Analysts are wrestling with the split result in US congressional elections, which hands control of the House of Representatives to Democrats but gives Republicans an increased majority in the Senate.
- Investor Reaction after Democrats Capture US House Majority – Reuters
- Congressional Gridlock? Financial Markets are Fine with It – Financial Times (subscription)
- Dollar’s Losses Gather Steam as US Stimulus Hopes Fade – Reuters
- Dollar Weakness Helps Emerging Market Currencies after Midterms – Financial Times (subscription)
- A Divided Congress Could Put the Dollar’s Bull Run at Risk – Bloomberg
ACI – The Financial Markets Association has teamed up with the Interarab Cambist Association (ICA) to promote the FX Global Code amongst financial institutions in the Middle East and Africa.
There have been some recent positive signals from European Union authorities that action will be taken to mitigate disruption to EU 27 participants in the event of a hard Brexit. In particular, European officials have indicated that EU 27 firms will be temporarily able to continue accessing UK central counterparties following a no-deal scenario.
Nex, the UK trading and technology group, has applied for an exchange licence with Dutch regulators in a move that could see it shift more trading assets out of London as a hedge against a no-deal Brexit.
After a slow start, regulators and exchanges take more action against market abuse.
After years of aggressively pushing the extraterritorial reach of its rules, the Commodity Futures Trading Commission – the primary US derivatives regulator – now appears ready to take a more pragmatic approach.
The transition plan for the possible dissolution of LIBOR, with its interdependencies and long time horizon, makes preparation a complex endeavor. And there appears to be process divergence between larger, developed markets and smaller, regional ones.
How have crypto markets in Asia evolved in comparison tothose in the US and Europe? And will these markets look more or less differentin the future?
Even as the most infamous cryptocurrencies crashed this year, new ones were already emerging, designed to peg their value to fiat currencies.
These days, cryptocurrencies are far from the rage. Many have lost 80 percent or more of their market value from their peak in January, and some have fallen off the map altogether. But perhaps that development is precisely what we need for crypto to take the next step forward.
Bitcoin bulls are in for some long-awaited good news: technical indicators show the biggest cryptocurrency could be poised for gains.
Cryptocurrency venture Bitfury raised $80 million from investors including the merchant bank founded by billionaire ex-Goldman Sachs partner Mike Novogratz.
EBS Markets has reported average daily turnover of $88.7 billion in spot FX products in October, a 3% increase on September and a 10% increase year-on-year. The newly-re-branded Refinitiv reports that spot FX ADV was $94 billion in October, down 4.1% month-on-month and up 3.3% year-on-year.
IHS Markit has announced that MarkitSERV has introduced new, cloud-based technology for post trade processing of OTC derivatives trades. Called TradeServ, the new platform launched in September for matching, confirming and clearing trades of non-deliverable forwards.
oneZero Financial Systems has released a new tool, called Market Data Sentinel, which automates the reporting, monitoring, accounting and compliance of exchange market data used on the MetaTrader 5 platform.
Market sources tell Profit & Loss that Sally Francis, head of institutional sales for FX and local markets at BNP Paribas, has left the bank.
The Depository Trust & Clearing Corporation (DTCC) is ploughing ahead with its project to re-platform its credit derivatives Trade Information Warehouse on distributed ledger technology and cloud, enlisting 15 of the world’s largest banks for a testing phase.
Sterling rose for a third consecutive day on Wednesday, buoyed by a BBC report that Britain is preparing for a Brexit agreement by the end of November.
China spent roughly $32bn in foreign exchange reserves to strengthen the renminbi in October, its heaviest monthly intervention in nearly two years in the latest sign of Beijing’s nervousness about the economy.
There are many reasons why the US dollar may be poised to lose its status as the world’s reserve currency. Not the least of these are efforts by the EU and China to make it happen.
The rand gained to its strongest level against the dollar since August, benchmark bond yields fell to the lowest in more than a month, and bank shares rallied as South African assets rode the risk-on wave following the Democratic Party’s House win in US midterm elections.