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.
US Lawmakers Called EU Derivatives Markets Plans ‘Retribution’ – Financial Times (subscription)
US lawmakers have hit out at new plans from Brussels to toughen supervision of the global derivatives markets in the wake of Brexit, labelling the EU’s proposals as “retribution”.
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.
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.
GlobalLink Joins FXPA – FXPA
The Foreign Exchange Professionals Association is pleased to announce the addition of GlobalLink, State Street’s suite of e-trading platforms, technology, data and workflow solutions.
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.org, become 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
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
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.
‘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.
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