Top Headlines

Dollar Steady vs Yen, Traders Wary Over Global Trade Tensions – Reuters

The dollar held steady against the yen, taking a breather after last week’s rally and as it treads cautiously amid lingering concerns over a US-China trade spat.

Bitcoin’s First-Quarter Play: Falling Back to Earth – Wall Street Journal (subscription)

The digital currency posted its second-worst quarter ever, part of a broader selloff in the cryptocurrency market.

CME Rules Out Asset Sales After Nex Deal – Financial Times (subscription)

CME Group does not expect to sell any assets after its £3.9bn purchase of the UK’s Nex Group to satisfy antitrust regulators or meet cost savings targets, according to chief executive Terry Duffy.

Will the FX Global Code Gain Traction in Mexico? – Profit & Loss

A new survey from Bloomberg suggests that authorities in Mexico may face an uphill struggle when promoting the FX Global Code of Conduct amongst the local market.

Libor-Rigging Judge’s Musings Raise Doubt About US Prosecution – Bloomberg

A judge voiced skepticism of a US case against two former Deutsche Bank traders charged with rigging the Libor interest-rate benchmark, questioning whether the government will be able to present sufficient evidence to convict the pair.

Big Banks on Notice as Tech Groups Ramp Up Pressure – Financial Times (subscription)

Technology companies are set to take a big chunk of customers from banks, as they intensify their challenge to traditional lenders across a range of mass-market financial services, say industry executives and analysts.

Regulatory News

Return of Volatility Is a Healthy Resetting of Markets – Financial Times (subscription)

Probability is that more normal conditions are returning but risks must be monitored.

Washington Leak Culture Meets Wall Street’s Insider-Trading Cops – Bloomberg

The federal prosecutors who sent Wall Streeters to prison for trading on insider information are taking on Washington’s culture of leaks in a first-of-its-kind trial next week.

China’s Financial Regulatory Troika – Wall Street Journal (subscription)

‘Liu He is the strategist, Yi Gang is the implementer, and Guo [Shuqing] is the enforcer,’ analyst says.

Company News

Almost Half of Fund Allocators Don’t Know What to Make of Crypto – Bloomberg

Almost half of the more than 400 institutional allocators, such as pensions, sovereign wealth funds and family offices, surveyed at a Context Summits conference in Miami said they don’t know what to make of cryptocurrencies.

Investment in Capital Market Fintech Falls by More Than Half – Financial Times

Capital markets fintech ventures attracted less than half as much equity funding last year as they did in 2015 and 2016, according to a study from the Boston Consulting Group.

Market Savvy

Emerging Markets Get Thumbs Up After Staring Down Tough Quarter – Bloomberg

Mexican peso, yuan, won seen most vulnerable to trade wars.

Japan Business Sentiment Dips on Stronger Yen – Financial Times (subscription)

Closely watched Tankan index falls but solid growth continues.

Bitcoin Just Grabbed Its Biggest Slice of the Crypto Pie Since Last Year – Business Insider

Bitcoin’s share of the crypto market reached its highest level of 2018, according to CoinMarketCap data.