Top Headlines

‘Cartel’ Traders Urge US Judge to Toss Forex-Rigging Charges – Bloomberg

A trio of former British currency traders pushed a US judge to throw out charges they conspired to fix the foreign-exchange market, arguing that they can’t be guilty of violating US antitrust laws because the banks for which they worked weren’t always in direct competition.

Euro Hits Fresh Five-Week High as Risk Appetite Creeps Back In – Reuters

The euro rose to a new five-week high with receding fears of a global trade war hurting the dollar and encouraging investors to resume their bets on a stronger single currency.

Sterling Slips on Deal Flow Bets; Outlook Bright – Reuters

Sterling fell half a percent against the Swiss franc, its biggest drop in seven weeks on expectations of selling pressure from a large corporate acquisition.

As Trade War Heats Up, Biggest Currency Whales Make Their Move – Bloomberg

For the first time in a decade, the world’s central banks are looking beyond the dollar to build their currency reserves.

London Still on Top, But North American, Asian Markets Close in on Financial Center Rankings – Pensions & Investments

Financial service professionals are increasingly confident in the world’s leading financial centers, with a bias toward stronger and more established cities, finds the Global Financial Centres index.

An Exchange Giant Lays Out Its Defense of a Bitcoin Product That Could Transform the Cryptocurrency – Business Insider

Cboe Global Markets president Chris Concannon addressed the SEC’s concerns about a bitcoin exchange-traded fund in a letter dated March 23.

Regulatory News

Esma Warns on FICC MiFID II Research Pricing – The Trade

The EU financial watchdog has warned that firms will need to have clear documentation of pricing structures for fixed income, currencies and commodities (FICC) research under MiFID II.

Fed’s Dudley Says Bank Executives Should Share the Cost of Fines – Bloomberg

Wall Street should force banks to share the pain of regulatory penalties by docking executives’ pay, a move that would help discourage bad behavior, Federal Reserve Bank of New York President William Dudley said.

Sen. Warren Says New York Fed Pick Should Testify Before Senate Ahead of Appointment – Wall Street Journal (subscription)

US Sen. Elizabeth Warren (D., Mass.) said that John Williams should testify before the Senate Banking Committee before being approved as the next president of the Federal Reserve Bank of New York.

Europe Regulators Back Tough Rules for Spread-Betters – Financial Times (subscription)

Markets watchdog firms up restrictions on risk that retail investors can take

Europe’s markets watchdog has firmed up tough new rules to restrict online trading platforms that offer risky speculative products to retail investors.

Company News

Derivatives Notional Fell and Trading Risk Rose in Q4: US OCC – FOW (subscription)

The drop in notional amounts was mainly due to decreases in interest rate and foreign exchange derivatives.

Lifland Handed FX Sales Role at State Street – Profit & Loss

State Street has appointed Laura Lifland as managing director, FX sales, based in San Francisco.

CFH Clearing Appoints Kirketerp-Møller as Non-Executive Director – Profit & Loss

One of CFH Clearing’s founders, Remonda Kirketerp-Møller, has been appointed as non-executive director of the London-headquartered prime-of-prime firm.

Market Savvy

Renminbi Strengthens to Seven-Week High, Dollar Steadies – Financial Times (subscription)

The Chinese currency rose to a seven-week high against the dollar and analysts see the renminbi’s appreciation as a sign that China will smooth trade tensions with the US.

Fastest Depleting Dollar Reserves in Asia to Slump Even Further – Bloomberg

South Asian nation devalued currency twice in four months.