Top Headlines

Deutsche Boerse Says it is in Talks to Buy Some Refinitiv FX Units – Reuters

German stock exchange operator Deutsche Boerse said on Wednesday that it is in “concrete negotiations” with data provider Refinitiv about the potential acquisition of certain foreign exchange business units.

City of London Downbeat Over EU Market Access After Brexit – Reuters

Britain has called for an “enhanced” version of the bloc’s equivalence system of market access for banks, insurers and brokers that could distinguish it from other non-members of the bloc. “At the moment it looks as if we are going to have to start with third country equivalence and build on it,” said the City of London financial district chief Catherine McGuinness.

Brexit: Trick or Treat? 31 October Halloween Deadline is Both – BBC News

It’s longer than those who wanted a short delay hoped. So there won’t be immediate pressure on the prime minister’s current plan (which might be a vain hope) of getting out of this – finding common ground with the Labour party. Certainly, everyone in politics involved in Brexit could do with a breather, but a pause of such duration might just enable more delay, as the chance to quicken the tempo fades away.

Spoofing Programmer Case Ends in Mistrial – Crain’s Chicago Business

In the case against Jitesh Thakkar, federal prosecutors alleged that he aided and abetted convicted trader Navinder Sarao, who they say contributed to the May 2010 “flash crash.” The case has ended in a mistrial with most of the jury saying he was not guilty of the spoofing crimes alleged.

Regulatory News

Derivatives Are Still Too Dangerous – Bloomberg

Financial regulators have done a lot to reform the derivatives markets that helped turn the financial crisis of 2008 into a global disaster. But their work is unfinished – and there’s even a danger that, in one way, they might have made things worse.

US, China Reach Accord on Trade-Deal Enforcement, Mnuchin Says – The Wall Street Journal (subscription)

The US and China have agreed on an enforcement mechanism for their potential trade deal, Treasury Secretary Steven Mnuchin said, suggesting one of the key stumbling blocks toward an accord had been cleared.

Markets Must Step Up Move Away from Libor, Says Fed’s Quarles – Financial Times

Financial markets around the world must step up the move away from the scandal-tainted Libor benchmark to other reference rates, with US banks being placed under regulatory scrutiny over how prepared they are for the 2021 deadline, the United States’ top banking supervisor has warned.

Crypto News

Checking in on ‘Bitcoin’ ETFs – Tabb Group

In late January 2018, when the price of bitcoin was still over $10,000 after testing the $20,000 level just a month earlier and Cboe and CME had just launched their respective bitcoin futures contracts, four ETFs were introduced to offer exposure to the crypto and blockchain space. Tabb Group examines the performance of the four funds, against the performance of both bitcoin and technology stocks.

Bittrex Virtual Currency License Rejected By New York Financial Regulator – Reuters

The New York Department of Financial Services has rejected the application of Bittrex, a US-based digital asset exchange, for a virtual currency license that it needs to operate in the state, due to deficiencies in the exchange’s capital, as well as anti-money laundering, requirements.

European Crypto Exchange Bitstamp Snags BitLicense as it Eyes US Expansion – The Block

Bitstamp, the Europe-based cryptocurrency exchange, announced Tuesday it has secured a much-coveted BitLicense, authorization that will allow the firm to conduct crypto business in the Big Apple. 

Crypto Coin Sales Stage Revival After Bursting of ICO Bubble – Bloomberg

You have to give the entrepreneurs in the world of cryptocurrencies credit. After the bursting of the Bitcoin bubble and increased regulatory push back, they’ve developed a new way to raise millions from investors and enthusiasts still dreaming of digital gold.

Company News

ParFX Takes First Step for Moving into NDFs – FX Week (subscription)

ParFX is exploring an expansion into non-deliverable forwards, eyeing the opportunity to bring the principles behind its wholesale electronic spot foreign exchange platform to a growing segment of the market.

WFE IOMA 2018 Derivatives Report – World Federation of Exchanges

The WFE has published its annual IOMA Derivatives Report, which shows that overall derivatives contracts traded in 2018 exceeded 30 billion for the first time since the WFE started publishing the report in 2005. 

FlexTrade Joins Forces with OpenFin on Buy Side Application Interoperability – The Trade

The partnership will aim to provide application interoperability and improves workflow management for buy-side traders that are using FlexTrade products, such as its FlexTRADER and FlexNOW execution management systems.

Digital Asset, ISDA Collaborate to Drive Adoption of ISDA CDM – Regulation Asia

Digital Asset will help create a new reference code library that will simplify and standardise the process of generating lifecycle events defined in the ISDA Common Domain Model.

Market Savvy

Sterling Unimpressed After Brexit Date Delayed Again – Reuters

The pound stalled on Thursday and was stuck in a narrow trading range, reflecting uncertainty after European Union leaders extended the deadline for Britain to leave the bloc until October.

Euro Flat on ECB Patience – Reuters

The dollar and euro were little changed on Thursday after the Federal Reserve and the European Central Bank hinted they were willing to leave interest rates alone amid trade tensions and signs of flagging growth.