EU Plans to Tighten Derivatives Rules Rankles in the US

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EU Plans to Tighten Derivatives Rules Rankles in the US – Financial Times (subscription)

At a meeting held by the House agriculture committee on Wednesday US lawmakers lined up to tear into plans by the European Union to tighten supervision of its derivatives markets after Brexit. Brussels wants more direct oversight of clearing houses, which safeguard the financial system by acting as counterparties between sellers and buyers of shares or derivatives.

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Trump Drags Dollar to Center Stage at G-20 as Trade War Heats Up

Trump Drags Dollar to Center Stage at G-20 as Trade War Heats Up – Bloomberg (subscription)

President Donald Trump believes the dollar is too strong, a senior administration official said Tuesday. Last week, Trump accused Europe and China of weakening their currencies to gain a competitive advantage. Wall Street banks are even starting to ponder the risk that the US could seek to drive the dollar lower.

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Tweets, Trade and the Fed Now Have Markets Moving in Packs

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Tweets, Trade and the Fed Now Have Markets Moving in Packs – The Wall Street Journal (subscription)

Bonds, stocks and currencies are moving in tandem more often, as central-bank surprises and trade uncertainty assert their grip over markets. Known by investors as “risk-on, risk-off,” the phenomenon happens when markets essentially split into two broad buckets that move together.

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State Street’s GlobalLink Joins FXPA

The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of GlobalLink, State Street’s suite of e-trading platforms, technology, data and workflow solutions.

“GlobalLink is very pleased to join the FXPA where, as representatives for the Currenex and FX Connect platforms, we look forward to contributing to the dialogue with global regulators and policymakers that the FXPA engages in driving the evolution of the FX market structure for the benefit of all participants,” said David Newns, head of Execution Services for GlobalLink.

“FXPA’s diverse membership puts us in a strong position to represent the views of the FX industry in a unique capacity. We welcome the addition of State Street GlobalLink as our newest member and look forward to their input on a variety of important topics as we seek to advocate, inform and educate around key FX market structure issues,” says FXPA Chair, Lisa Shemie.

To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.orgbecome an institutional member, and sign up for our newsletter, FXPA globalFXsource.

The Foreign Exchange Professionals Association (“FXPA”) is a Washington-based organization that represents the collective interests of professional foreign exchange industry participants.  The group is designed to engage key regulators and policymakers through education, research, and advocacy, with the goal of advancing a sound, liquid, transparent and competitive global currency market.  See more at www.fxpa.org

FXPA to Host Presentation on Front-Running, Pre-Hedging in NYC

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FXPA to Host Presentation on Front-Running, Pre-Hedging in NYC

The Foreign Exchange Professionals Association (FXPA) will hold a special presentation by the law firm Clifford Chance on the recent prosecutions that centered on issues relating to front-running and pre-hedging in the FX industry. The event takes place on July 9th and is hosted by FXPA Founders Council Member, Cboe Global Markets, at their offices in downtown Manhattan.

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CFTC Chair Complains to European Commission Over Regulation Jibe

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CFTC Chair Complains to European Commission Over Regulation Jibe – Financial Times (subscription)

Christopher Giancarlo, chair of the Commodity Futures Trading Commission, wrote last week to Valdis Dombrovskis, the European Commission vice president responsible for financial services, to publicly criticise comments made by Patrick Pearson, head of unit, financial markets infrastructure at the commission, at an event in London.  Mr Pearson had said the US “fell for” an agreement it had struck with the EU in March in which they emphasised the need to trust local regulators and for sustained dialogue.

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What ‘Highly Unusual’ Markets Are Watching Into the Fed Decision

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What ‘Highly Unusual’ Markets Are Watching Into the Fed Decision – Bloomberg (subscription)

Wednesday’s Federal Reserve rate decision, set to be announced at 2pm New York time, carries more wild cards than most. While market participants don’t expect a rate cut this time around, they do see lower rates this year.

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Citi to Combine Rates, FX in Paco Ybarra’s First Major Reshuffle

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Citi to Combine Rates, FX in Paco Ybarra’s First Major Reshuffle – Bloomberg (subscription)

Citigroup is combining its foreign exchange and rates businesses into a single unit, two months after Paco Ybarra took over as head of the institutional-clients group. Itay Tuchman will continue to lead the currencies business, while Deirdre Dunn and Pedro Goldbaum will co-lead the rates businesses.

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