BNY Mellon is facing further legal action over activities in its FX business as a class action suit has been filed in New York claiming it “charged excessive rates and mark ups” on ADR conversions.
The dollar edged down having recovered modestly the previous day from a three-month low, with upbeat US data and minutes from the Federal Reserve unable to lift pressure from the struggling currency.
- Dollar Higher After Fed Minutes Reveal Uncertainty Over Rate Path – Wall Street Journal (subscription)
Euro investors see an easier year ahead as the dollar faces headwinds.
Sterling slipped from a three-month high above $1.36, with currency traders cautious about pushing the pound too far without any new catalysts.
Merrill Lynch has blocked clients and financial advisers who trade on their behalf from buying bitcoin, citing concerns over the cryptocurrency’s investment suitability.
Prime Minister Theresa May believes Michel Barnier is bluffing when he says there will be no special deal for financial services, officials said, as the UK prepares to negotiate its post-Brexit ties with the European Union.
The European Banking Authority plans to kick off a large-scale restructuring next month in a bid to persuade its London-based staff to relocate with it to Paris after Brexit.
India and Thailand may have to give freer rein to the rupee and baht this year to avoid triggering US accusations that they’re manipulating their currencies to support exports.
Whatever it was, we probably need to do something about it, because I can’t see how it can be a good thing when the world’s most liquid currency pair decides to spend four hours trading (very occasionally I am told) some 350 points below where it closed.
The first day of MiFID II for European Union markets wasn’t quite the disaster many in the financial industry had predicted, according to the bloc’s top markets regulator.
- Platforms Win Small on Mifid Day One – Risk (subscription)
- Five Things We Learned About MiFID II on Its First Day at Work – Bloomberg
China’s central bank told a top-level government internet finance group that the monetary authority can tell local governments to regulate the power usage of bitcoin miners to gradually reduce the scale of their production, a source said.
There has been contrasting news from two major FX trading venues with NEX Markets reporting a low for average daily volume (ADV) on its spot FX platform, but CME recording good growth.
Silver Lake’s Glenn Hutchins is more excited about opportunities in cryptocurrency system.
Bitcoin was the star of the white-knuckle ride that cryptocurrencies offered in 2017 but lesser-known names, such as Ripple and Ethereum, are seen gaining prominence in 2018.
China’s central bank guided the yuan to its highest level against the US dollar in more than a year and a half, following the dollar’s overnight slide against global currencies.
Angola has announced plans to ditch its currency peg to the dollar and restructure its debts, becoming the latest previously high-flying African country to bite the default bullet.