@peter_IFAMAG reads Twitter so you don’t have to.
Vivid Money, the German challenger bank, is drumming up VC interest and posing serious competition to UK challenger banks in Europe. In the UK, the ONS reveals positive employment data, IFA’s trade notes on a new scam, and Mishcon de Reya, the law firm, gets set for £750m London listing.
First, as the US markets continue to froth and the fallout of the Archegos scandal continues, Kenneth Dredd points out once upon a time a Long-Term Capital Management bailout was considered a serious threat to the US economy.
In 1998 the Fed had to organise a $3.6b bailout with LTCM’s creditors to avoid a collapse in markets. In 2021, Archegos’ prime brokers have just cracked 10 yards of losses with markets at ATHs & there are 40 cryptocurrencies with market caps greater than $3.6b
— Kenneth Dredd (@KennethDredd) April 28, 2021
Elsewhere in the US, the Fed is asked questions about Dogecoin.
Ironically the guy (hero?) who asked Powell about Dogecoin got Powell to give one of his most real answers IMO, admitted there is "froth" out there and that the Fed does have something to do with it.
— Eric Balchunas (@EricBalchunas) April 28, 2021
Back across the pond Michael Brown senior market analyst at Caxton, shares perhaps unsuprising furlough data
Proportion of UK workforce on furlough down to 13% now (ONS)
— Michael Brown (@MrMBrown) April 29, 2021
In more alarming news, a cross party report suggests “substantial red tape,” on the EU border.
Defra Committee cross party MPs release bruising report on “considerable trade friction” & “substantial” new red tape leading to “substantive & enduring” post Brexit costs for food exporters.
– Flatly contradicts in line 1, PM’s assertion of “no non tariff barriers”. pic.twitter.com/FzjLCc593P
— Faisal Islam (@faisalislam) April 28, 2021
Ever heard of a publicly traded law firm? Me neither.
This is very interesting.
Mishcon de Reya set for £750m London listing
Are there any examples of successful publicly-traded law firms?
— Arash Massoudi (@ArashMassoudi) April 28, 2021
And finally, a fascinating thread on a continental challenger bank outpacing the British startups.
Ten months after its launch, more than 100 million euros have already flowed into the development of Berlin-based neobank Vivid Money.
The aggressive expansion continues with a new mega-funding: https://t.co/nXl9O8TrWS
— John Stanley Hunter (@JohnStanHunter) April 29, 2021
What are your thoughts on these tweets?
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