Top Headlines

Currenex Launches X2 Platform for Institutional Clients – Profit & Loss

Currenex has launched a new trading platform, X2, designed in response to the changing liquidity profile of the FX market and the evolving requirements of institutional FX traders.

EBS Live Ultra Officially Launched – Profit & Loss

EBS BrokerTec has officially launched EBS Live Ultra, which it says is its fastest FX data product to date.

Bilateral Margining Driving Growth at LCH – Profit & Loss

Clearing house LCH says its ForexClear service has seen 10 entities turn to actively clearing FX non-deliverable forwards in the past six months and that it has experienced a “significant” rise in cleared notional and trade count in 2016.

Ex-Barclays COO Again Expresses Unease With Trader Suspensions – Bloomberg

A former Barclays executive Justin Bull said he was “uneasy” suspending traders accused of foreign-exchange manipulation in an internal probe, the second time he’s expressed sympathy for former employees caught up in the allegations.

‘Hard Brexit’ Worries Pin Sterling Near Six-Week Lows – Reuters

Three months after Britain’s vote to leave the European Union, fears in currency markets of a “hard Brexit” that would drive an exodus of banks from London have knocked sterling to within sight of its weakest levels in decades.

The Deutsche Bank Crisis Could Take Angela Merkel Down – and the Euro – Telegraph

Our image of German banks, and the German economy, as completely rock solid is so strong that it takes a lot to persuade us they might be in trouble.

IMF Says China Could Destabilise Global Economy – South China Morning Post

China needs to revamp its financial regime to reduce possible “spillovers” onto the rest of the world, the International Monetary Fund said in a report.

Deutsche Boerse Asia plans sidelined by LSE merger effort – Reuters

China’s foreign exchange trading operator CFETS and Deutsche Boerse signed an agreement last October to establish a 50-50 joint venture in Germany to connect their markets and spur product innovation.

Currency Market Tension Eases After Presidential Debate – Financial Times (subscription)

Mexican peso rallies sharply and seen as a proxy for pricing US political risk.

China’s Currency? That’s the Least of the Problems for the Next US Leader – Wall Street Journal (subscription)

China’s ambitious rise presents issues far more complex than Trump’s outdated yuan manipulation charges.

This ‘Trump Trade’ Marries Mexican Peso With Putin’s Ruble – Bloomberg

In the quest for the consummate “Trump trade,” emerging-market investors have found a new odd couple, pairing the currencies of two countries that could be most affected if he wins the presidency.

Top Analyst Sees No Easy Win for Yuan Bears as Calm Endures – Bloomberg

Bears betting that the yuan will soon resume its steep descent look set to be disappointed.

Currency Traders Waiting on Czexit Signs – Financial Times (subscription)

The Czech koruna could be just weeks away from relinquishing its title as the world’s most boring currency.

Regulatory News

US Prepares Bevy of Rule Proposals on Asset Management, Trading – Reuters

The top two US securities regulators outlined rule proposals ranging from asset management to swaps dealing they will take up in coming months, indicating the agencies will be at full throttle through election season to the end of the year.

Esma Chief: We Need the Power for Bigger Fines – Financial News (subscription)

Europe’s top securities regulator wants the power to impose bigger fines on credit rating agencies and trade repositories.

Norway’s Central Bank Governor Says Currency Weakness Still Key – Reuters

The Norwegian central bank continues to aim for currency weakness despite slightly lifting its interest rate outlook last week, Governor Oeystein Olsen said.

Currency Swap Between South Korea and Japan Likely to be Expanded – Business Korea

The Ministry of Strategy & Finance of South Korea said that South Korea and Japan are likely to sign a currency swap deal worth at least US$50 billion.

Economists Urge RBNZ to Declare War on Painfully Strong Currency – Reuters

New Zealand’s central bank governor did manage to talk the country’s high-flying currency a little lower last Thursday, despite keeping interest rates on hold, but some economists are demanding more.

Morocco Delays Flexible Currency System Till H2 2017 – Reuters

Morocco will postpone the introduction of a flexible exchange rate system until the second half of 2017 to allow the government and other involved parties more time to prepare, its central bank governor said.

Company News

Thomson Reuters, Clifford Chance, Team Up on Documentation – Profit & Loss

Thomson Reuters and Clifford Chance have joined forces to help financial institutions tackle in what they term a timely, efficient and more cost-effective manner, their most pressing regulatory obligations relating to margin rules for uncleared OTC derivatives.

HSBC Adopts Swift FX Business Insight Information Service – Waters Technology

HSBC has become the first bank to adopt Swift’s FX Business Insights information service, which provides continuous foreign-exchange performance measurement functionality.

Citi Joins Tradebook FX as CCP – Profit & Loss

Tradebook FX, Bloomberg’s FX ECN, has reached an agreement with Citi for the bank to serve as a central clearing counterparty on the platform.

Redline Releases Feed Handler for EBS Live Ultra – Profit & Loss

Redline Trading Solutions has announced the availability of a new InRush feed handler for the new high performance EBS Live Ultra market data feed.

FastMatch Targets Clicker Traders with TradAir Partnership – Profit & Loss

FastMatch and TradAir have announced a new partnership looking to target professional bank and institutional ‘clicker’ traders.

GTX to Launch London and Tokyo Matching Engines – Profit & Loss

GTX plans to launch new a matching engine for its flagship ECN in London October 15, 2106, with a Tokyo-based matching engine to follow within 90 days.

Icap and Wind Add Treasury, Spot, Data to Service – Profit & Loss

Chinese financial data provider Wind Information, has extended its joint service with Icap Information Services to provide market data that includes real-time US Treasury pricing and global FX spot rates.

Nightberg to Provide Market Strategy Service to GTX Clients – Profit & Loss

GTX and Nightberg, an independent macro strategy firm founded by former hedge fund strategists, are partnering to distribute Nightberg’s full suite of investment research to GTX’s institutional clients.

Market Savvy 

Dollar Gains Against Euro on Deutsche Bank Fears, Falls vs Mexican Peso – Reuters

The US dollar rose against the euro after concerns surrounding Deutsche Bank caused general unease over Europe’s banking sector, while the Mexican peso rallied on short-covering after the first US presidential debate.

Europe Banking Woes Dent Asia FX Appetites; Rupiah, Won Firm – Reuters

Emerging Asian currencies were mixed in subdued trading as concerns over the European banking sector hurt risk sentiment.

Ruble Weakens Before Oil Talks as Nordea Sees Risks for Currency – Bloomberg

The ruble retreated amid speculation OPEC talks in Algiers will do little to stabilize oil prices, spurring concern about growth prospects in the world’s biggest energy exporter.

Canadian Dollar Weakens to Six-Month Low as Crude Oil Declines – Bloomberg

The Canadian dollar fell to the weakest level since March on a decline in crude oil prices and increased concern the country’s economy is struggling.