Top Headlines
Today: FXPA Presents ‘Global Code’ Webinar – Tune in May 31st
Join the Foreign Exchange Professionals Association (FXPA) for a webinar that looks at “How Does the Global Code Apply to Me?”
Pound Under Pressure After Study Indicates Tight UK Election – Financial Times (subscription)
Sterling falls as much as 0.7% on YouGov research pointing to possible hung parliament.
Options Market Bets Against Sterling Hit 3½ Month High – Reuters
Option market bets on weakness in Britain’s pound reached their highest in more than three months after a shock to the exchange rate from a poll showing the ruling Conservatives falling short of a majority in next week’s election.
Slow inflation seen as potential roadblock to Fed’s plans for multiple interest-rate increases.
Goldman Fund Manager Sees Dollar Rising 10% Versus Yen, Euro – Bloomberg
The dollar is set to strengthen about 10 percent against the yen and euro as the Federal Reserve raises interest rates at least two more times this year, according to Goldman Sachs Asset Management.
Yuan Bolts to Over Six-Month High as Central Bank Tries to Douse Depreciation Views – Reuters
China’s yuan surged to its strongest level in more than six months on views that the central bank is now less inclined to allow the currency to weaken markedly against the US dollar.
Regulatory News
ASIC Calls for More Focused Spot FX Training – Profit & Loss
The Australian Securities and Investments Commission (ASIC) has released a report to coincide with the FX Global Code of Conduct which seeks to redress shortcomings in behaviour as well as to outline good practice on spot FX desks in the Australian market.
CFTC Rules Shake-Up Could Outpace Treasury Review – Risk (subscription)
Giancarlo’s Project Kiss could deliver faster than Mnuchin’s four-part regulatory reform report due next month.
The $50 Billion Question: What Makes a Bank Big? – Wall Street Journal (subscription)
Any Dodd-Frank overhaul is likely to reset the line between big and small banks, changing which firms are subject to stress tests and other rules.
EU Executive to Say Euro Zone May Need Treasury, Minister, Budget – Reuters
The EU executive will suggest on Wednesday the euro zone might need to issue collective debt and run a joint budget, among proposals for bolstering the single currency that echo ideas from new French President Emmanuel Macron.
ECB Warns of DLT Fragmentation Risk in Clearing and Settlement – Global Custodian
Mario Draghi has waned of fragmentation across member states if blockchain were applied on a wide basis across Europe.
Company News
Wren Replaces Bridges at NEX – Profit & Loss
Samantha Wren, currently chief commercial officer for NEX Markets, has been appointed chief financial officer of Nex Group and will join the firm’s board effective immediately.
ISDA Hires Clearing Specialist – Profit & Loss
The International Swaps and Derivatives Association (ISDA) has announced the appointment of Ulrich Karl as head of clearing services.
Grady New NED at Liquidnet – Profit & Loss
Institutional trading network Liquidnet has appointed Stephen Grady as non-executive director of Liquidnet Europe, bringing more than 20 years of experience in managing trading functions.
LCH Set to Launch Repo Client Clearing Service – Risk (subscription)
Project will allow buy-side firms to access CCP through sponsor banks in coming months.
JP Morgan’s Massive Guide to Machine Learning and Big Data Jobs in Finance – eFinancial Careers
JP Morgan’s quantitative investing and derivatives strategy team, led Marko Kolanovic and Rajesh Krishnamachari, has just issued the most comprehensive report ever on big data and machine learning in financial services.
Market Savvy
Latam Currencies Seesaw as Oil, US Data Drive Caution – Reuters
Latin American currencies seesawed as falling oil prices and a strong batch of US economic figures fueled caution among traders.
C$ Near Flat as Investors Brace for GDP Data – Reuters
The Canadian dollar was little changed against its US counterpart, recovering from a near one-week low earlier in the session as investors awaited the country’s gross domestic product data.
Emerging Stocks Set for Fifth Month of Gains, Currencies Shine – Reuters
Emerging market equities were set to end May with a fifth straight month of gains while most currencies advanced against the dollar, supported also by new data showing brisk Chinese factory activity.