Top Headlines

Dollar Buoyed as Investors Look Towards Jobs Report – Financial Times (subscription)

After an underwhelming reaction from the dollar to confirmation of Jay Powell’s nomination as the next head of the Federal Reserve and the House Republicans’ tax plans, investors are looking ahead to the US jobs report for October.

Sterling Hit Day’s Highs After Strong UK Services Data – Reuters

Sterling climbed to the day’s high of $1.3079 after monthly data showed Britain’s dominant services sector grew by the fastest rate in six months.

‘Too Upbeat’? Economists React to BoE Decision – Financial Times (subscription)

The Bank of England’s rate rise didn’t come as much of a surprise to anyone, but with the increase essentially already priced in by markets in advance, much of the focus since the midday announcement has been around the cautious outlook on future rate rises.

What’s Next for China Markets Now Xi Jinping’s Party Is Over – Bloomberg

China watchers had long suspected that Beijing would be more tolerant of bigger market moves after the Communist Party’s once-in-five-years congress ended last week – but the ferocity of the selloff in bonds and stocks took analysts by surprise.

Wells Fargo Says FX Departures Not Related to Front-Running – FX Week (subscription)

Spokeswoman said executives’ exits are unrelated to misconduct such as market collusion, market manipulation or front-running.

SocGen Execs Are Drawn Into US Libor Probe – Bloomberg

The US Justice Department’s investigation into interest-rate manipulation at global banks is piercing the executive suite, with prosecutors scrutinizing the activities of senior Societe Generale officials, according to people familiar with the matter.

Drowning in Data – Profit & Loss (subscription)

Is the availability of data and technology changing how the industry assesses execution quality?

Big Investors Are Taking Sides in Bitcoin’s Great Bubble Debate – Bloomberg

Whether you’re a backer or a detractor, what’s not in doubt is bitcoin’s dizzying rally this year.

Regulatory News

Trump Names Powell as Next Fed Chairman – Profit & Loss

Jerome Powell has been nominated by President Donald Trump as the next chairman of the US Federal Reserve.

Long Stay Parking: G-Sibs Seek BRRD Swap Stays Exemption – Risk (subscription)

Swaps markets are global by nature, and proposed European Union rules that would fundamentally change the position of a bank’s derivatives counterparties in the event of its failure have inevitably triggered fears over the competitive position of EU dealers.

The Age of Easy Money Is Nearly Over – Bloomberg

After a decade of flooding economies with money, key central banks next year will finally start turning off the tap.

Company News

Cboe Global Markets Buys Silexx Financial Systems Assets – Finextra

The acquisition is expected to provide Cboe customers with an additional channel to access industry-leading data, analytics and trade execution tools across equity, options and futures markets worldwide.

FastMatch Opens New Office for Buy Side Proximity – Profit & Loss

FastMatch is opening a sales office in Greenwich, Connecticut.

Cryptocurrency Exchange to Exclude Majority of ICOs – Financial Times (subscription)

GDAX says it wants to see ‘record of success’ before admitting risky digital coins.

Market Savvy 

Bitcoin Hits $7,000 as Wall Street Interest Gets Real – Wall Street Journal (subscription)

The price of the digital currency bitcoin smashed through the $7,000 mark for the first time, a new milestone for the surging asset. 

Russian Rouble Down Before Release of US Jobs Data – Reuters

The Russian rouble weakened against the dollar despite high oil prices, reflecting the situation on other emerging markets, as investor focus shifted to US jobs data expected later.

Australian Dollar, Bond Yields Down in Asia Trade – Financial Times (subscription)

The Australian dollar’s losses were the main event in an otherwise muted session for forex markets in Asia.