ECB Pledges More Easing and Ponders Inflation Goal Review – Reuters

European Central Bank President Mario Draghi all but pledged to ease policy further as the growth outlook deteriorates and even hinted on Thursday at a reinterpretation of the ECB’s inflation target, the cornerstone of its entire policy framework.

‘A General Election Cannot be Avoided’ — City Reacts to Prime Minister Boris Johnson – Financial News

Victory for Johnson has sent the pound down slightly and greatly increased the likelihood of the country crashing out of the European Union.

Brussels Repels Boris Johnson’s Quest for New Brexit Deal – The Guardian

Brussels has roundly rebuffed Boris Johnson after he laid down tough conditions for the new Brexit deal he hopes to strike over the summer.

Erdogan Economics Weaponized as Central Bank Looks to Cut Rates – Bloomberg

Turkey is about to embark on one of the greatest central banking experiments – and the timing couldn’t be better.

EU Fears No-Deal will Lock Sides in a Brexit Cold War – The Times

The EU is working on a strategy to avoid a “Brexit cold war” amid fears that relations between Brussels and London could break down completely after a no-deal Brexit.

Hedge Fund Manager Kyle Bass: a US-China Trade Deal Can’t be Reached – CNBC

Billionaire hedge fund manager Kyle Bass is doubtful a trade deal between the US and China could be reached and believes the Federal Reserve’s rate cuts are less effective these days.

Regulatory News

Two Precious Metals Traders Plead Guilty to Spoofing Charges – Profit & Loss

Two bank precious metals traders have pleaded guilty to spoofing charges brought by US authorities.

Closing in on Closet Trackers: Regulator Targets Rogue Fund Managers – Financial News

The Central Bank of Ireland is investigating almost 200 investment funds for possible mis-selling after the financial regulator launched a probe into the practice of asset management companies hawking expensive, supposedly market-beating funds that only track the index.

Pluves Named as CEO of FICC Markets Standards Board – Profit & Loss

The FICC Markets Standards Board has named Martin Pluves as its new CEO.

Crypto News

MIT Fellow Accuses Facebook of ‘Lifting’ His Ideas for Libra Cryptocurrency – CoinDesk

Avid students of the literature on monetary innovation might feel deja vu when reading Facebook’s Libra white paper.

On Crypto Exchanges, the Trades Don’t Always Add Up – Bloomberg

When Bitcoin hit a 17-month high in late June, the milestone was met with some skepticism. Big jumps in a short period of time can signal that someone is trying to artificially move the market, says John Griffin, a finance professor at University of Texas at Austin. “The extreme volatility suggests that manipulation is rampant.”

Cryptocurrency Investor Who Lost $24 Million to Have His Day in Court – Finextra

A federal judge has refused to dismiss a $224M lawsuit against telecom giant AT&T for a SIM swap attack that led to $24 million in stolen cryptocurrency.

TD Ameritrade CEO: We’re Taking ‘Crawl, Walk, Run’ Approach to Crypto – Coindesk

TD Ameritrade’s outgoing CEO has indicated that clients are asking for investment opportunities in cryptocurrencies and that his firm may be looking for ways to serve thatneed.

Kraken Installs Crypto OTC Guru as Head of Dev for Bitcoin Futures Platform – Coin Telegraph

United States cryptocurrency exchange Kraken has hired the ex-managing director of over-the-counter trading platform B2C2 to head of development at its new Bitcoin futures operation.

Company News

Girolami Tapped to Head LCH – Profit & Loss

LCH has appointed Isabelle Girolami as its CEO, effective November 1.

How Philip Lowe Rose to the Top – Australian Financial Review

Interest in RBA governor Philip Lowe is on the rise as he takes the cash rate into unconventional territory. 

Japan’s Banks are Running Out of Room to Cope with Negative Rates – Bloomberg

Japanese banks have spent more than three years trying to flee negative interest rates at home by ramping up lending abroad. Now their escape routes are closing.

DB1 Chief Hopes for Bigger Deals this Year – FOW

Deutsche Boerse is aiming for larger M&A deals with a “carve-out deal” for Refinitiv FX units still on the cards.

WeMatch Adds Euro IRS – Profit & Loss

WeMatch, a Web-based platform thus far focused on equity markets and OTC-cleared derivatives, has added euro interest rate swaps to its suite of products.

Market Savvy

Emerging Markets are Pulling in Funds, but is Investor Optimism Justified? – South China Morning Post

This time last year, the MSCI Emerging Markets Index, a leading gauge of stocks in developing economies, was halfway through a brutal sell-off triggered by tighter monetary policy in the United States and the escalation of the US-China trade war.

Trade War Spurs Recession Risk in Singapore – Bloomberg

The US-China trade war is threatening to drag Singapore into a recession and aggravating underlying risks in the former tiger economy.

Dollar Near Two-Week High, Euro Steady as Traders Temper Rate Cut Views – Reuters

The dollar traded near a two-week high versus the yen as investors pared expectations for aggressive Federal Reserve interest rate cuts ahead of key US economic data due later in the day.