Top Headlines 

Boom Time for FX Volumes as New Peak Hit – Profit & Loss

The latest round of FX turnover data from six of the world’s FX Committees shows volume at its highest level since they started recording results in 2005. The new high mark was powered by new peaks in activity in the UK, Singapore, Japan and Canada.

CFTC Nears Full Strength as Democrat Coasts Through Nomination Hearing – Wall Street Journal (subscription)

The Commodity Futures Trading Commission moved a step closer to having a full commission for the first time in four years, with a Democratic nominee getting almost no pushback at a Senate confirmation hearing. Dan Berkovitz, a partner at law firm WilmerHale and former CFTC general counsel during the Obama administration, said he would work to complete and safeguard post-crisis derivatives rules in a hearing before the Senate Agriculture Committee on Tuesday.

Euro Edges Up Ahead of Trump-Juncker Talks – Reuters

The euro edged higher on Wednesday ahead of a meeting between US President Donald Trump and European Commission President Jean-Claude Juncker, but gains were limited with investors cautious about a trade rift between the two powers.

Sterling Adds to Recent Gains After May Says to Lead Brexit Talks – Reuters

The pound rose on Wednesday to its highest in a week as traders bet that Prime Minister Theresa May’s decision to take control of Brexit negotiations would make it easier to agree a divorce deal with Brussels.

Regulatory News 

What to Do When the FCA Comes Knocking on Mifid II – Financial News (subscription)

The six things brokers and fund managers need to have ready on Mifid II now the UK regulator has begun conducting audits.

Principles for TRs, CCPs Not Fully Implemented: CPMI-IOSCO – FOW/Global Investor Group (subscription)

The US is one of five jurisdictions not to have implemented global standards for trade repositories.

SEC Pick Wants To Dispel Notion Wall Street Is Rigged – Law360 (subscription)

Elad Roisman, the nominee to fill a Republican seat on the US Securities and Exchange Commission, told members of a Senate committee on Tuesday that if approved as an SEC commissioner he hopes to assist the Wall Street regulator in dispelling “the notion that the market is rigged against the little guy.”

New Paper Predicts Industry Must Cope With Five Times More Reports Than Actual Trades Once SFTR Takes Effect – DTCC

A paper jointly published by The Depository Trust & Clearing Corporation (DTCC) and The Field Effect on the impact of the Securities Financing Transactions Regulation (SFTR) reveals that transaction reporting for securities financing trades may create five times as many reports as trades when the regulation takes effect, which is expected in early 2020.

NFA Members Must Disclose Crypto Activity – FOW/Global Investor Group (subscription)

The National Futures Association is concerned that investors do not understand its role with respect to crypto activity. 

Crypto News

What Is the Real Value of Bitcoin? – Profit & Loss

Bitcoin, still by far the largest cryptocurrency that exists, is not a good store of value because the price of a bitcoin is so volatile. As a result, it functions poorly as a currency; after all, no one wants to buy something worth $100 with bitcoins if those same bitcoins are going to be worth $200 a few months later and no one wants to sell an item worth $100 for bitcoins, because those coins could be worth $50 shortly after the transaction.

SEC Delays Decision on Asset Manager’s Bitcoin ETFs Until September – CoinDesk

The US Securities and Exchange Commission has delayed making a decision on whether to approve five bitcoin-related exchange-traded funds until September, public documents reveal on Tuesday.

The Race to Be Europe’s First Cryptocurrency MTF – The Trade Crypto

The UK’s Financial Conduct Authority said it has received just one application from a cryptocurrency exchange looking to register as the first crypto multilateral trading facility under MiFID II. The FCA responded to a freedom of information request from The Trade Crypto confirming that of the 18 applications it has received for MTFs, one is a cryptocurrency exchange. 

Blockchain Market Infrastructure Provider Aims to Plug Crypto Infrastructure Gaps – The Trade Crypto

OTC Exchange Network is looking to address liquidity problems with an RFQ workflow, CLOB-style exchange, dark pool and more in its growth plan. 

Company News 

Bloomberg Snatches Data Partner from Rival Reuters – Financial Times (subscription)

Trading platform BrokerTec will start providing data to Bloomberg for a new service on its terminal that will show benchmark interest rates on Treasuries, interest rate swaps and other financial instruments, according to people familiar with the plan. The aim is to wrest market share from Reuters’ famous “19901” page, from which market players can glean information vital to pricing corporate bonds and other products.

Oanda Offers FX Forward Rates to Corporates – Profit & Loss

Oanda will now offer forward rates to corporate clients via its Exchange Rates API. This new data set aims to provide corporate treasurers and finance directors with an accurate view of the forwards market, offering over 360 forward rate currency pairs. 

Market Savvy 

Turkish Lira’s Plunge Prompts Concern About a Currency Crisis – Wall Street Journal (subscription)

Turkey’s currency fell sharply amid investor concerns that President Recep Tayyip Erdogan’s growing influence over the central bank could push the country toward a currency crisis.

Gold Prices Edge up Ahead of US-EU Trade Talks – Reuters

Gold prices inched higher on Wednesday as the dollar held steady ahead of a meeting between the US and European Commission presidents to discuss trade-related issues.

China’s Yuan Edges Off 13-Month Low Despite Weaker Fixing – Reuters

China’s yuan inched up slightly and consolidated around the key 6.8 per dollar level on Wednesday, due largely to a stable greenback before a meeting of US and European leaders.

IMF Says Dollar Over-Valued, Chinese Yuan in Line with Fundamentals – Reuters

The International Monetary Fund said on Tuesday that the US dollar is over-valued, China’s yuan is in line with fundamentals and nearly half of global current account balances are now excessive, adding to growth risks and trade tensions.

Buy Yen in Crisis? Not This Year – The Australian Financial Review

The trade is familiar to investors worldwide: in times of turmoil, rush for cover by buying the Japanese yen. This year a global trade row has erupted, Donald Trump has lamented the dollar’s strength and the Chinese yuan has tumbled. And yet the yen has stayed resolutely weak, becoming the weakest of the G10 developed-market currencies this month.