Brussels Sets £39bn Price on Emergency Talks after No-Deal Brexit – The Times(subscription)
The European Union will insist that Britain pays a £39 billion bill and implements the Irish backstop before beginning emergency talks to prevent an economic crash after a no-deal Brexit.
May to Put Divorce Deal Only to Vote on Friday: Brexit Update – Reuters
Theresa May will put her Brexit divorce deal to a vote in Parliament on Friday, but she’s holding back the part of the package that focuses on the future trade and security relationship.
Patchy Response to Isda’s Back Office of the Future – Risk.net (subscription)
In late 2017, the International Swaps and Derivatives Association produced a data standardisation model that could save dealers $3 billion a year on reconciling data on post-trade, back-office processes for swaps. But interest in the project – the common domain model (CDM) – has been underwhelming in some quarters.
Brexit Date Change Kills Derivatives Safeguards, EU Warns – Law360(subscription)
Measures put in place by Europe’s top securities watchdog to safeguard over-the-counter derivatives transactions in a no-deal Brexit will no longer apply since Britain’s exit date has been extended.
ESMA Updates on its Preparations for a Possible No-Deal Brexit Scenario on 12 April – ESMA
Update on the UK’s withdrawal from the European Union – preparations for a possible no-deal Brexit scenario on 12 April.
ESMA Updates its Q&AS on MiFID II and MiFIR Investor Protection and Intermediaries – ESMA
The European Securities and Markets Authority (ESMA) has added new Questions and Answers and updates on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/MiFIR).
Safe as Houses – WatersTechnology(subscription)
The crux of the matter is that the incident at Nasdaq Clearing proved that the system works, even if it raised a number of pertinent questions about how current rules need to be fine-tuned.
Quarles Turns FSB Focus to Fintech, Non-Bank Financing – Global Investor(subscription)
Randal Quarles took over as FSB chair from Mark Carney in November.
Ethereum is Losing Its Luster and its Market Share – Bloomberg
When Ethereum debuted in 2015, it was hailed as the more savvy successor to Bitcoin because it offered tools that allowed programmers to create apps that could perform transactions automatically rather than just serving as a means of exchange.
Crypto Fund Admin Technology Provider Rebrands and Expands Offering – The Trade Crypto
Libra rebrands to Lukka after the Renaissance-era mathematician widely known as the father of modern accounting.
More Than Half of Crypto Exchanges Still Do Not Have Sufficient KYS Procedures – The Block
Crypto exchanges may still be struggling with compliance, according to regtech startup Coinfirm.
Compliance Officers Wary of Switch to ‘Wild West’ Crypto Sector – Reuters
After almost three decades in senior compliance roles at large financial firms including Bank of New York Mellon’s Pershing and Goldman Sachs Group Inc, Jeff Horowitz made an unconventional career move.
Nomura Plans Dozens of Job Cuts in Europe and the US – Bloomberg
Nomura Holdings Inc. is planning to cut dozens of jobs across its trading and investment-banking businesses in Europe and the U.S. as the brokerage struggles to make a profit overseas, people familiar with the matter said.
FastMatch to Launch Singapore Matching Engine– Profit & Loss
FastMatch is setting up a new matching engine in Singapore, which is expected to be fully operational in the fourth quarter of 2019. In addition, FastMatch has opened a new commercial office in Singapore.
Second Ex-Barclays Trader Found Guilty of Rigging Euribor – Bloomberg
Ex-Barclays Plc trader Colin Bermingham was convicted of helping to manipulate a benchmark interest rate by a London jury, the ninth conviction secured by UK prosecutors in a seven-year probe of rate-rigging.
JPX, TOCOM Enter Basic Agreement to Merge by October – Regulation Asia
TOCOM will become a wholly-owned subsidiary of JPX, and together they will launch a consolidated exchange for stocks, financial and commodity derivatives by September 2020.
Pound Edges Higher Ahead of Brexit Vote – Financial Times
The pound edged higher in Asia trading on Friday, nudging above the weekly lows it hit overnight, ahead of Theresa May’s third attempt to win MPs’ backing for her Brexit deal.
Lira Resumes Slide in Face of Turkey’s Bid to Prop Up Currency – Financial Times
Turkey’s currency resumed its slide in Asia trading on Friday despite apparent moves by the country to shore up the lira.
After Striking Out Twice, A Trader Makes Another Big Bet on Australia’s Rate Cut – Bloomberg
A jumbo wager on an Australian interest rate cut has emerged again, stoking speculation the same trader is hoping to strike gold at the third attempt. A splurge of buying has seen open interest in Australia’s April bank bill futures jump almost 30 percent so far this week to the highest since May 2016.