Top Headlines 

A Question of Faith: Asset Managers and the Fix – Profit & Loss

Benchmark fixes have been immersed in controversy for the past five years, but anecdotal evidence sees no shift in asset manager attitudes to them. Will these firms ever desert the Fix? 

Why Does the FX Market Have a Diversity Problem? – Profit & Loss

Had the industry not spent the last decade and a bit trying to rid itself of the risk management/execution function, then it would have had a great opportunity to build diversity into the fabric of the market. Not only is the industry risking instability, it is not giving itself the best chance to accurately reflect the wider world in terms of the mix of people that make it up.

China Cancels Trade Talks as New US Tariffs Loom – Bloomberg

China has scrapped planned trade talks with the US and is unlikely to sit down with Washington until after November’s mid-term elections.

In the FICC of it (podcast) – Profit & Loss

It’s a bumper edition of In the FICC of it this week as Colin Lambert and Galen Stops prepare to head off to Forex Network Chicago 2018, with both giving previews of the main issues that they plan to tackle on the panel sessions that they are moderating.

America’s Libor Alternative Is Gaining Traction on Wall Street – Bloomberg

After some early struggles, America’s Libor alternative appears to be finding its footing.

Nasdaq Says Nordic Trader Whose Deals Went Sour Agrees to Sell Personal Assets – Reuters

Nasdaq’s Nordic commodities exchange has reached agreement on the sale of assets belonging to a private trader who defaulted on his commitments. 

Regulatory News 

CFTC’s Cross-Border Clearing Plan Faces Long Haul – (subscription)

The markets are already getting excited about Christopher Giancarlo’s plan to help US clients clear foreign swaps on overseas central counterparties, but experts warn the champagne may have to stay on ice for a while yet.

BIS Paper Maps Out a Path to Crypto Regulation – Profit & Loss

A new paper included in the latest Bank for International Settlements Quarterly report argues that regulation of cryptocurrency markets can be effective, especially at national level.

SEC Says Don’t Judge Its Enforcement Strength Solely on Volume of Cases, Fines – The Wall Street Journal (subscription)

Wall Street shouldn’t relax its standards just because its regulator looks less muscular these days, according to a top federal official.

Crypto News 

Bitcoin Core Developer Joins Forces with Former Morgan Stanley Exec To Warn SEC – Forbes

Several prominent leaders representing nearly every aspect of both traditional and cryptocurrency finance have jointly submitted a letter to the US Securities and Exchange Commission urging the regulator to modernize its methods. 

Bitcoin ETF Delayed as SEC Seeks Further Comment – The Trade Crypto

The final decision on the Cboe, VanEck and SolidX Bitcoin ETF bid is now expected to be announced in February 2019.

Obstacles to Institutional Crypto Trading Remain Slow to Clear – Euromoney
The volume of cryptocurrency traded by institutions remains small compared to other asset classes, according to a GreySpark Partners report, which notes that growth in new crypto hedge funds has slowed.

Winklevoss Crypto Exchange Explores UK Market – Financial Times (subscription)

The US cryptocurrency exchange set up by Cameron and Tyler Winklevoss is exploring plans to expand into the UK despite sharp falls in the market.

Man Group Kicks Off Talks on Blockchain – Financial News (subscription)

Man Group, one of the world’s biggest hedge funds, has entered into talks with a blockchain consortium, becoming the latest financial powerhouse to explore ways of using the new technology.

No One Knows What to Call the Hottest Cryptocurrency – Bloomberg

The cryptocurrency widely known as Ripple is on a tear. Problem is, that’s not its actual name. That would be XRP, a token created for use on the Ripple payment protocol back in 2012. 

Company News 

McDonnell and Morgan call for Review of Barclays Whistleblowing Process – Financial News (subscription)

The shadow chancellor and chair of the Treasury Committee speak out about ‘extremely concerning’ allegations against the UK bank. 

Birchall to Head LCH in Asia as Robinson Relocates to London – Profit & Loss

Kate Birchall has been appointed head of Asia Pacific for LCH, effective 15 October 2018. Based in Sydney, she will report to Martin Pluves, CEO of LCH. 

Record Expands Relationship with WisdomTree – FX Week (subscription)

UK-based Record Currency Management has extended its relationship with WisdomTree Investments, a New York headquartered exchange-traded fund and asset manager, to provide currency signals for a new range of active models-based ETFs.

BAML May Rejoin China Swaps Market After US Policy Shift –

Bank of America Merrill Lynch is expected to re-enter the Chinese interest rate swaps market, after US authorities signalled a more relaxed stance towards clearing house equivalence.

Singapore Broker Signs Up to Use Trading Technologies’ New Futures Platform – The Trade

Straits Financial will provide its clients with access to the TT platform for trading futures, options and cryptocurrencies.

TrueEX Hits Back at Dealer Banks in US Conspiracy Case – GlobalCapital (subscription)

TrueEX, the electronic trading venue provider, has responded forcefully to attempts by dealer banks to dismiss an amended complaint against them. 

Market Savvy 

Dollar Snaps Losing Streak; Pound Bounces – Reuters

The dollar edged higher on Monday, snapping a two-week losing streak, as investors bought the greenback before a widely expected interest rate hike by the US central bank this week while trade war concerns checked investor appetite for risk.

Sterling Rebounds on Brexit Hopes, But Tory Conference Keeps Investors Wary – Reuters

The British pound bounced half a percent to above $1.31 on Monday after a big selloff in the previous session, helped by comments from Britain’s Brexit Secretary that a deal with the European Union was still possible.

Investors Look Past Trade War Amid Risk-On Sentiment: EM Review – Bloomberg

Emerging market stocks, currencies and bonds were unfazed by an escalation in the US-China trade dispute, rising for a second week as the dollar retreated.

Argentina’s Crisis Receding, Says Bullish Hasenstab – Financial Times (subscription)

One of the biggest investors in Argentina said that the country’s financial crisis was receding, and blamed this summer’s market mayhem on a “massive speculative attack” and panicky locals.