Top Headlines

Dollar Stabilises Below Last Week’s Highs, Supported by Data, Yields – Reuters

The dollar stabilised just below its six-month high of last week, as investors awaited data that might confirm the US economy is on track for a strong June quarter with rising bond yields also supporting the greenback.

BlackRock, Jefferies Press Pause on Dollar with Europe Rebounding – Bloomberg

Europe’s stabilizing economic landscape is set to put an end to the dollar’s best run in more than three years.

Sterling Jumps After Better-Than-Expected UK Services Data – Reuters

Sterling jumped after a survey showed companies in Britain’s dominant services sector grew more quickly than expected in May after a winter slump in early 2018.

Waning Italy Political Risk Can Only Prop Up the Euro So Much – Bloomberg

While the shared currency has recovered after touching a 10-month low last week, the bulk of its slide this quarter happened before investors started fretting about Italy.

May Volumes Consistent with Upwards Trend at NEX – Profit & Loss

The average daily volume (ADV) of spot FX traded on NEX Markets in May was $101.3 billion, up 21% from the $83.4 billion of ADV it recorded in April.

Societe Generale Hit with $750m LIBOR, Euribor Fines – Profit & Loss

The Commodity Futures Trading Commission (CFTC) has fined Societe Generale (SocGen) $475 million, and the US Department of Justice (DOJ) another $275 million, for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) and Euro Interbank Offered Rate (Euribor).

UK MP: No Bonfire of Financial Regulations Post-Brexit – The Trade

The UK economic secretary to the Treasury and City Minister has said there will be “no bonfire of financial regulations” once the United Kingdom has departed the European Union.

FX Buy-Siders Look to Reduce Human Touch on Trading Desks – The Trade

Senior foreign exchange (FX) asset management participants consider the reduction of human touch a top priority for trading desks, according to recent survey.

Major Bank CEOs Say Blockchain Will Underpin the Financial Industry ‘In Five Years’ – CNBC

Blockchain technology could soon revolutionize the global banking industry, according to the chief executives of two major European lenders.

Regulatory News

US Derivatives Regulator Moves to Ease Swaps Dealer Rules – Financial Times (subscription)

The US derivatives regulator is planning to cement a threshold at which swap dealers become regulated, a move that would exclude smaller companies from rules that would be subject to tougher supervision.

French ‘Bombshell’ Would Gut Mifir Equivalence, Say Lawyers – Risk (subscription)

The French delegation at the Council of the European Union has put forward proposals that effectively scrap the EU’s equivalence regime for third-country firms providing cross-border services and activities into the bloc, say lawyers.

Crypto News

The SEC Just Appointed Its First-Ever Crypto Czar – Coin Desk

The agency said that Valerie Szczepanik will serve as associate director of the Division of Corporation Finance and senior advisor for digital assets and innovation, reporting to division director Bill Hinman.

CTAs Look Towards Crypto Trading – Profit & Loss (subscription)

Thus far, despite the hype and excitement around cryptocurrencies, most CTAs haven’t exactly been in a rush to start trading these assets. This might be about to change.

Total Virtual Currency Sales Jump in 2018 But Monthly Trend Slows: Report – Reuters

Virtual currency sales ballooned to $9.1 billion so far this year, exceeding the $6.6 billion total for all of 2017, a financial technology data provider reported, but it said the monthly trend actually showed a slowdown if the two biggest offerings are excluded.

So the Crypto, Where We At? – Financial Times (subscription)

You’d be forgiven for thinking that all has gone a quiet on the crypto front.

Company News

CLS Appoints Four Directors – Profit & Loss

CLS has named four senior bankers to its board of directors, bringing the total to 23, the four were elected at the recent CLS annual general meeting.

SmartStream Launches Innovation Team – Profit & Loss

SmartStream Technologies has launched a new innovation team tasked with creating solutions using artificial intelligence (AI), machine learning (ML) and blockchain technologies, in the areas of reconciliations, cash management, and fees and expense management.

Monahan Joins Greenwich – Profit & Loss

Greenwich Associates has hired Ken Monahan as a senior analyst in the firm’s market structure and technology group, where he will cover FX, listed derivatives and fixed income, among other topics.

Market Savvy

Wall Street Is Getting More Positive About Emerging Markets – Bloomberg

This year won’t see a re-run of nightmare on EM street, top American banks, money managers and even a former central banker say.

Turkish Lira Takes a Break from Turmoil, But Problems Loom Large – Financial Times (subscription)

Emergency rate rise has calmed nerves, but elections may spook investors.