Top Headlines

Banks Fret over Investor Inaction on Brexit – Financial Times

Leading banks have appealed for help from regulators after as few as 10 per cent of clients returned paperwork allowing them to trade smoothly in the event of a no-deal Brexit.

Mixed Results from FX Platforms to Kick Off 2019 – Profit & Loss

While the results from the first three platforms to report FX turnover data are all up from December, the year-on-year comparison is more mixed, with FXSpotStream hitting another peak for the service, and CboeFX and FastmatchFX both falling back.

Best Execution’s Impact on Liquidity Levels in FX (opinion) – Profit & Loss

There is something artificial that seems to be negatively impacting liquidity levels in FX – and that is best execution.

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

Scepticism abounds as the podcasters take a look at the latest bank to unveil a digital markets strategy. JP Morgan’s survey on FX market conditions also comes under the spotlight along with the latest FX turnover surveys from the world’s FX committees, with particular attention to three elements of the UK report concerning RMB, NDFs and voice brokers.

Michael Bloomberg Earned $48 Billion and Eternal Adoration from Wall Street. But Does Anyone Else Want Him to Be President? – Institutional Investor

What Bloomberg’s past – not all election wins and billions, it turns out – means for his political future.

Regulatory News

‘Bankfurt’, Paris Await Brexit Boom as Banks Stay Loyal to London – Reuters

In Frankfurt and Paris, the flood of banking jobs predicted to arrive after Brexit is, for now, little more than a trickle.

End the Clash over EU Research Rule, SEC Urged – Financial Times

The US is being called on to align its regulations on funding investment research with those of the EU’s Mifid II as the Securities and Exchange Commission, Wall Street’s watchdog, examines the effect of a clash in rules between the jurisdictions.

FCA Probing 48 Funds over Fee-Disclosure Rules – Bloomberg

The Financial Conduct Authority is probing compliance with rules known as MiFID II, introduced last year, which require firms to publish the total annual cost of investing in a fund, the paper said.

Caveats and Slapped Wrists in Barclays’ Brexit Swaps Switch – (subscription)

Some clients were left behind when Barclays won High Court approval for a cut-and-paste transfer of derivatives from London to a subsidiary in Dublin on January 29.

Australian Regulator Vows to Tackle ‘Cosy Oligopoly’ of Big Banks – Financial Times

Australia’s competition regulator plans to wrest open the “cosy oligopoly” of the country’s four largest banks and punish misconduct via the courts, saying competition is the best way to fix the troubled sector. 

Crypto News

Crypto Fever is Over, the Paris Fintech Summit Shows – Bloomberg

Crypto fever has truly broken. That was a big takeaway this week from the Paris Fintech Forum, one of the biggest annual gatherings of its kind in Europe. 

Rick Beaman Heads Crypto Firm SJMX – Global Investor (subscription)

Former Nasdaq Futures chief exec is running the San Juan Mercantile Exchange.

Crypto Exchange Mystery Deepens as Board Seeks Court Protection – Bloomberg

QuadrigaCX has filed for creditor protection in a Nova Scotia court to gain time to address “significant financial issues”. The statement comes two weeks after QuadrigaCX tweeted of the “sudden passing” of its founder and Chief Executive Officer Gerry Cotton. Conspiracy theories are calling into question whether the CEO is even deceased.

Company News

SocGen Doubles Down on Execution Services – Markets Media

Societe Generale has made a strategic business decision to double down and invest in its Global Execution Services unit in the US. GES globally focuses on electronic futures, options and equities. And starting last year, the firm has been discussing and working closely with its electronic FX team.

Barclays Hires FX Pair in London – International Financing Review (subscription)

Barclays has hired Colin Devereux as a senior FX spot trader and Rafael Hernandes as head of corporate FX distribution for southern Europe.

Alpine Macro Hires New Strategist – Profit & Loss

Alpine Macro, an independent investment strategy research firm, has hired Harvinder Kalirai as a partner and chief fixed income and currency strategist.

Norway’s $1 Trillion Man Talks Brexit, China and Big Tech – Bloomberg

Yngve Slyngstad, CEO of the world’s biggest sovereign wealth fund, describes how it invests for his grandchildren’s grandchildren.

Deutsche Bank Exec Says European Bank Consolidation is Coming – Bloomberg

Deutsche Bank endorsed the view that European banking consolidation is coming, underscoring the pressure the German lender is confronting over a possible government-brokered combination with Commerzbank.

Market Savvy

Dollar Snaps Two-Week Losing Streak as Hedge Funds Grow Bullish – Reuters

The dollar edged higher on Monday, breaking a two-week losing streak as strong US jobs data propped up the greenback in a market broadly cautious on the outlook for risky assets.

Sterling Falls as PM May Moves to End Brexit Impasse – Reuters

Sterling fell towards a one-week low on Monday as Prime Minister Theresa May met lawmakers to try and overcome a parliamentary impasse that has raised fears among investors about a disorderly ‘no-deal’ Brexit.

Market Questions: Will the Fed’s U-Turn Boost Emerging Markets? – Financial Times

How significant is Jay Powell’s U-turn for emerging markets? Pretty significant. The US Federal Reserve chair’s change of direction last Wednesday, when he indicated the Fed would hold off more rate rises, gave an extra lift to what was already shaping up to be the best month for emerging market bonds since 2016.

Aussie Battles Kiwi for Currency Bragging Rights – Bloomberg

Australia’s dollar won the wooden spoon among Group-of-10 currencies last year, beating its New Zealand cousin in a race to the bottom. This year the contest is a race to the top.