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The CFTC, Fed,  ECB in the News

The U.S. House and Senate are back in session this week. It is hoped and expected that the Senate Agriculture Committee will hold a hearing to consider the nomination of Dan Berkovitz to be a CFTC Commissioner sometime this month.

On Monday, IOSCO’s Annual Conference will open in Budapest. There will be a number of high-level meetings at he conference, including the inaugural meeting of IOSCO’s new Board on Wednesday. The conference will run through Friday.

On Tuesday, Federal Reserve Chairman Jerome Powell will participate in a panel discussion in Zurich on “Monetary Policy Influences on Global Financial Conditions and International Capital Flows.” CFTC Commissioner Brian Quintenz will speak at the SIFMA Operations Conference in Phoenix. European Commissioner for Financial Stability Valdis Dombrovskis will be in Riga, Latvia for several days of high-level meetings with Latvian government officials.

On Thursday, the SEC will kick-off its Fifth Annual Conference in Financial Market Regulations at the SEC’s headquarters in Washington, DC; the conference will run through Friday. Also, EU Commissioner Dombrovskis will deliver a keynote speech in Riga on “New Challenges in Economic and Business Development – 2018: Productivity and Economic Growth.”

On Friday, European Central Bank President Mario Draghi will speak at a conference in Florence, Italy.

Crypto-Assets: Too Big to Ignore, Too Challenging to Trade? – Profit & Loss
Although cryptocurrencies have become too big for institutional investors to ignore, there are still significant barriers deterring them from entering the crypto space, said speakers at Profit & Loss’ 2018 Latin America conference in Mexico City.

5 Big Questions Regarding the Future of AI in Finance – Profit & Loss
There is a lot of conversation around Artificial Intelligence (AI) among different participants in the institutional investing pyramid.

What You Get, and What You Really Need from FX Broker Platforms – Finance Magnates
This article asks the question: what does the active retail trader in derivatives actually need in intelligence and risk management tools in order to achieve their trading objectives, as opposed to what is actually provided by the generic CFD-FX margin broker?

Rouble Weaker on State FX Buying, New Government Uncertainty – Reuters
The Russian rouble extended losses in thin trade on Monday after Vladimir Putin’s inauguration for a six-year presidential term that will be followed by the appointment of a new government later this week.

Confusion In FX – Action Forex
FX markets start the week directionless and scant motivation to pick a direction. EURUSD has already retraced gains achieved on Friday

Puth’s Term with GFXC Comes to a Close in June – Profit & Loss
David Puth, Vice Chair of the Global FX Committee (GFXC), will be completing his term in this role with the group he helped form next month.

Regulatory News

Google’s GDPR-Inspired Advertising Rules Likely To Hurt Forex Firms – Finance Magnates
Google will implement new rules today governing how firms advertise in preparation for the European Union’s (EU) General Data Protection Regulation (GDPR). Any Forex company using Google’s DoubleClick for Publishers (DFP) service, whether directly or indirectly, will have to make substantial changes to their advertising models in the EU to comply with the new regulation.

The Fate of Ethereum: ETH Pushes Toward $800 as Regulatory Announcement Looms – Cryptoslate
The fate of cryptocurrency regulation is set to be decided on May 7th as a working group of senior CFTC and SEC officials prepare a meeting that will determine the manner in which digital currencies are classified under securities laws. Ethereum has taken center stage as the cryptocurrency community awaits the announcement, challenging the $800 barrier as ETH surges ahead of what is predicted to be a positive outcome.

Company News

Thomson Reuters’ Penney to Join GFXC – Profit & Loss
Neill Penney, co-head of Trading at Thomson Reuters, will serve as the London Foreign Exchange Joint Standing Committee’s (FXJSC) private sector representative on the Global Foreign Exchange Committee (GFXC).

BMW’s Q1 Profit Falls 3% on Foreign Exchange Headwinds – Automative News
BMW AG posted a 3 percent drop in first-quarter operating profit as unfavorable exchange rate effects weighed on revenues and earnings, even as the automaker posted higher margins and sales volume at its cars business.

Cochrane Exits 360T – Profit & Loss
Jim Cochrane has left his position as head of sales for the institutional real money client segment at 360T.

Market Savvy

China’s Foreign Exchange Reserves Dip on US Dollar Rebound – South China Morning Post

Reserves fell US$17.97 billion in April to US$3.125 trillion – the lowest since November, compared with a rise of US$8.34 billion in March, central bank data showed on Monday.

Warren Buffett on Bitcoin: It Doesn’t Produce Anything Except More Buyers Looking to Sell – CNBC
Billionaire Warren Buffett took another swipe at bitcoin on Monday, explaining why he’s shunning the cryptocurrency.

Bangladesh Foreign Exchange Reserves Rise to $33.11 Billion – The International News
Bangladesh´s foreign exchange reserves rose to $33.11 billion at the end of April, $709 million more than one month earlier, the central bank said on Sunday.

Indonesian GDP Growth Disappoints, Adding to Currency Woes – Bloomberg
Indonesia’s economy expanded at a slower pace last quarter than economists had forecast, a setback for the government after eight interest rate cuts in the past two years. The currency fell to the lowest since 2015.