After a two-week trial in New York, a jury spent less than a day deliberating on a single charge of price-fixing against each of the defendants: Richard Usher, formerly of JPMorgan Chase; Rohan Ramchandani, formerly of Citigroup; and Christopher Ashton, formerly of Barclays.
- British Cartel Traders Acquitted of Rigging Currency Market – Bloomberg
- Cartel Members Acquitted of FX Market Manipulation – Profit & Loss
- There is No “Going Back to Business as Usual” (opinion) – Profit & Loss
Lengthening the benchmark window in 2015 made manipulation less likely, but the fix price is harder to obtain.
Hedge funds using computer-driven models to follow big market trends have been whiplashed as volatility has spiked, among the biggest casualties of a stock rout that has accelerated worldwide.
Speakers at Profit & Loss Forex Network Chicago discuss the possibility for technology to radically re-shape the prime services ecosystem.
Under discussion this week: the Benchmark Fix, last look and the FX Global Code – should fintechs be adhering and signing up to the Code?
Jair Bolsonaro said the words investors wanted to hear. Brazil’s next president pledged to trim the deficit, pay down debt and reduce the size of government after results showed him cruising to victory over Fernando Haddad of the left-wing Workers’ Party.
The death of the human sales trader has long been predicted but never materialized. And for those who thought algorithmic trading would go the way of the Edsel also will be disappointed, according to new research.
An EU-US dispute over financial regulation could determine the price of hedging risk.
FCA chief executive says UK regulator is preparing for a range of Brexit options, and cross-border data sharing between regulators is ‘essential.’
With the Brexit divorce date growing nearer, it remains possible that the UK will exit the European Union without a deal establishing the terms of their relationship going forward. That’s an alarming prospect for banks, as a no-deal Brexit probably wouldn’t allow for a transition period and could cause chaos in financial markets.
- Draghi Says Banks Can Protect Themselves Against No-Deal Brexit – Bloomberg
- No ‘White Knight’ for Banks in No-Deal Brexit, EU Regulator Warns – Financial Times (subscription)
Robert Jackson, SEC Commissioner, joins ‘Squawk Box’ to discuss why the SEC has decided to block market-data fees, allowing the SEC in turn to regulate stock exchanges.
The former Federal Reserve chair warns that presidential attacks on her successor ‘undermine stability’.
Britain’s Royal Mint has frozen plans to launch a digital gold token after a partnership with US exchange group CME failed and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange.
Top professional services firms are hiring hundreds of blockchain and cryptocurrency experts to offer auditing services to companies involved in the nascent and loosely regulated sector.
The anonymity, speed and global reach of virtual currency and other digital assets have made them attractive to both criminals and terrorists. If financial activities involving virtual assets are left unregulated or under-regulated, malign actors will be able to move funds whenever, and wherever, they want.
Bitcoin’s going through a serious quiet spell. The world’s largest digital currency is seeing fewer major price swings and low volatility, signs that the coin may be nearing a bottom.
OTCXN says it is developing the “technology equivalent to prime brokerage” in the crypto space.
Sweden’s central bank says that while it has provided the general public with money for 350 years, as the use of cash is continuing to decline in Sweden, “we need to think in new ways”.
Cusip Global Services has extended its scope with the addition of North American futures and options on futures to the data and identifier service’s numbering system.
Olivier Herregods joins the UK bank to run Emea flow rates.
The FXCM Pro service is on its way to be reinvented as firm recommits its efforts to institutional services.
The pound inched down to just above two-month lows on Monday as traders prepared for the British finance minister’s annual budget speech later in the day.
The dollar edged higher against a basket of its key rivals on Monday, not far off a 10-week high hit after data showed US economic growth slowed less than expected and as global risk sentiment remained fragile.
Topics covered included the newsy: US-China trade wars, the future of the marijuana industry, Federal Reserve policy and the future of US public finances. Plus questions on Brexit, the state of China’s economy and ways to thwart the appeal of populism.
India is considering allowing some imports from China to be settled in yuan, people familiar with the proposal said, as the South Asian nation moves to limit its currency’s loss against the dollar.