has hired around 900 new British-based staff, while JP Morgan’s UK employee numbers have grown by around 2,000 following a hiring spree in areas such as Glasgow and Edinburgh.
Meanwhile, nine of the biggest asset managers from around the globe have boosted UK hiring since the Brexit referendum, with total combined headcount surging around 35 per cent to more than 10,000 employees.
Vanguard, the world’s second-largest asset manager, and T Rowe Price, a US-headquartered firm, have both doubled their London workforce since the 2016 referendum to 600 and 575 respectively.
Previous warnings
It comes despite naks such as Deutsche Bank and JP Morgan previously warning that as many as 4,000 of their staff could flee London as the Brexit deadline edged closer.
British and EU negotiators have been locked in talks over the past few weeks as part of last-ditch efforts to hammer out a post-Brexit trade deal.
But the City will still lose its current level of access to the EU even if a deal is struck.
UK-based firms will lose automatic passporting rights on 1 January which allow them to offer services across Europe. They will either need to establish bases in the EU or hold onto hopes that the European Commission will unilaterally find UK regulations to be equivalent to those of Brussels to continue operations as usual.
Financial firms in London have already moved around 7,500 jobs and £1 trillion in assets to new EU hubs as a result, but the City still holds its lead over European rivals such as Frankfurt, Milan and Paris.
The City of London’s most influential lobby group earlier this week hit out at the EU for politicising decisions on the UK’s financial services sector’s access to Europe post-Brexit.
The CityUK chief executive Miles Celic told a Westminster committee that Brussels has created uncertainty for Square Mile firms through the “regrettable politicisation” of the equivalence assessment process.
“We’ve seen a regrettable politicisation of what ought to be technical decisions on the European side,” he said.
“The equivalence process has unfortunately become politicised and companies will look at this, consider there is uncertainty, consider there is a cost and, particularly with some foreign companies, they may decide for now that the United States or Asia is a better bet, certainly in the short or medium term.”


cityam--2020-12-12--EU banks losing appetite for exposure to Brexit Britain

Banks in the European Union may be losing their appetite for exposure to Britain , the EU ’ s banking watchdog said yesterday .
There are concerns in the bloc that a no-deal Brexit , which is looking increasingly likely , could disrupt financial markets .
Read more : Macron promises not to ‘ have cake and eat it ’ in Brexit negotiations Britain will stop having full access to the EU after 31 December , and many banks in London have opened hubs in the bloc to avoid being cut off from EU clients .
The European Banking Authority @ @ @ @ @ @ @ should ensure that adequate management capabilities are in place in the EU , and that leaders should ensure their customers ’ exposure to Britain have been transferred to the bloc .
Read more : Professional services firms to be called on to help make sense of Brexit The watchdog was publishing a risk assessment of the European banking system , examining 129 EU banks , and a further six from Britain , setting out 7,600 data points per lender , including details on Covid-19-related loans .
Banks are generally resilient , holding €318bn @ @ @ @ @ @ @ a 15 per cent average core solvency ratio to risk-weighted assets in June , up 60 basis points year-on-year .
But Stage 2 loans , where the risk of default has increased significantly , rose 23 per cent to €1.2trn in June compared with the same month in 2019 as the impact of Covid-19 on businesses and households was felt .
Read more : ECB ramps up bond-buying programme by €500bn “ It still needs to be seen how the phasing out of Covid-19 related measures … will affect asset quality , but @ @ @ @ @ @ @ further , ” EBA said .
Government-backed guarantees on loans and repayment holidays on mortgages were temporary , and banks should engage as soon as possible with struggling borrowers , EBA said .
The watchdog said the hit from rising provisioning for loans has yet to affect capital ratios at a time when rising impairment costs have further depressed low profitability .
“ Prudent capital distribution policies are still required , ” the EBA added .