European Bank for Reconstruction and Development (EBRD)

More Conference Cancellations Due to Coronavirus

European Bank for Reconstruction and Development (EBRD) - CoronavirusAnother securities trading related conference has been cancelled due to coronavirus. On March 20, 2020, the European Bank for Reconstruction and Development (EBRD) planned on hosting an event entitled, “The Investor Base of Securities Markets in the EBRD Regions However, on March 5, 2020, the EBRD put a notice on its website cancelling the event.

“This event has been cancelled

“The health and safety of our staff and the general public is our highest priority.  

“We are taking precautionary measures to minimise the impact of the spread of Coronavirus and this event is therefore no longer going ahead.”

The event was previously described this way, “Liquid capital markets can help to mobilise investment and support the efficient allocation of financial resources. One of their main features is a broad, diversified and balanced investor base. However, data on the investor base of some of the economies where the EBRD invests is not readily available.

“We are delighted to present the second edition of the Investor Base Study prepared in cooperation with IHS Markit, a global leader in intelligence and analytics.

“The report provides a comprehensive examination of institutional ownership of public equities domiciled in the economies where the EBRD invests. Additionally to an in-depth quantitative analysis, it also features an assessment of investor sentiment based on qualitative interviews covering issues such as the attractiveness and ease of trading in specific markets or the importance of ESG considerations.”

The Futures Industry Association (FIA) also recently cancelled its annual conference on Boca Raton, Florida, which was previously scheduled to be held March 10-12.

The website, Financial News, reported that both the LME and CBOE are considering shutting down their trading pits as a result of coronavirus.

“Two of the world’s last remaining open-outcry trading floors could be temporarily shut down to prevent the spread of the coronavirus in UK and US financial heartlands.

“Cboe Global Markets and the London Metal Exchange are considering switching to fully electronic trading as part of their emergency planning for the spread of the respiratory illness, which has now infected more than 93,000 people across the world.”

Globally, less than 100,000 people have caught the virus, which has led to more than 3,200 deaths.

It has everyone’s attention; on March 5, 2020, President Donald Trump tweeted this.

With approximately 100,000 CoronaVirus cases worldwide, and 3,280 deaths, the United States, because of quick action on closing our borders, has, as of now, only 129 cases (40 Americans brought in) and 11 deaths. We are working very hard to keep these numbers as low as possible!”

The US House recently passed a package to earmark $8.3 billion to fight coronavirus.

The Federal Reserve cut the federal funds rate by .5% on March 4, 2020.

“Effective March 4, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 1 to 1-1/4 percent. In light of recent and expected increases in the Federal Reserve’s non-reserve liabilities, the Committee directs the Desk to continue purchasing Treasury bills at least into the second quarter of 2020 to maintain over time ample reserve balances at or above the level that prevailed in early September 2019,” the Federal Reserve said in a statement announcing the rate cut.

The Federal Reserve also recently cancelled a conference due to coronavirus; the Fed cancelled a conference originally scheduled for March 9-12, in Denver, Colorado; this conference was on the Community Reinvestment Act, a 1970s requiring community banks to reinvest minimums in their home communities.