Deal or No-Deal, Brexit’s Puppet Master has More Strings to Pull –Reuters

Boxed in by parliament, British Prime Minister Boris Johnson’s next move on the Brexit chessboard will most likely be played with the ruthless bravura that his senior adviser, Dominic Cummings, built his reputation on.

Carney Likens Volatile Pound to an Emerging Market Currency – The Times

Mark Carney has compared the pound to an emerging market currency over the way it has swung wildly in recent weeks as Brexit uncertainty intensified.

IMF Urges German Government Spending to Revive Flagging Economy – Bloomberg

Germany shouldn’t wait for an economic shock before boosting public investment, according to the International Monetary Fund, which said the nation faces structural challenges that are best addressed now.

Deutsche Bank Forecasts Another 100 Basis Points of Federal Reserve Rate Cuts – Reuters

Deutsche Bank is now forecasting another 100 basis points of rate cuts and see growth falling to below 1.5% by mid-2020, assuming there is no escalation in the trade war between the United States and China.

Trudeau Faces Tight Race as He Prepares Election Call Wednesday – Bloomberg

Prime Minister Justin Trudeau is expected to officially kick off Canada’s election campaign Wednesday, with polls showing his Liberals locked in a tight race with the opposition Conservative Party ahead of the Oct. 21 vote.

Spain Faces Fourth Election in 4 Years After Talks Fail – Financial Times

Spain is on course for a general election – its fourth in four years – after talks between the country’s caretaker Socialist government and the radical left wing Podemos party broke down.

Technology Hands Start Ups Key to $5.1 Trillion FX Market – Reuters

More than five years since global foreign exchange (FX) trading was tainted by a rigging scandal, a handful of banks are more dominant than ever and show no sign of weakening their grip on the $5.1 trillion (4.1 trillion pounds)-a-day electronic market.

Regulatory News

China Scraps Quotas for Foreign Fund Managers – Financial News

China’s foreign-exchange regulator said Tuesday it will scrap investment limits for two foreign-investor investment schemes, in a bid to entice more funds into its capital markets amid rising outflow pressure.

Tradeweb Lines Up New Benchmark for $16tn Treasuries Market – Financial Times

Investors and traders in the $16tn US Treasuries market — which sets borrowing costs for the government, while also providing a starting point to price trillions of dollars in other assets — now have a daily “closing price” to use as an independent benchmark.

Libor Transition: Between a Rock and a Hard Place – Euromoney
Banks are caught in the middle of regulatory pressure from above and corporate inertia from below when it comes to transitioning away from Libor, but they are the lynchpin on which the whole process depends.

Patchy Grasp of Libor Reform Worries Asia Lenders – Risk

Widespread lack of understanding could hinder renegotiation of loan terms.

CFTC Charges Unregistered Forex Trading Firm and Its Principal with Fraud and Misappropriation

The U.S. Commodity Futures Trading Commission has filed a civil enforcement action in the Southern District of New York against defendants Dominick Vincent Carducci and his company VOS Capital Management, LLC(VOS Capital), both of South Carolina. 

Volcker the Man Blasts Volcker the Rule in Letter to Fed Chair – Bloomberg

The recent revision of Volcker Rule limits on banks’ ability to speculate with their own capital has cost regulators a meaningful supporter: Paul Volcker. 

Crypto News

Gemini Expands into Custody with Instant Trades from Cold Storage – The Block

Gemini is diving deeper into the market for cryptocurrencies with the launch of a new qualified custody unit, the firm announced Tuesday. 

What Does Mass Adoption Mean Relating to Crypto? – Coin Telegraph

After 10 years of existence, the question of whether or not the mass adoption of cryptocurrency has been started is still debated in the space. 

Bitcoin Volatility Reaches Lowest Level in 4 Months – Forbes

Bitcoin, which has been suffering from relative stagnation in recent weeks, saw a key measure of volatility fall to its lowest in roughly four months with 30-day volatility, calculated using price data from various exchanges, reaching 53.5%.

Someone Moved $1 Billion in a Single Bitcoin Transaction – Ars Technica

Someone has made one of the biggest transactions in bitcoin history: 94,504 bitcoins. At the then-current bitcoin price of around $10,600, this transaction was worth almost exactly $1 billion. It’s now worth around $967 million.

Company News

Boehler Joins UBS – Profit & Loss

Market sources tell Profit & Lossthat Adrian Boehler has joined UBS as global head of FX distribution.

Financial Firms Plan to Increase Cloud Usage: Survey – Profit & Loss

Financial institutions across the globe will allocate almost half (48%) of their IT budget to spending on public cloud services in 2020, up from 41% this year and 34% in 2018, according to the results of Refinitiv’s latest research into the use of cloud technology for financial data.

Tradefeedr Live with Goldman, UBS and XTX – Profit & Loss

Tradefeedr, the FX data analysis platform has partnered with Goldman Sachs, UBS & XTX Markets as the first participants on its platform. 

Ziccarelli Exits CLS – Profit & Loss

Joe Ziccarelli has left his role as managing director, head of sales, at CLS Group.

CurveGlobal Rolls Out ‘All You Can Eat’ Trading Fee Scheme – The Trade

The London Stock Exchange Group’s (LSEG) interest rate derivatives platform CurveGlobal has introduced a new trading fee scheme, which includes an ‘all you can eat’ option for a fixed fee.

Market Savvy

Declining US Vacancies Point to Slowing Job Growth – Reuters

US job openings fell for a second straight month in July amid decreases in wholesale trade and the federal government, bolstering economists’ views that job growth has peaked.

‘Catastrophic’ Conflict from US Debt Blowout – Australian Financial Review

The fast-deteriorating record of debt, deficits and inequality in Donald Trump’s United States is creating an unprecedented policy challenge that left unattended will “profoundly shake” the very core of the country’s financial, political and social fabric, says Australia’s diplomatic envoy to New York.

Amid US-China Trade War, a New Source of Tension Emerges: Iranian Oil – South China Morning Post

China and the US are looking at a new round of trade talks. But dire US relations with Iran complicate China’s attempts to import Iranian oil and meet its huge energy needs.

Gold Price Could Smash Records at $2,000, Says Citi – Financial Times

The price of gold could hit a record high of $2,000 an ounce within the next two years as US economic growth fades and the Federal Reserve cuts interest rates, according to analysts at Citigroup.