Top Headlines
FXPA Welcomes New Board Members, Announces Working Groups – FXPA
The Foreign Exchange Professionals Association (FXPA) voted in a slate of new Board members at its annual meeting on March 6, and re-elected Chip Lowry, Senior Managing Director at State Street Global Markets, as Chairman, and Sean Tully, Senior Managing Director at CME Group, as Treasurer.
Dollar Steady, Yen Near 17-Month High on Trade Concerns – Financial Times (subscription)
The yen remained in reach of a 17-month high against the dollar in Asia trade as the dollar remained unchanged as concerns over a possible global trade war stayed in play.
Currency Traders Shouldn’t Dismiss the Dollar’s Chances Just Yet – Bloomberg
Consensus sees further losses, yet upside risks may emerge.
Trade Clash Hits Markets Everywhere But Where It Really Counts – Bloomberg
FX is only major asset class showing below average volatility.
- US, China Quietly Seek Trade Solutions After Days of Loud Threats – Wall Street Journal (subscription)
- Trade War Risk Dominates Investors’ Radar Screens – Financial Times (subscription)
Sterling Climbs as Markets Bet on May Rate Rise – Reuters
The British pound rose against the dollar as investors became more convinced that the Bank of England would raise interest rates in May.
JP Morgan Dominates G10 FX Revenues for 2017: Survey – FX Week (subscription)
Coalition’s investment banking survey shows the US dealer garnering the highest revenues in the space; HSBC jumps to second place.
A Significant Day for FX? – Profit & Loss (subscription)
Not that we will immediately notice it, because it will be a slow burn, but CME FX Link launched this morning in Asia.
Mifid Transparency Has Failed So Far, Say Traders – Risk (subscription)
Poor quality, inaccessible data and a lack of instruments covered undermine use case.
- Mifid’s Calm Start Belies Research ‘Devils in Detail’ – Financial Times (subscription)
- Fee Transparency Not Enough for Asset Managers – Financial News (subscription)
China’s New Central Bank Chief Pledges Steady Opening of Financial Sector – Reuters
China will steadily reform and further open its financial sector while putting “equal emphasis” on preventing risks through regulation and supervision, the new central bank governor said.
Regulatory News
CFTC Hits Back at Proposed Budget Cuts – Profit & Loss
Staff at the Commodity Futures Trading Commission (CFTC) have spoken out strongly in opposition to the proposed cuts to the agency’s budget contained within the US government’s latest spending bill.
Regulators Split Over How to Keep Banks Out of Trouble – Wall Street Journal (subscription)
Ten years after the financial crisis, Washington’s bank regulators don’t agree on best way to examine financial firms.
NY Fed president is one of the most important positions in the Fed system.
Senior Managers Fear Being Left on the Hook Under New Rules – Financial Times (subscription)
Greater personal accountability may prompt executives to shun financial services roles.
Dutch Regulator Offers Escape Route from Contentious Cost Rules – Financial Times (subscription)
Watchdog provides alternative to controversial investor transaction charge disclosures.
Company News
America’s Libor Replacement Is Ready for Its Debut – Bloomberg
The debut of SOFR is a critical step in a quest to wean more than $350 trillion of securities off Libor.
Blockchain Terminal Opens Door for Hedge Funds to Trade Cryptocurrencies – The Merkle
Purchasing and selling cryptocurrency is about to become simpler for hedge funds and institutional investors, as a new Blockchain-based terminal is promising to offer transparency via sophisticated compliance software.
- World’s Biggest Cryptocurrency Exchange Is Heading to Malta – Bloomberg
- Telegram on Track to Push Its Cryptocurrency Sale to $1.7 Billion – Bloomberg
Market Savvy
Trade Fears Jolt Global Asset Prices – Wall Street Journal (subscription)
Concerns over escalating trade tensions between the US and China are rippling through a broad range of assets beyond stocks, from the currencies of Australia and Japan to raw materials.
Japan Gains Dubious Title of First Big Trade War Casualty – Financial Times (subscription)
The sharp surge of the yen and a brutal 3.6 per cent plunge for Tokyo stocks combined to give Japan the title it most dreaded: the first major casualty of the US-China trade war.
South African Rand Strengthens, Yields Fall After Moody’s Decision – Financial Times (subscription)
A reprieve from Moody’s, which held South Africa’s credit rating above junk status at the end of last week and lifted its outlook to stable, boosted the rand and sent yields on the country’s benchmark bonds to their lowest in almost three years.