Monthly Archives: November 2018

Top Headlines

Danger Lurks for Dollar Bulls in Outcome of Trump-Xi Dinner – Bloomberg

The eyes of the global currency market will be on Saturday’s meeting between US President Donald Trump and Chinese leader Xi Jinping, with some analysts seeing even a modicum of progress toward easing trade tensions as enough to sink the dollar.

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Refinitiv Cuts 2,000 Jobs after Blackstone Takeover – Financial News (subscription)

Refinitiv, the financial data and trading company, is in the process of cutting around 2,000 jobs after its takeover by Blackstone, the large private equity group. The group is looking to strip out $650m of costs in a bid to reshape and compete better with rival Bloomberg amid a growing demand for data from banks and fund managers.

White House Casts Doubt on G20 Deal to Resolve China Trade War – Financial Times (subscription)

The White House’s top economic adviser cast doubt over the prospect of a ceasefire in the escalating trade war with China, saying negotiations in the run-up to a high-stakes summit this week had made no progress and a new round of tariffs was likely.

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Buy Side Sees FICC Research Glut – MarketsMedia

Asset managers are using fewer research providers for fixed income, currency and commodities but said this is not having a negativeimpact on returns, highlighting a potential oversupply.

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Cleared British FX Traders Put US Justice on Trial – Financial Times (subscription)

Now, among many other emotions, they are angry. They are asking why, out of all the hundreds of currencies traders in the City of London, they were picked out for a criminal trial. The traders and their lawyers struggle to understand how the long arm of US law can justify trying them away from home based on “hypothetical” victims and the testimony of a single former friend that failed to withstand scrutiny at trial.

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EU Steps Up Preparations for Euro Clearing in ‘No Deal’ Brexit – Reuters

European Union regulators began on Friday to implement plans to ensure that trillions of euros in cross-border derivatives transactions would not be disrupted in the event of a “no deal” Brexit.

• TheRace to Avoid a Lehman Moment for Bankers after Brexit – Bloomberg
• ESMAWelcomes No-Deal Brexit Central Clearing Equivalence Plans – Global Custodian
• Bank ofFrance Governor Sets Sight on Clearing after Brexit – Financial Times (subscription)

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Worst Day of an Awful Year Leaves No Corner of Market Unscathed – Bloomberg

One of the toughest years for financial markets in half a century got appreciably worse Tuesday, with simmering weakness across assets boiling over to leave investors with virtually nowhere to hide.

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How Brexit Will Redraw Europe’s Financial Infrastructure – Financial Times (subscription)

London will continue to have a crucial role, thanks to the happy accident of geography, which places it at the centre of the global trading day. Being an island off the western continental shelf puts it in a prime position to accept transatlantic cables carrying trillions of dollars of trades from North America to London. Those cable connections have boosted London’s share of foreign exchange global turnover by as much as a third.

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No Sleep for Traders as UK Sees Most Turmoil Since Brexit Vote – Bloomberg

It’s been a tumultuous week in UK markets, and for traders that’s meant cancelling dinner plans and waking up in the night.

Top Headlines

UK Regulators Said to Discuss Brexit Turmoil With Bankers – Bloomberg

The Bank of England and other regulators discussed thepound’s plunge and other market turmoil triggered by resignations from PrimeMinister Theresa May’s government with about 10 City of London institutions onThursday.