Top Headlines

Dollar Gets a Boost as ‘Trumpflation’ Bets Return – Reuters

The US dollar climbed, on track for its first weekly rise in two, as progress of the US tax plan through the Senate raised hopes of a fiscal boost to the economy, though the lack of inflationary pressures checked gains.

Sterling Drops to Two-Week Lows as BOE Doubts Rise – Reuters

Britain’s pound skidded to a two-week low amid doubts over the outlook for Bank of England interest rate moves and concerns over Brexit.

Slippery Week for Sterling: Pound Under Pressure on Cunliffe’s Latest Rate Rise Doubts – Financial Times (subscription)

Not a great end to the week for sterling bulls.

‘I Think We Got Away with It’: Listen to HSBC Trader Phone Calls – Bloomberg

Prosecution’s recorded phone calls are at heart of fraud case.

Trading Firms Fear Mutiny on MiFID Rule Demanding Passport Data – Bloomberg

A potentially explosive battle is brewing over a seldom-discussed aspect of the looming MiFID II laws, which will force traders of any European asset class to hand over personal identification such as passport numbers to every venue they trade on.

Exchanges Face Variety Challenge in Quest for More FX Business – Euromoney

As exchanges look to snap up a bigger share of foreign-exchange business, they face the challenge of catering to investors’ multiple trading models.

Blockchain Providers Remain Divided on Approach to Financial Firms – Profit & Loss

The schism between the blockchain providers and cryptocurrency users that want to in some way overturn the current financial system and those that want to work within it, was highlighted by comments made at the Swell conference hosted by Ripple this week in Toronto.

Regulatory News

Trump Leaning Toward Powell for Fed Chair, Officials Say – Politico

Federal Reserve Governor Jerome Powell is the leading candidate to become the chair of the US central bank after President Donald Trump concluded a series of meetings with five finalists Thursday, three administration officials said.

Incoming SEC Section Chief Faces Calls to Overhaul Trading Rules – Financial Times (subscription)

Former JPMorgan executive to oversee broker deals, high-speed traders and exchanges.

A Shortsighted Plan to Scrap Dodd-Frank’s Liquidation Rules – The New York Times

Global bank watchdogs are acting as a line of defense against an American deregulatory push.

Cryptocurrencies Like Bitcoin Are Not ‘Mature’ Enough to Regulate, ECB Chief Mario Draghi Says – CNBC

Cryptocurrencies are not “mature” enough to be considered by the European Central Bank (ECB) for regulation, Mario Draghi said.

Company News

Metamako and STAC Claim New Industry Standard for Measuring Time Stamp Accuracy – Profit & Loss

Metamako, a provider of FPGA-enabled high-performance networking platforms, and the Securities Technology Analysis Center (STAC) have announced a new way to measure timing and time synchronisation.

Racing Against the Clock: How Buy-Side Firms Are Preparing for MiFID II – Tabb Group

Tabb Group believes the majority of firms will not be fully prepared for the deadline.

Tezos Raised $232 Million in a Hot Coin Offering, Then a Fight Broke Out – Wall Street Journal (subscription)

One of the year’s biggest initial coin offerings, a $232 million token sale by Tezos, is embroiled in a management fight that is threatening the deal and highlighting the risks in this red-hot corner of finance.

Market Savvy

NZ Dollar Drops Below $0.7 for First Time in Five Months – Financial Times (subscription)

New Zealand’s currency dropped below the $0.70 mark for the first time in five months as uncertainty about the policy outlook under its newly formed government persisted.

Asian Currencies Retreat as US Tax Reforms Loom – Reuters

Asian currencies slipped against the dollar as the greenback strengthened after US President Donald Trump’s tax reform agenda cleared a critical hurdle overnight.

C$ Retreats from Near One-Week High as Oil Falls – Reuters

The Canadian dollar edged lower against its US counterpart, retreating from a near one-week high earlier in the day as oil prices fell and the rally in global stocks paused.