Trump Steps Up Attacks on Fed Chairman
Trump Steps Up Attacks on Fed Chairman – Wall Street Journal (subscription)
President Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, saying the head of the nation’s central bank threatened US economic growth and appeared to enjoy raising interest rates. Read More
Brexit Is Ripping the World’s Financial Plumbing Apart
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Brexit Is Ripping the World’s Financial Plumbing Apart – Bloomberg
With Brexit inflaming rhetoric between the UK, US and Europe, banks and exchanges are doing their best to prepare for the worst. The risk of the world’s financial plumbing breaking down along national lines, triggering extra cost and disruption, is becoming real.
EU Derivatives Market Valued at €660 Trillion
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EU Derivatives Market Valued at €660 Trillion – The Trade
The derivatives market in the European Union has been valued at €660 trillion, with interest rate derivatives dominating the market, followed by currency derivatives.
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Would FXMarketSpace Have Worked in the Current Environment?
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Would FXMarketSpace Have Worked in the Current Environment? – Profit & Loss
It was 10 years ago yesterday that one of the higher profile ventures of recent years in the FX space shut its doors. To me the problems with FXMarketSpace were simple: it attracted the wrong sort of trading firm at the time; it failed to get a netting solution off the ground; and it was too transparent – and by that I mean it was on a hiding to nothing by publishing volumes at such an early stage. But would the FXMS model work now?
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The New Learning Curve: Using the Data
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The New Learning Curve: Using the Data – Profit & Loss
The paradox of data is, as observed by panellists at Forex Network Chicago, while the data itself is becoming cheaper and more easily accessible than ever before, the resources being allocated to analysing it are increasing, bringing with it increased costs.
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‘I Owe It All to You’: Ex-Trader Decodes FX ‘Cartel’ Tactics
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‘I Owe It All to You’: Ex-Trader Decodes FX ‘Cartel’ Tactics – Bloomberg
Even after a group of British currency traders known as “The Cartel” began to sense their online chats were being watched, they didn’t stop illegally conspiring to rig the markets by using code words, one of them told a Manhattan federal jury.
CME-Nex Deal Receives US Antitrust Clearance
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CME-Nex Deal Receives US Antitrust Clearance – Financial Times (subscription)
CME Group’s planned £3.9bn purchase of Nex Group, the UK trading and technology company, has taken a major step towards completion after it passed regulatory hurdles in the US and Europe.
Opaque Markets Get a Little Clearer after EU Rule Change
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Opaque Markets Get a Little Clearer after EU Rule Change – Reuters
Ten months after new European Union rules designed to boost market transparency kicked in, the initiative appears to be working, having fueled a dramatic jump in electronic trading across some of the financial world’s most opaque markets.
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Accused UK Traders Were Only Kidding, US Jury Told
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Accused UK Traders Were Only Kidding, US Jury Told – Financial Times (subscription)
Three UK-based bank traders accused of fixing foreign exchange markets through a private chatroom were engaging in a comic back-and-forth to blow off steam and broke no laws, their attorneys said in opening arguments at their trial in New York.
- ‘Cartel’ Chatroom Messages Show Currency Conspiracy, Prosecutor Says – Bloomberg
- Forex ‘Cartel’ Traders Cheated the Market, Jury Hears – Law360 (subscription)
- US Trial Begins for London Forex Traders Accused of Rigging Prices – Reuters
- The Trial of Mark Johnson and That of the Cartel Threesome Are Not Inextricably Linked (opinion) – Profit & Loss
Tough Question for FX Investors: How Should You Execute That Trade?
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Tough Question for FX Investors: How Should You Execute That Trade? – Greenwich Associates
The Greenwich Report highlights several important findings including the premium FX investors place on access to disclosed dealer liquidity, which is valued more highly than CLOB or non-bank liquidity combined and that firms see post-trade workflow as twice as important as pre-trade analytics.