May to Win Biggest Tory Victory Since Thatcher: Poll

May to Win Biggest Tory Victory Since Thatcher: Poll – The Independent
Theresa May looks on course for a definitive victory over Jeremy Corbyn in the general election, as the final poll for The Independent shows her party enjoying a 10-point lead over Labour.

• Voting Begins as Britain Makes its Choice – The Guardian
•  When No Election Result is Better Than a Bad One – Bloomberg
• What the UK Election Result Could Mean for Brexit – CNN

Ex-HSBC Banker Scott Arrested in U.K. in American FX Case – Bloomberg
While his former colleague was arrested as he was about to board a plane at a New York City airport in July, Stuart Scott, the former head of HSBC Holdings Plc’s currency trading in Europe, has remained free at home in suburban London.

ECB to Keep Taps Open as Economic Outlook Uncertain – Reuters
The European Central Bank is likely to keep the money taps fully open at its meeting on Thursday as inflation remains below its target despite stronger economic growth in the euro zone.

• Eurozone Investor Morale Rises to Highest Level in a Decade – Reuters
• ECB’s Next Moves on Stimulus in Focus at Meeting – Wall Street Journal (subscription)

Qatari Currency at Weakest Since ’98; Peg Under ‘Unprecedented Pressure’ – Financial Times (subscription)
The Qatari riyal fell to its weakest level in almost two decades on Friday morning, straining the central bank’s currency peg as the government’s diplomatic rift with its Gulf neighbours – described by ratings agency Moody’s as “the worst since the creation of the Gulf Cooperation Council in 1981″ – entered its fourth day.

Bill Gross Says Market Risk Is Highest Since Pre-2008 Crisis – Bloomberg
U.S. markets are at their highest risk levels since before the 2008 financial crisis because investors are paying a high price for the chances they’re taking, according to Bill Gross.

Dollar Stabilizes Ahead of Comey’s Testimony – Wall Street Journal (subscription)
The dollar firmed on Wednesday, a day ahead of highly-anticipated testimony from former Federal Bureau of Investigation Director James Comey.

Yen Strengthens as BOJ Ponders Communications on Stimulus Exit – Bloomberg
The yen rose and Japanese bonds fell as the central bank was said to be re-calibrating its communications to acknowledge it’s thinking about how to handle a withdrawal from monetary stimulus.

• OECD Upgrades Japan’s 2017 Growth Forecast to 1.4% on Exports, Stimulus – Japan Times

Bitcoin’s Valuation Is Confusing Currency Analysts – Bloomberg
Bitcoin is gold for millennials. Or maybe it’s that generation’s fine wine and collectible art. Or just a bubble waiting to burst.

• The Consequences of Allowing a Cryptocurrency Takeover, or Trying to Head One Off – Financial Times (subscription)

Regulatory News

Does a Legal Claim Against HSBC Have Implications for the FX Global Code? – Profit & Loss (subscription)
A UK court could be hearing about pre-hedging of client orders soon, something that has implications for Principle 11 of the FX Global Code of Conduct.

No More Mifid II Delays – European Markets Regulator – Financial Times (subscription)
The head of the main European markets regulator has confirmed there will be no further delay to its flagship Mifid II legislation that is due to come into effect in January.

• Fat Chance of Delaying Markets Reform, EU Watchdog Tells City – The Telegraph
• ESMA Chief Vows No More MiFID II Delays – Global Custodian (subscription)

London’s Biggest Clearing House Open to More EU Oversight – Financial Times (subscription)
LCH, London’s biggest clearing house, said on Wednesday it will accept more direct oversight from Brussels of euro-denominated derivatives, which has become an early battleground in the Brexit negotiations.

NEX Utilises Duco Cube for MiFID II Solution – Profit & Loss
NEX Regulatory Reporting and Duco, a provider of self-service data normalisation and reconciliation services, have announced that Nex Regulatory Reporting is to use Duco’s technology to provide MiFID II reconciliation to its clients.

Company News

Breaking the Mold – Profit & Loss
Noble Bank International recently launched with a new business model aimed at alleviating the current credit constraints in the FX market. Will it be a “game changer” for the industry?

Santander Buys Banco Popular for €1 After Rival Deemed ‘Likely to Fail’ – Wall Street Journal (subscription)
Banco Santander SA has acquired Spanish rival Banco Popular Español SA in an overnight auction for the nominal amount of €1 ($1.13) after the European Central Bank determined the ailing lender was near collapse.

China Market Squeeze Starts to Strangle Small Businesses – Wall Street Journal (subscription)
Reining in financial risk sends bond yields soaring—bad news for small and midsize private businesses, which typically have little access to bank loans.

CFETS and HKEX Establish Joint Venture for Bond Connect – Mondovisione
China Foreign Exchange Trade System and Hong Kong Exchanges and Clearing Limited have announced the formation of a joint venture company in Hong Kong, Bond Connect Company Limited (BCCL), to support Bond Connect related trading services.

Market Savvy

Euro Is Nothing But a Flow Show and Analysts Are Getting Worried – Bloomberg
The euro is on a tear, U.S. investors are snapping up European stocks — and traditional theories to justify the shared currency’s spirited advance have broken down, as investors luxuriate in a climate of low volatility.

Pound Nears Two-Week High Before UK Vote; Euro Steady Ahead of ECB – Reuters
Sterling traded near a two-week high on Thursday, supported by expectations that Prime Minister Theresa May’s party will win a majority in Britain’s general election, while the euro held steady ahead of a European Central Bank policy announcement.

Malaysian Ringgit to Rally to Eight-Month High – Bloomberg
The ringgit may advance 4 percent as the latest measures by Bank Negara Malaysia reduce the risks of holding the currency and the economy improves, a member of the central bank’s financial markets committee said.

Industry Events

MFA Forum 2017, 20 June, Chicago
Profit & Loss Scandinavia 2017, 14 September, Stockholm
Forex Network Chicago 2017, 27-28 September, Chicago
FIA Futures & Options Expo 2017, 17-19 October, Chicago