The fierce Russian verbal reaction to the missile attack on Syria's sarin gas airfield is a sham. Pres Trump gave Russia a 90-minute notice period before the Tornadoes were launched but Pres Putin did not share the warning with Bashar Assad. In fact the usefulness of Russian anti-missile batteries supposedly defending other potential conflict sites has been thrown into question.
India, a long-term buyer of Russian hardware, has signed up with a new supplier, Israel. The same is not likely to be the way forward for other Russian clients, like Iran or Hizbollah in Lebanon—or North Korea, to which our aircraft carriers are streaming
While I admit the follow-on moves of the Administration are still hard to predict, engagement in the world is now more likely, and if the Team Trump gets competent members and sets a coherent strategy—neither of which is certain as of now—the world may become a safer place even for America.
As money centers battle to lure in London-based broker-dealers who have to set up in the European Union to continue operating, regulatory gaps are becoming visible, according to Reuters. Because the financial regulatory system was put together before British entry, there is no provision for a role for the European Central Bank in regulating this key business.
So potential homes for brokerages like Madrid, Dublin, Frankfurt, and Luxembourg, are offering what the wire service calls “a light touch”. This means that there will be less EU-wide regulatory consistency, allowing broker-dealers to take higher risks. In the case of Spain, they will even be allowed to take “bank to back” trades, meaning that the Madrid business will depend on reversal of positions outside the regulatory framework, in London as before.
While so much Brexit planning reveals the legislative gap on the UK side, it is worth noting that there is something similar at the EU end also.
There will be no blog Tuesday or Wednesay because of Passover. Friday is not only a holiday for many markets in Europe and the Americas, and Hong Kong, but also a day of rest in India which is celebrating Babsaheb Ambedkar Jayanti. The Bombay Stock Exchange will be closed. Perhaps the hacker of my email, who may be based in Gwalior, will stop turning on my printer remotely from India to use up my ink and paper printing pictures of tattooed triples in flagrante.
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