Top Headlines
SocGen to Shrink Trading Unit, Cut Costs after Market Rout – Bloomberg
The Paris-based bank is replacing its global markets head and will review less profitable fixed income and currencies activities after a 29 percent decline in fourth quarter revenue.
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Wall Street Banks Reckon the Dollar Must Fall. Traders Don’t Agree – Bloomberg
As a growing chorus of analysts from the likes of Morgan Stanleyy and Nomura predict dark days for the dollar, the market is telling a different story.
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HSBC Cuts Dozens of Investment Banking Jobs: Source – Reuters
HSBC is preparing to lay off dozens of staff in its global banking and markets business. Those affected will be informed this week.
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Brexit Agreement Reached to Bolster London Derivatives Clearing – Bloomberg
The Bank of England and European Union regulators have agreed to cooperate on oversight of clearinghouses, in the latest move by authorities to prevent problems stemming from a no-deal Brexit scenario. The deal will help business continue at the LSE, clearinghouses run by the London Metal Exchange and Intercontinental Exchange, as well as securities depositories based in the UK.
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Banks Fret over Investor Inaction on Brexit – Financial Times
Leading banks have appealed for help from regulators after as few as 10 per cent of clients returned paperwork allowing them to trade smoothly in the event of a no-deal Brexit.
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EU Markets Watchdog Approves Brexit Agreement with Britain – Reuters
The European Union’s markets watchdog said it has approved an agreement on supervisory cooperation with Britain after Brexit to avoid disruption to cross-border financial services like asset management.
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Federal Reserve’s ‘Momentous’ U-Turn Prompts Puzzlement – Financial Times
After putting traders on notice six weeks ago to expect further increases in US interest rates in 2019, the Federal Reserve has executed one of its sharpest U-turns in recent memory.
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FX Volumes Dip from April 2018 Highs – Profit & Loss
The latest round of FX turnover data from a group of the world’s FX Committees show that volumes dipped in October 2018 compared to April last year when they hit a new high mark.
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Liquidity Tops FX Market Concerns in 2019: Survey – Reuters
Liquidity, or the ability to buy and sell currencies whenever needed with minimal market impact, is seen by currency traders as the biggest challenge for 2019, according to an annual client survey by JP Morgan published on Tuesday. The views of the biggest 200 institutional trader clients point to a tricky year ahead.
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US Swaps Cop Plans to Dial Back Global Reach of Its Rules – Bloomberg
The US’s top swaps regulator is planning sweeping changes to how it applies its rules abroad. Calling the Commodity Futures Trading Commission’s international approach “flawed and over-expansive,” Chairman J. Christopher Giancarlo said in a speech that his agency should give more deference to other countries’ regulations.
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