Top Headlines

Barclays Faces Fresh Whistleblowing Concerns: ‘I Would Not Trust the Process’- Financial News (subscription)

Several staff at the bank said they have struggled to get senior executives to take their whistleblowing claims seriously. Their concerns ranged from suspected compliance failures and rule breaches to inappropriate behaviour enacted by senior management.

The Value of a Risk Taker – Profit & Loss

It is widely believed that it is inevitable that technology will assume more control of the decision making in markets, but I for one, hope it does not, for I don’t believe the outcome would be particularly good.  

Ex-Deutsche Bank Trader Christian Bittar Banned From Finance – Bloomberg

Former Deutsche Bank trader Christian Bittar, who once pocketed a bonus of nearly 90 million pounds, was banned from the finance industry.

Thomson Reuters FX Volumes Up, 360T Down, in August – Profit & Loss

Thomson Reuters FX volumes rose slightly in August from July, while 360T’s – which now include Gain GTX turnover – fell slightly. Both were up year-on-year.

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

In the FICC of It roars through a huge range of subjects, lamenting the demise of “crazy” hedge funds and questioning how much value there really is in the swathe of market data products coming to the market.  

Is the FX Global Code of Conduct Working? – Profit & Loss

The FX Global Code is over one year old and is generally seen to have been a success in establishing a blueprint for conduct in the markets. The number of firms adopting has been steadily growing but at such an uneven pace that some are wondering exactly how successful it will be?  

Regulatory News 

Regulators Probe Nasdaq’s Derivatives Market Safeguards – Financial Times (subscription)

Swedish markets regulators are to investigate Nasdaq as the exchange and its customers began rebuilding their defences against defaults in the derivatives markets, after they were badly damaged by soured bets from a Norwegian trader.

Dealers Warn Asia: Get Ready Now for 2020 IM Deadline –

The thousand or so firms that will have to start posting initial margin (IM) on non-cleared derivatives trades from September 2020 – including many from Asia, which largely escaped the previous phases of the rules – are running out of time to prepare, dealers have warned.

Amsterdam Attracts More Trading Firms Seeking Post-Brexit EU Base: Source – Reuters

At least 20 financial firms are applying for licenses to operate in Amsterdam in preparation for Britain’s departure from the European Union, a source with knowledge of the matter said.

UBS Picks Frankfurt Hub as Bank Prepares for No-Deal Brexit – Bloomberg

UBS Group has picked Frankfurt as its post-Brexit European Union hub and has made preparations for the worst-case scenario of Britain crashing out of the bloc without a deal, Chief Executive Officer Sergio Ermotti said.

Michael Bloomberg Set to Run for Democrats Against Trump for Presidency in 2020 – The Times (subscription)

Michael Bloomberg, the billionaire founder of a business news empire, is preparing to run for president as a Democrat.

Crypto News 

Voyager Institutional Appoints Ex-Deutsche Bank MD Ahead of Q4 Product Launch – The Trade Crypto

New business line taps Glenn Barber as chief institutional officer in preparation for its product rollout at the end of 2019.

Tezos Blockchain Platform Finally Goes Live –

The blockchain project Tezos has put its past problems behind it by launching the platform fully live today.

Crypto Q&A: John Tornatore, Cboe – Markets Media

John Tornatore, Global Head of Cryptocurrencies at Cboe Global Markets talks about his new role and gives some quick views on the exchange initiatives. 

Crypto Investors Face Up to Volatility as Market Crashes – Asian Investor

The end of the first great cryptocurrency boom is a good time to assess the operational due diligence of the first wave of Asian cryptocurrency funds, say industry experts.

Ignoring Crash, Bitcoin Tracking Pioneer Loads Up Full Basket – Bloomberg

Undaunted by the crash in cryptocurrencies, XBT Provider, which created the first exchange traded Bitcoin trackers, now wants to offer a whole basket of digital currencies to bet on.

Company News 

The CME/NEX Merger: Efficiency or Chaos? – Tabb Forum

The Treasury market in undergoing a complex transformation that has seen the rise of HFTs as liquidity providers and the growth of electronic trading, among other changes. Amid this upheaval, the CME/NEX merger could be a game changer. 

NatWest Markets Settles Swaps Reporting Charges with CFTC – The Trade

NatWest Markets will pay $750,000 to settle charges after the CFTC found it had misreported hundreds of thousands of swaps transactions.

Citi Fined $12 Million for Misleading Investors About HFTs in its Dark Pool – The Trade

Citi Match users were misled about HFTs operating in the dark pool for more than two years, according to the SEC. 

Market Savvy 

Dollar Trims Gains as Trade Concerns Weigh – Reuters

The dollar gave up early gains and fell on Monday while emerging market currencies slipped nearly half a percent as investors waited for the next salvo in the trade war between the United States and China.

The Emerging Market Rout Is Nearing a Turning Point, Templeton Says – Bloomberg

Franklin Templeton Investments says the rout in emerging markets may be nearing a bottom though reckons there are still countries like the Philippines that will suffer.

Sterling Rises on Irish Border Hopes Before EU Summit – Reuters

The pound rose on Monday, buoyed by reports of progress on the Irish border question, an obstacle to Brexit that diplomats will seek to overcome at a European Union summit later this week.