Cummins Claims Agreement with Aiyer and Two Others to Boost Profits – FX Week
Christopher Cummins, a former currency trader at Citi, told a New York jury that he and three other traders at rival banks had an agreement to help each other via an alleged pact, whereby they would spoof emerging currency markets and trigger clients’ stop losses to make a profit.
Lacklustre European Banks Poised to Drag Euro Lower – Financial Times
When large European bank stocks suffer, that is usually bad news for the euro. This year has been no exception – and fears are growing that their uptick in recent months will be shortlived.
CFTC’s Tarbert Vows to Promote ‘Integrity, Resilience and Vibrancy’ of Derivatives Markets – MarketVoice
Heath Tarbert, the chairman of the Commodity Futures Trading Commission, says that he plans to move forward on several major rulemakings over the next six months, including speculative position limits, swap dealer regulation, and core principles for derivatives clearinghouses.
Cloud Adoption Increasing in Derivatives Markets – MarketVoice
Financial institutions are discovering that the adoption of cloud technology requires a shift in company culture towards a more agile mindset and greater integration of technology, security and business expertise.
Wall Street Gets 3-Year Reprieve from SEC on MiFID Compliance – Bloomberg
Wall Street is getting a three-year reprieve from the Securities and Exchange Commission on Europe’s tough investment research rules, as the US regulator said it needs additional time to evaluate sweeping changes affecting the brokerage industry.
Brexit ‘Hubs’ Face EU Markets Watchdog Checks in 2020 – Reuters
New European Union hubs opened by British-based financial firms to avoid Brexit disruption will be scrutinised next year by the bloc’s markets watchdog to check whether they are gaming licensing requirements.
Clearinghouses Ready for a Fight as EU Countries Consider Banks’ Call for Tougher Rules – MLex
A meeting of EU diplomats could set into motion rules requiring clearinghouses to cough up more cash for bank defaults, despite clearinghouses arguing that it would be damagingly costly for smaller companies and could place EU providers at a competitive disadvantage.
CFTC, DOJ Enforcement Tag-Team Raising Stakes for Market Fraud – Bloomberg Law
New data tools and strong relationships between top CFTC and Justice Department enforcers are yielding record enforcement numbers and a model of collaboration that both agencies see as the way of the future.
A Lone Bitcoin Whale Likely Fueled 2017 Surge, Study Finds – Bloomberg
A Texas academic created a stir last year by alleging that Bitcoin’s astronomical surge in 2017 was probably triggered by manipulation. He’s now doubling down with a striking new claim: a single market whale was likely behind the misconduct.
The ‘Bitcoin Rich List’ Has Grown 30% in the Last Year, But Why? – CoinDesk
The Bitcoin Rich List, or the number of addresses holding more than 1,000 BTC, has grown in the past 12 months, possibly reflecting an influx of high-net-worth investors.
US Federal Reserve Hiring Retail Payments Manager to Research Digital Currencies – CoinDesk
The US Federal Reserve is hiring a manager to oversee its traditional payments section, while adding new responsibilities to the role, including researching how to integrate digital currencies, stablecoins and distributed ledger technologies.
Bank of America and Citi Execute First African NDF with EBS – The Trade
Bank of America and Citi have executed the first African non-deliverable forward (NDF) on CME Group’s EBS central limit order book trading platform.
Spotex Promotes Miesner – Profit & Loss
Spotex has announced the promotion of John Miesner to chief executive officer, less than a year after he joined the firm to lead its institutional expansion.
Ion: The Financial Data Group Taking on Bloomberg – Financial Times
After completing a £1.5bn deal in 2018 for trading software maker Fidessa and the £1.4bn acquisition of a majority stake in financial news company Acuris earlier this year, Ion is now a mini-conglomerate that spans data and trade processing. Its combined enterprise value is about £7bn.
Deutsche Bank Has Cut Nearly 6,000 Jobs – Financial News
Nearly 6,000 roles at Deutsche Bank have been axed or earmarked for cuts since the German lender announced a radical plan in July to reshape the business.
China’s Renminbi Strengthens Past Seven to the Dollar – Financial Times
China’s currency strengthened past the seven per dollar mark on Tuesday as the US weighs rolling back tariffs on Chinese imports, three months after initially weakening past the key level for the first time since the global financial crisis.
Sterling Drifts Higher Ahead of Central Bank Meeting – Reuters
The British pound edged higher on Tuesday tracking some lingering overnight weakness in the greenback though election-related uncertainty capped gains.
Turkish Central Bank Supplies Liras Through Stock Exchange – FX Week
The Central Bank of the Republic of Turkey (CBRT) is providing the financial market with liras through Istanbul’s stock exchange, rather than using short-term repurchase agreements offered through its own facilities.