ECB Cuts Rates and Tells Governments to Act – Financial Times

The European Central Bank has announced its biggest package of rate cuts and economic stimulus in three years as President Mario Draghi warned governments that they needed to act quickly to revive flagging eurozone growth.

DUP Opens Door to New Brexit Deal for Boris Johnson – The Times

Boris Johnson was handed a lifeline by the Democratic Unionist Party last night when it agreed to shift its red lines in a move that could help to unlock a Brexit deal.

Hong Kong Bourse Eyes Cash Boost to LSE Bid – Financial Times

Hong Kong Exchanges and Clearing is prepared to sweeten the terms of its £32bn offer for the London Stock Exchange Group, said people familiar with the company, after it received a cool reception from shareholders and the UK bourse.

Trump Favours ‘Whole Deal’ with China, Two Sides Prepare for Trade Talks – Reuters

President Donald Trump said he preferred a comprehensive trade deal with China but did not rule out the possibility of an interim pact, even as he said an “easy” agreement would not be possible.

Mnuchin Says 100-Year Treasury Bond Possible – Reuters

US Treasury Secretary Steven Mnuchin said the United States will issue 50-year bonds if there is “proper demand,” a move aimed at “derisking” the government’s $22 trillion of debt and locking in low interest rates.

German Economy Not Heading for Pronounced Recession: Ministry – Reuters

Europe’s largest economy is not facing a bigger downturn or a pronounced recession after contracting slightly in the second quarter but there are no signs of a turnaround yet either, the German Economy Ministry said on Friday.

Regulatory News

Former HSBC FX Head Johnson Loses Appeal Against Conviction – Profit & Loss

In what may be a significant decision for the foreign exchange industry, former HSBC head of cash FX trading Mark Johnson has lost his appeal to have his conviction and sentence overturned in the US.

FCA Mounts ‘Are You Ready?’ Brexit Ad Campaign – Financial News

Regulator’s move comes as investors begin to conclude that the odds of a no-deal exit on October 31 are now ‘close to zero’.

Europe’s Fragmented Markets Need a Tape of Record – Financial Times

Grumbles over the price of market data from banks, traders and other customers are common.

EU Financial Regulators Highlight Risks of a No Deal Brexit and Search for Yield – ESMA

The European Union’s banking, insurance, pensions and securities sectors continue to face a range of risks, according to a report published today by the Joint Committee of the European Supervisory Authorities.

Crypto News

CME Seeks to Double Monthly Bitcoin Futures Open Position Limit – Coin Desk

The Chicago Mercantile Exchange wants to let bitcoin futures traders hold a greater number of open positions at one time.

Etana Expands Liquidity Access – Profit & Loss

Etana Custody, a custody solution for fiat and digital assets that provided real-time electronic trade settlement in the digital space, is now offering users access to multiple exchanges and non-exchange liquidity providers from a single account.

France Calls for EU Rules on Virtual Currencies – Reuters

France’s Finance Minister Bruno Le Maire said the European Union should introduce a common set of rules to govern virtual currencies, which are at the moment mostly regulated at national level.

China’s New Digital Currency Could Encourage Worldwide Use of the Yuan – CNBC

China’s proposed digital currency could trigger global use of the yuan, according to the CEO of American cryptocurrency financial services firm Circle.

Company News

FXall Sees Large Growth in Buy Side Algo Adoption – Profit & Loss

Refinitiv says that the adoption of execution algorithms by buy side traders on its FXall platform increased 41% year-over-year in the second quarter of 2019, following continued investment in the platform’s algo trading capabilities.

How a Few Argentina-Focused Hedge Funds Escaped the Pain – Financial Times

When asset prices are tumbling and some big investors are suffering billions of dollars of losses, just getting away without losing your shirt can be classed as a win.

AL&P Hires Ridewood as Senior PM – Profit & Loss

Currency management firm Adrian Lee & Partners has hired Michael Ridewood as a senior portfolio manager.

AcadiaSoft Appoints Shay as Chairman – Profit & Loss

AcadiaSoft, a provider of risk and collateral management services for non-cleared derivatives, has appointed John Shay as its new board chairman.

Market Savvy

Simmering Political Issues Remain a Threat to Global Growth – South China Morning Post

Recent positive developments in some of the major issues weighing on markets, including the US-China trade war and Hong Kong’s protests, offer a welcome respite, but economic fundamentals remain weak and policymakers’ toolboxes are limited.

ECB Pushes RBA One Step Closer to QE – Australian Financial Review

Australia’s central bank would like to see the Aussie dollar lower, and governor Phil Lowe appears increasingly comfortable with the idea that the RBA may have to launch its own QE initiative.

Sterling Could Rally to $1.50 if Johnson Secures a Brexit Deal, Strategist – CNBC

Sterling could soar as high as $1.50 if lawmakers agree a Brexit deal before the UK leaves the European Union, according to Morgan Stanley’s global head of FX strategy.

Central Banks are Rethinking Their Roles – Financial Times

Sixteen years ago Ben Bernanke — then just a US Federal Reserve governor — waded into the slippery notion of central bank independence.