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.
An encounter over pints of beer in a London pub led to the formation of a group of traders called “The Cartel,” who illegally manipulated the $5.1 trillion-a-day currency market, according to a former UBS Group banker.
A lot of people have been talking to me about an old theme recently, only it has been given a new name – information leakage.
This week’s topics include the obvious discord between Sweden’s central bank and local economists, the start of the Cartel trial and the differences between this and the pending appeal of Mark Johnson. Technology is also in the podcasters’ crosshairs as they look at blunt instruments to manage market risk.
US Treasury Secretary Steven Mnuchin said on Saturday that Washington wants to include a provision to deter currency manipulation in future trade deals, including with Japan, based on the currency chapter in the new deal to revamp NAFTA.
MEPs propose two-year reprieve for Eonia and Euribor if contractual continuity is at risk.
- Industry Wants “Greater Education” on Libor Transition – Global Investor (subscription)
- Ripple Effect: The Impact of Moving Away from Libor – Risk.net (subscription)
- The $350 Trillion Problem: Too Big to Solve? – Risk.net (subscription)
The CFTC chairman faces a key test to turn thought leadership into real reform.
FCA is deleting references to Esma and assuming reporting responsibilities, which could present challenges for larger firms.
The former head of the US financial regulator Mary Schapiro has resigned from her position at the London Stock Exchange Group and has joined Bloomberg to oversee the company’s public policy and regulatory priorities globally.
Three futures traders were charged with manipulating stock-futures contracts that resulted in more than $60 million in losses for the firm that traded with them, according to prosecutors.
A decade since the crisis, efforts to make the CDS market more clear are faltering.
The investment bank put together a senior team earlier this year to look at how it could incorporate the trading of digital assets into its markets business. The initiative, however, has been put “on ice”.
ISSA argues that CSDs and other market infrastructures should see digital assets as a “target market”.
Momentum appears to be building for lawmakers to take a hard look at cryptocurrency and the technology behind it.
Clients and liquidity providers are seeking reassurance from foreign exchange transaction cost analysis (TCA) firm BestX that its product offering will remain independent after the business is acquired by State Street for an undisclosed amount.
TP ICAP, the interdealer broker, is assessing whether to overhaul its controversial incentive scheme for senior executives following the sacking of former chief John Phizackerley.
Deutsche Borse has reported that its foreign exchange business, 360T, handled average daily volume of $75.7 billion in September. This represents a 10.3% increase on August’s data and a 17% year-on-year increase, although at face value this may not be the case.
Sterling held near a one-week low on Monday as Brexit negotiations appeared to have hit an impasse before a crucial European Union summit later this week.
- Pound Weakens as Brexit Talks Stumble – Financial Times (subscription)
- Brexit Talks Reach Stand-Off as May Brands Draft Deal a ‘Non-Starter’ – Financial Times (subscription)
The bulls are finally starting to outweigh the bears in emerging markets. After two quarters of declines, developing nation assets will find a floor and remain stable in the final three months of the year as central banks from Argentina to Turkey move to defend their currencies, a Bloomberg survey shows.
A boutique broker renowned for the accuracy of its currency forecasts has warned that a no-deal Brexit could see the pound fall to parity with the euro by the middle of next year.
The yen hit a one-month high and the Swiss franc gained on Monday as rising geopolitical tension and investor anxiety about the global economy left investors skittish at the start of the week.
After a week of turbulence in global stock markets, investors will start the new week on edge. Here are some of the key questions they face.