Top Headlines

A Waste of Two Years’ – City Reacts to Crushing Defeat of May’s Brexit Deal – Financial News

Reaction from UK finance as Theresa May fails to get her Brexit deal across the line at the second attempt.

FIA Warns of Increased Market Fragmentation Caused By Regulation – FIA

FIA President and CEO Walt Lukken has released a white paper that expresses FIA’s concerns about increased fragmentation of the global listed and cleared derivatives markets due to inconsistent and duplicative regulatory frameworks.

Sugaring the Brexit Pill: A Bank-By-Bank Guide to Relocation Sweeteners – Financial News (subscription)

From free flights to German school places, here is all we know about how 3,000 London bankers are being tempted to the continent

Regulatory News

Study Floats Idea of Unbundling CCP Services in New Structure – (subscription)

Since the financial crisis, central counterparties (CCPs) have grown in size and systemic importance and may now require a different structure, according to a study by regulators and an industry contributor. Their proposal is to split CCPs into separately-owned and funded entities providing different services.

‘No Way’ to Avoid No-Trade Lists in No-Deal Brexit – (subscription)

Trading ties between London-based banks and some of their European clients will be severed – temporarily, at least – in the event of a no-deal Brexit. Several banks are unlikely to obtain the licence approvals and contractual sign-offs necessary to continue trading with European clients by March 29, and could be placed on no-trade lists from the following Monday.

Conditional Orders and Periodic Auctions Come Out on Top Post-MiFID II – The Trade

The use of periodic auctions and conditional order types are helping senior buy-side traders navigate liquidity post-MiFID II more than any other technique or strategy, according to WBR Insights.

Donald Trump’s Trade Chief Warns That China Talks Could Fail – Financial Times

US President Donald Trump’s trade chief has warned that negotiations to end the tariff war with China were at risk of failing, saying “major, major issues” needed to be resolved before an agreement was reached, and he could not “predict success at this point”. 

Crypto News

Crumbs! It’s CRYPTO: The Movie! – Financial Times

Today, for your viewing pleasure: a trailer for a film about crypto. Called . . . CRYPTO! Because that’s exactly what we all deserve.

The SEC’s Crypto Czar is Hitting the Road – And She Wants to Meet You – CoinDesk

The US Securities and Exchange Commission is going on tour in hopes of meeting with crypto entrepreneurs who otherwise might not engage with the regulator.

How a Bitcoin Evangelist Made Himself Vanish, in 15 (Not So Easy) Steps – The New York Times

Step No. 10: Buy a decoy house to fool the D.M.V.

SEC Chairman Agrees with Hinman’s Framework Assessing What Digital Assets Are Securities – The Block

In his letter to US Rep. Ted Budd, US SEC Chairman Jay Clayton agreed with Division of Corporate Finance Director Bill Hinman’s framework to assess what digital assets are securities. According to Clayton, the distinction depends on the character of the offering and not the terminology used to describe it.

Company News

CME Group Approved for Amsterdam Entity Ahead of Brexit – The Trade

CME Group has been handed regulatory approval by authorities in the Netherlands to establish a legal entity in Amsterdam ahead of Brexit.

Former SEC Commissioner Joins US Market Maker GTS as Advisor – The Trade

Michael Piwowar will work closely with the CEO at GTS and provide the business with legislative and regulatory advice. 

The Electronification of Interest Rate Swap Trading – FIA MarketVoice

Matthew Scott of AllianceBernstein discusses the high-tech transformation of the trading process.

Citigroup Looks to Speed Up 2019 Expense Cuts – Reuters

Chief Financial Officer Mark Mason also said that first quarter revenue from fixed-income and equity trading looks like it will be down by percentages in the “high single-digits” from a year earlier.

Deutsche Bank’s Global Head of Fixed Income Thinks a Commerzbank Merger Would Be a Good Idea – eFinancialCareers

As the whispering about the potential merger between Deutsche Bank and Commerzbank intensifies, rumbles are coming out of Deutsche Bank’s fixed income division. 

Market Savvy

Aussie Whacked Lower Again on Economy Concerns – Reuters

The Australian dollar skidded lower on Wednesday after a local consumer confidence gauge triggered fresh concerns about a slowing economy.

Hong Kong Peg Defence Hits $692 Million as Weakness Persists – Bloomberg

Hong Kong’s de facto central bank intervened to defend the local currency’s peg against the dollar for the second time in days.

Hedge Fund Warns Markets Are Too Complacent of Hard Brexit Risk – Bloomberg

Investors continue to underestimate the risk of a hard Brexit that could push the pound even lower, according to an artificial intelligence-driven hedge fund run by two former JP Morgan derivatives traders.