OSC Queries Thomson Reuters Over Currency Trading Platform
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OSC Queries Thomson Reuters Over Currency Trading Platform – The Globe and Mail (subscription)
The Ontario Securities Commission says Thomson Reuters has failed to provide enough information to prove that a major foreign exchange platform used by Canadian banks complies with provincial trading regulations. Early last week, the OSC warned Thomson Reuters the firm could be forced to revoke Canadian banks’ access to its Multilateral Trading Facility.
Why Are So Many Traders Winning Unfair Dismissal Cases?
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Why Are So Many Traders Winning Unfair Dismissal Cases? – Profit & Loss (subscription)
People are fond of “looking at the bigger picture” but when it comes to the legal profession and FICC markets, frankly the bigger picture confuses me. How else can we explain how a number of traders are facing jail time for their role in the Libor scandal, Mark Johnson is facing the same – subject to appeal – in the FX space; and yet so many traders are winning their unfair dismissal cases?
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FCA: ‘Cliff Edge’ Brexit Endangers £26 Trillion in Derivatives Contracts
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FCA: ‘Cliff Edge’ Brexit Endangers £26 Trillion in Derivatives Contracts – Citywire
A ‘cliff edge’ Brexit would put £26 trillion in derivatives contracts at risk, according to Financial Conduct Authority executive director of international Nausicaa Delfas.
Former RBC FX Trader in Rare Win for a City Whistleblower
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Former RBC FX Trader in Rare Win for a City Whistleblower – Financial Times (subscription)
Royal Bank of Canada unfairly dismissed a former currencies trader who had called on the bank to tighten up what he called “box-ticking” compliance procedures, a London employment tribunal has ruled in a rare victory for a City whistleblower.
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FX Traders Pivot to Tactical Bets as Old-School Strategies Flop
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FX Traders Pivot to Tactical Bets as Old-School Strategies Flop – Bloomberg
Currency traders are switching up their playbooks as some of the most time-tested strategies are fizzling in the $5.1-trillion-a-day market. Momentum, carry and value bets have delivered lacklustre returns in foreign exchange this year, prompting some money managers to shelve them in favour of event-driven and niche positions.
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US Launches Five WTO Challenges to Retaliatory Tariffs
US Launches Five WTO Challenges to Retaliatory Tariffs – Reuters
The United States launched five separate World Trade Organization dispute actions on Monday challenging retaliatory tariffs imposed by China, the European Union, Canada, Mexico and Turkey following US duties on steel and aluminum.
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Dollar Settles After Biggest Weekly Rise in a Month
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Dollar Settles After Biggest Weekly Rise in a Month – Reuters
The dollar edged down on Monday, having notched up its biggest weekly gain in a month last week as investors raised their long bets to the highest level since early 2017, although concerns the economic rebound may be fading has prompted caution about the outlook.
Former Trader Convicted in Euribor Rigging Trial
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Former Trader Convicted in Euribor Rigging Trial – Financial Times (subscription)
A former star trader at Barclays has been found guilty of conspiracy to defraud in relation to the Euribor lending rate, while one other defendant was acquitted and the jury failed to reach verdicts for three others.
Sterling Edges Up Ahead of UK Brexit Blueprint
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Sterling Edges Up Ahead of UK Brexit Blueprint – Reuters
The pound rose as traders bet that a Brexit white paper policy document could help restart negotiations on trade between the European Union and Britain for when it leaves the bloc next March.
US Threat of More Tariffs on China Hits Yuan, Aussie
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US Threat of More Tariffs on China Hits Yuan, Aussie – Reuters
The Chinese yuan skidded toward an 11-month low and the Australian dollar fell after the Trump administration threatened 10 percent tariffs on $200 billion worth of Chinese imports in an escalating trade conflict.