Bank of England and Fed Examine Traders’ Access to Audio Feeds – Financial Times

The US and UK central banks are scrutinising their broadcast feeds for potential weak spots after the revelation that some traders and hedge funds may have been paying for early audio access to the Bank of England’s press conferences.

• Bank of England Deserves to be Embarrassed About Security Breach – The Guardian
• How the ECB Moved to Foil the Market Eavesdroppers – Financial News

Hedge Funds Eavesdrop on Vital Bank of England Briefings – The Times

Following inquiries by The Times, the Bank has discovered that one of its suppliers has been sending an audio feed of its press conferences to high-speed traders who hope to profit by acting on the governor’s comments before the rest of the world.

• Bank of England Admits its Press Briefings were Hacked – Financial Times

Pound Extends Losses as Concern Over No-Deal Brexit Increases – Bloomberg 

The pound fell against all of its major peers as renewed concern the UK may be headed for a no-deal Brexit spurred traders to dump the currency.

• Thank You for Playing the Forex – Financial Times
• Ratings Agencies Take UK Off Downgrade Watch After Johnson’s Win – Reuters

Johnson Takes Tough New Line on Brexit Trade Talks – The Times

Boris Johnson will redraw his Brexit bill this week to make it illegal for parliament to extend the transition period – a move that will put him in direct conflict with Brussels.

• Pound Falls as Johnson Moves to Block Any Further Brexit Delay – Bloomberg 
• Probability of No-Deal Brexit Has Decreased, Mark Carney Says – Bloomberg

US and China Reach a Trade Agreement, But Some Key Details are Still Unclear – CNBC

After the US and China announced progress on a trade agreement, a critical point of the deal remains in question: agricultural purchases.

• US Exports to China to Nearly Double in ‘Totally Done’ Trade Deal: Lighthizer – Reuters
• Mnuchin: Trade Deal with China to Boost Global Economy – Reuters
• China Top Diplomat Says China-US Trade Deal Good News For All – Reuters
• China Faces Tough Task in Pledge to Boost US Imports – Nikkei Asian Review

Pound Soars as Johnson Scores Landslide British Election Win – Reuters

The pound surged more than 2% on Thursday as Prime Minister Boris Johnson’s Conservative Party won a resounding election victory that markets believe makes an orderly British exit from the European Union all but certain.

• Investors Cut Pound Weakness and Rate Cut Bets After Johnson’s UK Election Win – Reuters
• British Vote Is Likely to Bring Brexit, but Not End Brexit Divisions – Wall Street Journal
• Brexit Will Now Happen but Boris Johnson’s Win Puts Future of the UK In Doubt – Financial Times
• The Dream is Dead: Johnson Election Triumph Breaks UK ‘Remainer’ Hearts – Reuters
• FX Liquidity Holds Up Well as UK Exit Poll Surprises – Profit & Loss
• Sterling Jumps on UK Poll – More to Come? – Profit & Loss

Sterling Derivative Markets Flash Red as British Election Gets Underway – Reuters

Traders rushed to the foreign exchange derivative markets on Thursday to protect their exposure to the British pound in case of a surprise election outcome.

• UK General Election 2019: Nation Faces ‘Historic’ Choice: Live Updates – The Guardian
• United Kingdom Votes to Decide the Fate of Brexit, Again – Reuters

UK’s Johnson Now Less Certain of Election Victory: YouGov – Reuters

Britain’s election race has tightened markedly over the past two weeks and Prime Minister Boris Johnson is now likely to win only a modest majority in Thursday’s vote, according to a closely watched forecast.

• Nightmare Before Christmas? Traders Dig in for Long British Election Night – Reuters
• What Would a Hung Parliament Mean for the UK and Brexit? – The Times

BIS Report Highlights Shift in FX Trading Styles – Profit & Loss

The latest Bank for International Settlements Quarterly Review provides execution method data relating to the recent Triennial Survey of FX Turnover and finds that while e-ratios generally are stable, there have been some significant shifts in the channels handling the volume.

Mystery Solved? BIS Report Studies Triennial FX Survey Data – Profit & Loss

When the Bank for International Settlements published this year’s version, there was no little surprise at it finding there was $6.6 trillion traded every day, a new report, however, throws more light on that number, but doesn’t quite answer all the questions.