The dollar dipped on Monday after three consecutive weeks of gains as investors took profits before US midterm elections this week that may fuel a new bout of volatility for global markets.
- Dollar Set for Pullback After Mid-Term Vote, JPMorgan Asset Says – Bloomberg
- Fidelity Makes Gloomy Forecast for US Elections – Financial News
- Investors Expect No Relief on the Other Side of US Midterms – Bloomberg
- Do Financial Markets Care About a Blue Wave, Red Wall or Gridlock? – Financial Times (subscription)
Profit & Loss examines how banks in different emerging markets face the same challenges when trying to build out their e-FX businesses, and questions the extent to which technology developments in these markets will follow a familiar pattern.
Not only do we not need so many anonymous venues, their value in terms of liquidity levels has also been diminished. This is not to say the model will continue to shrink and disappear; more that I cannot see a recovery in activity levels unless something very dramatic happens – and it is hard to see what that would be given how in stressed markets volume seems to go to the primary venues.
This week’s podcast focuses on what seems to be a growing debate about the value and future of the FX Global Code following the acquittal of the three members of the Cartel.
The first batch of FX platforms to report data indicate October saw a modest uptick in activity from September, although CME Group saw average daily volume fall from an outstanding previous month.The stand-out result comes from FXSpotStream, which has reported another peak in activity at $35.9 billion per day.
A key concern is that the EU still doesn’t have a tenable plan to ensure banks maintain access to vital financial infrastructure in the form of London-based clearing services, according to Prime Minister Lars Lokke Rasmussen.
- BAML Moves Investment Banking Boss to Paris as Brexit Plans Step Up – Financial News
- SocGen Tells London Staff: Move to Paris or Risk Losing Your Jobs – Financial News
- Unlikely Consensus Reigns in Brexit Financial Services Talks – Financial Times (subscription)
The trade body calls for a Commission Rule change as opposed to an extension of CFTC no-action relief.
The swaps market has made progress in its bid to replace the Libor family of rates benchmarks with something more robust – new risk-free rates that are derived from liquid, reliable markets. But one of its next steps is to come up with term versions of those overnight rates, and sceptics believe the two obvious solutions both suffer from Libor-like flaws.
The Securities and Exchange Commission assessed $3.945 billion in disgorgement and penalties across 821 enforcement actions in fiscal 2018, the agency’s enforcement division said in its annual report on Friday.
Jens Hachmeister said providing market infrastructure for crypto-assets could be an “intriguing future field of activity” for the group,
DeVere Group has founded the DeVere Digital Asset Funds, something it says is “a suite” of digital currency solutions for experienced investors, in association with Dalma Capital Management, a hedge fund manager in the Dubai International Financial Centre.
A group of central securities depositories, specialist organizations that typically are responsible for holding securities such as shares so they can be easily transferred, are exploring how their roles are translatable to the crypto-asset infrastructure, in a sign that traditional finance’s biggest players are considering an entry to the market.
Charlie Shrem went to prison in 2015 after he pleaded guilty to helping people buy drugs online. Now he’s being sued by the Winklevoss twins.
The Securities and Exchange Commission is probing investment advisers for potential misconduct involving cryptocurrencies, signaling a new direction in its oversight of the emerging market, according to three people familiar with the matter.
Hong Kong’s Securities and Futures Commission wants to use a sandbox environment for cryptocurrency trading venues as part of a wider change in the regulatory approach to virtual assets.
The veteran financier on the Big Bang, banking’s boomtime and the scandals that scuppered his peerage.
London-based NEX Markets said on Thursday users of its BrokerTec Europe platform would be able to clear repo trades on Deutsche Boerse as it prepares for Britain’s exit from the European Union.
FiREapps has expanded its software offering from currency risk management to enterprise currency management.
Roger Boehler and Kevin Nay Yaung have launched a new currency fund called Limmat Currency Partners. LCP is headquartered in Westport, Connecticut, with Boehler serving as the firm’s CEO and Yaung operating as a general partner.
Compensation changes aim to trim costs and spur cross-selling, but prompt grumbling.
Sterling rallied on Monday after a Sunday Times report said Britain was nearing a deal for leaving the European Union and that an all-UK customs arrangement would be part of it.
Developing economies appear more robust, but China slowdown is biggest threat.
Most Asian currencies weakened on Monday after robust labour data signalled faster interest rate hikes in the US, while a slowdown in China’s service sector further sapped sentiment.