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Are You Pound-Proof Yet? The Brexit Endgame Is About to Begin

Time is running out to position for a disorderly Brexit. That’s the chorus growing louder among pound traders and strategists, with Morgan Stanley joining the said to be preparing for a failure to secure an accord on future economic ties with the EU, the European Council meeting in October and the U.K. Parliament vote on the final exit agreement in December or January are potential flash points, according to the U.S. bank. The pound fell to the lowest level in almost a year against the dollar Thursday, with losses deepening…

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A Trader Named Morgan Stanley Just Left Morgan Stanley

Morgan Stanley. No, really. The fixed-income trader, who just happens to share a name with the 82-year-old Wall Street firm, has left the bank, a person with knowledge of the matter said. Stanley joined in 2012 after graduating from Boston College, according to records from the Financial Industry Regulatory Authority. Stanley, whose middle name is Adam, didn’t return LinkedIn messages seeking comment on his next career move. A spokesman for the New York-based bank declined to comment. Read more: http://www.bloomberg.com/news/articles/2018-04-17/morgan-stanley-leaves-morgan-stanley-yes-you-read-that-right

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Wells Fargo Is the Go-To Bank for Gunmakers and the NRA

Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry. The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. That puts it on the top of the list of banks arranging funding for gunmakers. Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took…

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Bitcoin Could End Up Using More Power Than Electric Cars

The global power needed to create cryptocurrencies this year could rival the entire electricity consumption of Argentina and be a growth driver for renewable energy producers from the U.S. to China. Miners of bitcoin and other cryptocurrencies could require up to 140 terawatt-hours of electricity in 2018, about 0.6 percent of the global total, Morgan Stanley analysts led by Nicholas Ashworth wrote in a note Wednesday. That’s more than expected power demand from electric vehicles in 2025. “If cryptocurrencies continue to appreciate we expect global mining power consumption to increase,”…

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No Idea What MiFID Stands For? Here’s What You Need to Know

Everyone in European finance has been abuzz over an obscure acronym — MiFID II — that’s about to radically change how assets from stocks to commodities are traded and investors’ money is managed. Banks and asset managers across the European Union have spent more than $2 billion preparing for it. Regulators say it will protect investors, boost transparency and rebuild trust that was tarnished by the 2008 global crash. The industry has even spent months finding ways to sidestep parts of it. But you’d be forgiven for not paying attention:…

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Bitcoin More Than Just a Fad, Morgan Stanley CEO Says

Not every Wall Street bank chief is bearish on bitcoin. Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it

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