Top Headlines
Bitcoin Breaks the $10,000 Mark – Profit & Loss
The value of bitcoin (BTC) soared to over $10,000, a 900% increase in value from the start of the year.
- Bitcoin Tops $10,000, Marks 10-Fold Increase in 2017 – Reuters
- Bitcoin Breaks Through $10,000 as Appeal Grows – Financial Times (subscription)
What Bitcoin Watchers Are Saying After the Surge Past $10,000 – Bloomberg
Bitcoin entered uncharted territory after breaching $10,000 for the first time, leaving investors to wonder how long the rally will go – and whether it will end in tears.
- Bitcoin Mania Sweeps Into Manhattan as Crypto Event Packed Solid – Bloomberg
- Musk: I Am Not Bitcoin’s Satoshi Nakamoto – Bloomberg
Dollar Dips on Shutdown Worries, Bitcoin Clears $10,000 – Reuters
The dollar dipped against a basket of currencies, pulled down by broad strength in sterling as well as worries over a possible US government shutdown after Democrats pulled out of a meeting with President Donald Trump.
Sterling Jumps as UK-EU Inch Closer to Brexit Financial Deal – Reuters
Sterling jumped against a trade-weighted basket of its rivals after European Union sources said Britain has offered to pay much of what the EU was demanding to settle a Brexit “divorce bill.”
Euro Investors Are Only Hearing the Good News – Financial Times (subscription)
A strong eurozone economy has offset worries over political instability – but for how long?
Bankers Fret About Brexit (And How Politicians Are Handling It) – Bloomberg
According to the Bank of England’s latest survey of the financial industry, 91 percent of respondents cited “political risk” as a threat to the UK financial system, with about two thirds identifying it as their biggest concern.
Vanguard Opposes EU Plans to Relocate Euro-Clearing from London – Financial News
Vanguard, the world’s second-largest fund manager, has warned European Union regulators that forcing clearing houses to relocate to the bloc from London poses a significant risk to market liquidity.
XTX: Last Look Defense Is “Nonsense” – Profit & Loss
Jeremy Smart, head of distribution at XTX Markets, is critical of arguments that last look enables FX market markets to keep quoting prices, even in difficult market conditions.
Regulatory News
Operational Risk on the Rise: EBA – Profit & Loss
In its latest assessment of the European banking system, the European Banking Association (EBA) highlights the threat posed by technological advances, outsourcing and data protection.
Fed Bank Rules Are Tough Enough, Nominee Powell Says – Wall Street Journal (subscription)
US banks are no longer too big to fail and Federal Reserve bank rules are “tough enough,” Fed governor Jerome Powell told senators in a hearing to review his nomination to head the central bank.
Supreme Court justices expressed skepticism that whistleblowers who report corporate wrongdoing internally instead of to the Securities and Exchange Commission are protected from retaliation under the 2010 Dodd-Frank regulatory-overhaul law.
Regulators Open to Making Treasury Market Data Public – Wall Street Journal (subscription)
US regulators said they were considering releasing to the public some of the data on the $14 trillion US Treasury market that they have been collecting since this summer, but no decision was imminent.
Company News
Ex-JPMorgan Traders Start Singapore Currency Options Quant Fund – Bloomberg
Two former JPMorgan foreign-exchange option traders will start a quantitative hedge fund in January, using artificial intelligence to trade currency options.
CME Plans to Manage Customer Exposure to Bitcoin Futures – Bloomberg
CME Group’s Tim McCourt said the exchange has put safeguards such as higher margin levels and limits on positions and prices in place to curb risks on the bitcoin futures it plans to offer.
Fluent Partners with Moex – Profit & Loss
Fluent Trade Technologies has announced it has partnered with Moscow Exchange (Moex), Russia’s main trading and clearing platform for equities, bonds, derivatives and currencies, to provide clients and prospects with simple and secure access to the Moex UAT integration and testing environment.
Market Savvy
Asian Currencies Surge Despite North Korean Threats – Financial Times (subscription)
After a lull, North Korea has launched another missile test – and yet, judging by Asian currency moves, Asian investors’ eyes are turned instead to the comparatively prosaic business of monetary policy.
Chile Peso Hits Three-Month Low; Mexico, Brazil Currencies Rise – Reuters
The Chilean peso fell to a three-month low, tracking a decline in prices of copper, the country’s main export, though other currencies in the region appreciated after testimony from the nominee to run the US Federal Reserve.