Top Headlines

BNP Paribas’ US Unit Pleads Guilty to FX Price-Fixing Conspiracy – Financial Times (subscription)

The US division of BNP Paribas pleaded guilty to a price fixing conspiracy and agreed to pay $90m, making it the latest bank to admit wrongdoing in the wide-ranging probe of fraud and misbehaviour in foreign exchange markets.

South Africa Adds Names to FX Charge Roster; Releases Transcripts – Profit & Loss

South Africa’s Competition Tribunal has added five names to the list of institutions it is charging with manipulation in rand (ZAR) markets.

US CFTC to Fine UBS, Deutsche Bank, HSBC for Spoofing, Manipulation: Sources – Reuters

The US derivatives regulator is set to announce it has fined European lenders UBS, HSBC and Deutsche Bank millions of dollars each for so-called “spoofing” and manipulation in the US futures market, three people with direct knowledge of the matter told Reuters.

Dollar Rises After Six Weeks of Losses – Reuters

The dollar edged higher against a basket of currencies, helped by rising bond yields and a week packed with US data starting with a central bank policy decision, though the broader outlook remained murky for the greenback.

Weak Dollar Could Play Into Hands of Both China and the US – Financial Times (subscription)

Chance to gain a foothold in global finance may come only once in a generation.

Sterling Slips on Political Uncertainty – Reuters

Sterling edged down against the dollar, as investors worried about political uncertainty in Britain as it emerged that Prime Minister Theresa May was facing a fresh challenge in pushing through her Brexit plans.

Investors Build Bullish Sterling Bets to Highest Level Since 2014 – Financial Times (subscription)

Investors have sharply increased their bets that sterling will rise since the end of last year, amid progress on Brexit negotiations and concerns about US politics.

Hedge Funds Go Bullish on Bitcoin Futures – Wall Street Journal (subscription)

Most recent CFTC report showed leveraged funds with 1,142 long positions in bitcoin futures, more than double the 518 short positions they held.

FX Volumes Slightly Lower: Surveys – Profit & Loss

The latest round of FX committee semi-annual turnover surveys indicate that activity globally dipped slightly in October 2017 from the previous April, but was up year-on-year.

A Global Convergence of Economic Conditions Is Driving the Market Melt-Up – Bloomberg

Dollar tumble, soaring assets driven by synchronous output.

P&L Talk Series with Ian Battye – Profit & Loss (subscription)

Ian Battye, chief investment officer, currency, at Russell Investments, talks to Profit & Loss about the next steps for driving the adoption of the Global Code of Conduct within the FX industry.

Nouriel Roubini: Blockchain Has Broken Its Promises

Boosters of blockchain technology compare its early days to the early days of the internet – it is wrong to do so.

Regulatory News

G20 to Discuss Global Regulatory Framework for Cryptocurrency: ECB’s Cœuré – Financial Times (subscription)

Leaders from the world’s biggest economies are planning to discuss a global regulatory framework for cryptocurrencies at the next G20 summit in March, European Central Bank policymaker Benoît Cœuré said.

How the SEC and CFTC Can Address Cryptocurrency While Preserving US Innovation – Coin Center

By all indications the agencies are taking the right approach. Here’s how they can take it a step further.

Powell Era Arrives as Fed’s Gradual Pace Looks Ripe for Rethink – Bloomberg

Top financiers voice worry about bubbles, Fed’s dovish stance.

Mifid II Pushes Exchanges to Lend Helping Hand to Small Companies – Financial Times (subscription)

Concerns rise that new rules will result in a dearth of research coverage.

Company News

FX Connect Partners with BestX on TCA – Profit & Loss

FX Connect is partnering with trade technology software provider, BestX, in order to offer transaction cost analysis (TCA) solutions globally.

FastMatch Launches Two New Order Types – FX Week (subscription)

The venue also makes changes to its system to improve market data rates.

Cobalt Names Coote as Strategic Advisor, Investor – Profit & Loss

Cobalt, the foreign exchange pre- and post-trade processing network, has appointed Darren Coote as a strategic advisor and investor.

Fluent Adds FX Post-Trade and Credit APIs – Profit & Loss

Fluent Trade Technologies has announced that it has enhanced its trading technology platform by launching post-trade risk management services and ‘at-trade’ venue credit and kill switch APIs.

Market Savvy

Yen Jumps After Kuroda Says Inflation ‘Finally Close’ to 2% Target – Financial Times (subscription)

The yen strengthened sharply after central bank governor Haruhiko Kuroda said Japan is “finally close” to the bank’s 2 per cent inflation target, fuelling speculation that the bank could be prepared to scale back the pace of quantitative easing.

Australian Dollar’s Surge Is Bringing Out the Bears – Bloomberg

The Aussie fell as much as 0.4 percent to 80.79 cents. It’s paring back an advance last week that took it to 81.36 cents on Friday, the strongest since May 2015.