Top Headlines

CFTC to Review Swaps Reporting Rules – Profit & Loss

The US Commodity Futures Trading Commission (CFTC) says it is to launch a “comprehensive review” of its swap data reporting regulations.

Dollar Finds Support as Attention Turns to Yellen Testimony – Financial Times (subscription)

This already feels like the summer of the central banks for markets and there is no escape yet from policymakers.

Goldman Analysis Has Yen Topping Swiss Franc as Safest of Havens – Bloomberg

When it comes to havens among currencies, the yen is the safest of them all, according to a correlation analysis by Goldman Sachs Group economists.

Goldman Sachs Sees Peso Extending Rally to 17 Per Dollar – Financial Times (subscription)

Analysts at Goldman Sachs reckon the rally to this year’s best-performing major currency still has room to go.

Regulatory News

Trump to Nominate Randal Quarles as Fed Bank Regulator – Wall Street Journal (subscription)

President Donald Trump plans to put his first mark on the Federal Reserve by nominating Randal Quarles, an investment-fund manager and former Republican Treasury official, to be the central bank’s top official in charge of regulating big banks.

Clearinghouse Parent Companies Might Have to Pledge Emergency Aid, in EU Bill – MLex FS Core (subscription)

Clearinghouse parent companies such as Deutsche Börse could be forced to promise financial support for the clearing units in case of failure, under plans of EU governments to strengthen emergency preparations for markets.

US Agency Moves to Allow Class-Action Lawsuits Against Financial Firms – The New York Times

The nation’s consumer watchdog adopted a rule that would pry open the courtroom doors for millions of Americans, by prohibiting financial firms from forcing them into arbitration in disputes over their bank and credit card accounts.

Company News

Devereux Swaps BAML for Nomura – Profit & Loss

Profit & Loss understands that Colin Devereux, director and chief dealer of G10 spot FX at Bank of America Merrill Lynch, has joined Nomura in New York.

Frankfurt’s Hopes for a “Brexodus” – Handelsblatt Global

Many financial institutions are preparing for a hard Brexit, which could involve transferring operations to Germany.

E-Trading Boosts Mid-Tier Banks in Rates and Credit – Risk (subscription)

New technology helps Natixis and Mizuho compete with major dealers in swaps and bonds.

Market Savvy

Emerging Currencies Tumble in Expectation of Higher Core Rates – Reuters

Emerging currencies suffered hefty losses, with the South African rand tumbling more than one percent at one point as investors sold down assets deemed most vulnerable to tighter global monetary conditions.

C$ Dips as Bank of Canada Rate Decision in Focus – Reuters

The Canadian dollar dipped against its US counterpart, easing slightly from a nearly 10-month high last week, as investors awaited a Bank of Canada interest rate decision on Wednesday.

Strong Shekel Poses Inflation Headache for the Bank of Israel – Financial Times (subscription)

The surging Israeli currency is putting pressure on the country’s central bank.