Top Headlines

Class Action Comes to UK With Major Forex Rigging Suit – Law360

A consumer antitrust suit brought by investors seeking at least £1 billion from five banking giants over allegations of foreign exchange rigging is set to be heard at a London tribunal on Wednesday 6 November.

Primary FX Venues See Volume Drop in October – Profit & Loss

CME Group saw an 11% decline from October 2018, CME’s EBS saw a 22.3% year-on-year fall and spot FX volume across Refinitiv’s platforms fell by 13% from October 2018.

Investors Brace for Turbulent UK Election Campaign – Financial Times

The UK’s general election campaign officially begins on Wednesday, injecting five weeks of uncertainty into markets.

Regulatory News

US, China Consider Rolling Back Tariffs as Part of Initial Trade Deal – The Wall Street Journal

US and Chinese officials are actively considering rolling back some tariffs to clinch the partial trade deal under negotiation, according to people familiar with the talks.

US Congress Weighs Bill Spelling Out CFTC’s Crypto Derivatives Oversight – CoinDesk

The US Congress will soon vote on a bill providing new information about the Commodity Futures Trading Commission’s authority over the cryptocurrency derivatives markets.

Crypto News

Stablecoins Could Come Under Securities Rules, Says Global Watchdog – The Block

The International Organization of Securities Commissions (IOSCO has said that stablecoin proposals and initiatives, such as the Facebook-led Libra project, could come under some existing securities market regulations.

Hong Kong Watchdog to Publish New Crypto Exchange Regulations – Reuters

Hong Kong’s financial regulator will publish a framework for crypto currency exchanges later on Wednesday, Chief Executive Ashley Alder told a fintech conference in the city.

Argentine Central Bank Restricts Crypto Asset Purchases – FX Week

The Central Bank of Argentina has taken new measures to prevent members of the public from using crypto assets as a means of payment, in a move that appears to be intended to close off a possible route for capital flight.

Bitcoin Enters Selling Trend as $10,000 Level Serves as Barrier – Bloomberg

Following October’s rally, a technical indicator is showing that Bitcoin is entering overbought levels.

Company News

Former EBS Head Jeffery Takes the Chair at Wematch – Profit & Loss

Wematch, the multi-asset-class, Web-based matching and negotiation platform, has appointed Jack Jeffery as chairman of its Board.

BNP Paribas Estimates €400 Million Revenue Gain from Deutsche Bank Deal – The Trade

BNP Paribas has said it expects to gain around €400 million in additional revenues after agreeing to take on Deutsche Bank’s prime brokerage and electronic equities trading clients.

Citi Looks to Tackle Foreign Exchange Risk – FOW

The US banking group has launched a hedged share class analytics tool to mitigate exposure risk in fund services

EBS Claims African NDF First – Profit & Loss

CME Group’s EBS says it has conducted the first ever African NDF trade on a central limit order book (CLOB) trading platform with a one-month dollar-Kenyan shilling NDF executed on EBS Market between Bank of America and Citi.

CLS Appoints Hrvatin as CRO – Profit & Loss

CLS has named Deborah Hrvatin as chief risk officer – she will also join the CLS executive management committee.

CFH Clearing Adds Analytics – Profit & Loss

CFH Clearing says it has enhanced its data analytics offering to provide clients with better data on liquidity management. The tools, which were developed in-house, pave the way for what CFH says will be a real-time interactive liquidity dashboard planned for launch in 2020.

Market Savvy

Why More Demand for Japanese Stocks Is Bad News for the Yen – Bloomberg

The yen has been the worst-performing major currency in the past month as optimism over U.S.-China trade talks and Brexit sapped demand for havens. Another reason it is declining is more curious: increased trading of Japanese stocks by overseas investors.

China’s Yuan, Bonds Temper Rally as Markets Await Trade, Policy Certainty – Reuters

China’s yuan and government debt futures rose on Wednesday, a day after a surge of optimism around trade talks between China and the United States pushed the local currency to three-month highs and a medium-term rate cut boosted bonds.

Sterling Steady as Traders Keep a Close Eye on Polls, Thursday’s BoE Meeting – Reuters

The pound was neutral on Wednesday as investors calculated the risks which the upcoming general election poses to Britain’s ability to sign a trade deal with the European Union before Jan. 31, its new deadline to exit the bloc.