The US Federal Reserve has refused to stay a motion issued last year that banned former Barclays FX trader Chris Ashton from the FX industry and fined him $1.2 million.
The dollar stumbled near multi-year lows following the US Treasury Secretary’s comments that he welcomed a weaker greenback, while attention turned to whether the European Central Bank can stomach a surging euro at its policy decision.
- Dollar Steadies After Hitting Three-Year Low on Mnuchin’s Comments – Financial Times (subscription)
- Dollar Hits New Low After Mnuchin Says Weakness Aids Trade – Wall Street Journal (subscription)
A dollar rout intensified after US Treasury Secretary Steven Mnuchin said a lower greenback was “good for us” – though a weaker US currency may not prove a long-term economic boost.
Sterling strengthened to its highest levels on a trade-weighted basis since shortly after June 2016’s EU referendum, as optimism around Brexit and the economy continued to fuel a surge in the currency.
The euro fell below the 87 pence mark against the sterling for the first time in seven months as the British pound’s rally against the dollar this week spread to other currencies.
Foreign exchange traders are paying a significant premium to bet on a blowup in the renegotiation of the North American Free Trade Agreement.
Goldman Sachs has disclosed it applies ‘speed bumps’ of up to 200 milliseconds on electronic foreign exchange spot trades, where the client trades in a manner that could expose the bank to losses.
The chief executive of JP Morgan has told the BBC it could cut its 16,000 UK workforce by more than a quarter if financial rules diverge after Brexit.
Why the latest accusations of front running won’t change the modern FX market.
The announcement by BNY Mellon this week that it is launching an FX prime brokerage (FXPB) service is interesting for a couple of reasons.
OCC is said to send draft for revising rule to other agencies.
- Cyber Security, Fintech and Laundering Key Risk Areas for Banks, US Big-Bank Regulator Says – Reuters
National regulators have not all taken public stance on pending postponement.
Regulator says it is right to adopt a measured approach to enforcement in the early days of Europe’s new trading era.
Barclays, M&G chiefs say at Davos forum that risks may arise in unexpected corners.
Jay Clayton and J. Christopher Giancarlo: At the SEC and CFTC, we take our responsibility seriously.
Market sources tell Profit & Loss that Liam Hudson has left his role as managing director and global head of FX e-commerce at Bank of America Merrill Lynch (BAML).
The International Swaps and Derivatives Association (ISDA) has announced the appointment of Jason Manske, senior managing director, chief hedging officer and head of the global derivatives and liquid markets group at MetLife, to its board of directors.
Their caution is the latest sign of doubt among investors that the red-hot rise of bitcoin and its ilk is sustainable.
The renminbi rallied, hitting its strongest level against the dollar in almost 27 months as the greenback fell further.
The real extended the day’s gain, climbing 2.6 per cent to R$3.1550 – a three-month high after the ruling.
The New Zealand dollar, which was trading at around $0.7435 against the greenback before the CPI release, dropped 1.4 per cent to $0.7326 before paring back some of those losses to trade at $0.7350.