Top Headlines 

Bank Traders Acquitted in Forex Manipulation Trial – Financial Times (subscription)

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. 

Fix Participation Shifted After Scandal, Says FCA – FX Week (subscription)

Lengthening the benchmark window in 2015 made manipulation less likely, but the fix price is harder to obtain. 

Trend Followers Stung in Hedge Fund ‘Bloodbath’ as Rout Deepens – Bloomberg

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. 

Re-Imagining the Prime Services Ecosystem – Profit & Loss

Speakers at Profit & Loss Forex Network Chicago discuss the possibility for technology to radically re-shape the prime services ecosystem.

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

Under discussion this week: the Benchmark Fix, last look and the FX Global Code – should fintechs be adhering and signing up to the Code? 

Brazil’s Next President Delivers Message That Investors Wanted – Bloomberg

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. 

Algo Usage on the Rise – Markets Media

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. 

Regulatory News 

Why We Could All Pay the Price for Obscure Derivatives Rules – Financial Times (subscription)

An EU-US dispute over financial regulation could determine the price of hedging risk. 

UK Regulator Seeks EU Equivalence and Cooperation – Inside Reference Data (subscription)

FCA chief executive says UK regulator is preparing for a range of Brexit options, and cross-border data sharing between regulators is ‘essential.’

Why ‘No-Deal Brexit’ Is Such a Nightmare for Banks – Bloomberg

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.

SEC Commissioner Makes the Case for Regulating Stock Exchanges – CNBC

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.

Janet Yellen on Trump, Fed Politics and Nurturing Recovery – Financial Times (subscription)

The former Federal Reserve chair warns that presidential attacks on her successor ‘undermine stability’. 

Crypto News

Wary of Crypto, UK Government Blocks Royal Mint’s Digital Gold – Reuters

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.

Auditors Grapple with Crypto and Blockchain – Financial Times (subscription)

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.

Virtual Assets and Financial Crime Now Go Hand in Hand – Financial Times (subscription)

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 Relative Quiet May Mean That It’s Finding a Bottom – Bloomberg

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.

Crypto Start-Up Aims to Double Funding for Prime Venture – Global Investor (subscription)

OTCXN says it is developing the “technology equivalent to prime brokerage” in the crypto space. 

Company News 

Riksbank Moves e-Krona Project Ahead – Profit & Loss

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 Options Adds North American Futures – Inside Reference Data (subscription)

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.

HSBC Hires Credit Suisse European Rates Head – (subscription)

Olivier Herregods joins the UK bank to run Emea flow rates.

FXCM Group Promotes Mario Sanchez to Lead Sales of FXCM Pro – Finance Magnates

The FXCM Pro service is on its way to be reinvented as firm recommits its efforts to institutional services. 

Market Savvy

Sterling Stuck Near Two-Month Lows Before Budget Speech – Reuters

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.

Dollar Holds Near 10-Week High as Global Sentiment Remains Fragile – Reuters

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.

Brexit, Bitcoin and Marijuana – Martin Wolf Answers Readers’ Questions – Financial Times (subscription)

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.

Rupee Slump to Push India to Seek Yuan Trade Settlement – Bloomberg

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.