Erdogan Says Bankers Will Pay After Election for Currency Frenzy
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Erdogan Says Bankers Will Pay After Election for Currency Frenzy – Bloomberg
Turkish President Recep Tayyip Erdogan warned that bankers deemed responsible for creating excessive demand for hard currency and making misleading predictions on foreign exchange rates will “pay a heavy price” after next week’s elections.
- Turkey Probes JP Morgan After Lira’s Worst Slide Since 2018 Crash – Bloomberg
- Even I Have to Draw the Line at FX Strategists Being Labelled Market Manipulators (opinion) – Profit & Loss
EU Agrees to Short Brexit Delay
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EU Agrees to Short Brexit Delay – The Wall Street Journal (subscription)
European leaders allowed Prime Minister Theresa May to postpone the Brexit deadline beyond next week, but warned the UK could still crash out of the trade bloc in mid-April unless the British political stalemate over the withdrawal agreement was broken.
- EU Imposes New Brexit Timetable Allowing May Last Chance for Deal – Financial Times
- Brexit Risks Could Still Disrupt European Finance – Bloomberg
Fed Keeps Interest Rates Unchanged; Signals No More Increases Likely This Year
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Federal Reserve officials indicated Wednesday they are unlikely to raise interest rates this year and may be nearly finished with the series of increases they began more than three years ago now that US economic growth is slowing.
Read MoreFXPA Submits Comments to CFTC on SEF Reforms
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FXPA Submits Comments to CFTC on SEF Reforms – FXPA
FXPA’s letter is focused on the need for the CFTC to exempt NDFs and exchange-traded or cleared swaps from de minimis threshold calculations as part of any SEF reform.
Read MoreFXPA Announces New Officers, Board Members
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FXPA Announces New Officers, Board Members – FXPA
The Foreign Exchange Professionals Association (FXPA) has voted in a slate of new Board and Officers members at its annual meeting.
Read MoreECB Attacks EU Plans for Boosting Supervision of Clearing Houses
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ECB Attacks EU Plans for Boosting Supervision of Clearing Houses – Financial Times
European Central Bank officials have strongly criticised EU plans for boosting supervision of clearing houses, saying they leave it without crucial powers to fend off crises in the €660tn market for euro-denominated derivatives and violate its independence.
Read More‘Not a Silver Bullet’ – City Reacts as MPs Vote to Delay Brexit
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‘Not a Silver Bullet’ – City Reacts as MPs Vote to Delay Brexit – Financial News
The latest vote means that, pending approval from the other 27 EU member states, the UK will not leave the trading bloc on March 29 if no withdrawal terms have been agreed with Brussels.
Read MoreWho Are the Potential Buyers of Refinitiv?
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Who Are the Potential Buyers of Refinitiv? – Profit & Loss
In October 2018 a consortium, led by the private equity firm Blackstone, concluded a deal to acquire 55% of the equity in Thomson Reuters Financial & Risk business, now rebranded as Refinitiv. No one in the market is under the illusion that Blackstone intends to maintain its ownership of Refinitiv, least of all the staff who work there.
Read MoreA Waste of Two Years’ – City Reacts to Crushing Defeat of May’s Brexit Deal
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A Waste of Two Years’ – City Reacts to Crushing Defeat of May’s Brexit Deal – Financial News
Reaction from UK finance as Theresa May fails to get her Brexit deal across the line at the second attempt.
- Brussels Takes Hard Line After Second UK Defeat for Brexit Deal – Financial Times
- UK Watchdog Prepares ‘War Room’ Over Brexit Weekend in the Event of No Deal – S&P Global Market Intelligence
FIA Warns of Increased Market Fragmentation Caused By Regulation – FIA
FIA President and CEO Walt Lukken has released a white paper that expresses FIA’s concerns about increased fragmentation of the global listed and cleared derivatives markets due to inconsistent and duplicative regulatory frameworks.
Read MoreIs the Johnson Appeal Raising the Stakes for the FX Market?
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Is the Johnson Appeal Raising the Stakes for the FX Market? – Profit & Loss
Written testimony has been lodged relating to former HSBC FX trading head Mark Johnson’s appeal against his conviction for wire fraud in the US and it contains a few surprises – some of which may indicate stronger implications for the FX industry than the original trial.
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