Frustration, Miscalculation: Inside the US-China Trade Impasse
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The latest breakdown shows the two countries still haven’t found a way to negotiate effectively.
Read MoreBanks Brace for Closure of EU Currency Manipulation Probe
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Banks Brace for Closure of EU Currency Manipulation Probe – Financial Times (subscription)
After six years of scrutiny, billions of dollars in fines and a flurry of criminal lawsuits, the world’s biggest currency-dealing banks are finally close to drawing a line under global regulatory investigations into the behaviour of their traders, as the EU prepares to announce the results of its probes.
Read MoreIn FX, Clients Are Looking More Like Regulators
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In FX, Clients Are Looking More Like Regulators – Euromoney
The absence of a regulatory imperative has not deterred FX traders from increasing their use of transaction cost analysis tools, in turn increasing the pressure on brokers at a time when margins are already thin.
Read MoreJP Morgan, Citi Said to Face EU Fines Over Currency Collusion
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JP Morgan, Citi Said to Face EU Fines Over Currency Collusion – Bloomberg (subscription)
Banks including JP Morgan and Citigroup are set to be fined imminently by the European Union over collusion on foreign exchange trading. The European Commission may announce fines as soon as this week as part of a settlement that sees the lenders get reduced penalties for agreeing not to challenge the findings.
Read MoreBarclays Migrates Equities to BARX
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Barclays Migrates Equities to BARX – Profit & Loss
Barclays has added equities to BARX and announced that it will now function as the bank’s cross-asset electronic trading platform.
Read MoreWhere Now for the Rules that Rocked European Finance?
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Where Now for the Rules that Rocked European Finance? – Financial Times (subscription)
Helping small and medium companies access capital markets was at the heart of Mifid II but more than 16 months on, bankers and regulators are worrying that Europe’s flagship securities-industry overhaul has become more of a problem than a solution.
Read MorePlatform Volumes Plummet Amid Low Volatility
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Platform Volumes Plummet Amid Low Volatility – Profit & Loss
The average daily volumes on Cboe FX, FXSpotStream and Euronext FX in April were down 18.2%, 15.3% and 23.8%, respectively, compared to March. This sizable drop in volumes does not come as a surprise given the low market volatility last month and anecdotal evidence that suggested trading activity was subdued.
Read MoreFirm Data Pushes Euro Higher; Dollar Resumes Fall
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Firm Data Pushes Euro Higher; Dollar Resumes Fall – Reuters
The dollar resumed its decline on Thursday, shrugging off Fed Chair Jerome Powell’s relatively confident comments on the US economy as survey figures suggested fears of a broadening economic weakness in Europe could be exaggerated.
- Fed Holds Rates Steady, Signals Concern Over Sluggish Spending, Low Inflation – The Wall Street Journal (subscription)
- Pound and Euro Steady After Falling in Wake of Fed Pause – Financial Times (subscription)
Big Banks Are Struggling to Get to Grips With Life After Libor
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Big Banks Are Struggling to Get to Grips With Life After Libor – Financial Times (subscription)
Scrapping Libor is a noble and sensible aim. But replacing a number embedded in everything from derivatives prices to households’ monthly mortgage repayments and banks’ internal transfer systems, in the timeframe available, is a mind-bendingly tricky task. The complications for internal systems of banks, investors and companies have barely even been considered outside of the dark rooms where spreadsheet warriors are still trying to understand what happens when the music stops.
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