Top Headlines

ECB Pushes Euro in Move Against Dollar’s Dominance – Financial Times (subscription)

The European Central Bank has joined Brussels in a push to promote the euro internationally as it attempts to counter the US-led retreat from globalisation and free markets.

Turkey Seeks Jail Terms for Two Bloomberg Reporters – Financial Times (subscription)

Kerim Karakaya and Fercan Yalinkilic are accused of seeking to undermine Turkey’s economic stability for a story, published in August, about the impact of a sharp plunge in the value of Turkish lira on the country’s banking sector. The prosecution was launched at the behest of Turkey’s banking regulation and supervision agency.

From Memos to Texts, Algos Fish for Signals In-House – (subscription)

Fundamental hedge funds are starting to use algorithms to more clearly see sentiment – their own – by hunting for signals in the e-mail, instant messages and memos of their own analysts.

Big Investment Banks Team Up to Cut Operational Risk Burden – Financial News (subscription)

Twelve large investment banks will collaborate on a technology initiative aimed at cutting the cost of operational mishaps, which can tie up hundreds of millions of dollars in regulatory capital they say could be used to fuel economic growth.

Regulatory News

Broke-Ass CFTC Isn’t Protecting Derivatives Data, Probably Can’t And Won’t – Dealbreaker

More or less since the Commodity Futures Trading Commission began demanding more and more information from derivatives traders on their precise derivatives trade, the better, it hoped, to prevent new derivatives-based global financial crises, derivatives traders and their representatives have had some concerns about the security of the highly secretive and proprietary information they were providing the CFTC. 

ESMA Updates Q&A on EMIR Data Reporting – ESMA

The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

Crypto News

Reuters, Bloomberg and TradingView to Add New Cryptocurrency Index – CoinDesk

Financial terminals will soon provide cryptocurrency data from an index that takes into account social media posts and news.

SEC Concerned Over Maturity of Cryptocurrency Markets – Law360 (subscription)

Questions about market maturity are at the root of the Securities and Exchange Commission’s concerns about cryptocurrency, not the nature of the digital currencies themselves, an SEC commissioner said on Thursday during a fintech conference in New York.

Buy Crypto as Technicals Hint Dip Is Over, Fundstrat Says – Bloomberg (subscription)

Most cryptocurrencies are poised for fresh gains and investors should buy, according to technical analysis from Fundstrat Global Advisors.

Facebook Hires British Bank Lobbyist Ahead of Cryptocurrency Launch – Financial Times (subscription)

Facebook has hired a senior British bank lobbyist as it braces for greater political and regulatory scrutiny in Europe over its plans to launch its own digital currency and other financial services to its 2.4bn users.

Seed CX Partners with Caspian – Profit & Loss

The partnership will allow the institutional investors using Caspian’s trading and portfolio management system to more easily access Seed Digital Commodities Market, the digital asset exchange operated by Seed CX.

Company News

CTAs Struggle in May Amid Trade Wars – Profit & Loss

The Barclay CTA Index was unable to maintain momentum in May, dropping 0.19% and reflecting a negative month for these funds.

Refinitiv Adds Chinese Trade Data to Eikon and Elektron Platforms – The Trade

Refinitiv has made moves to bolster its Eikon and Elektron platforms with the addition of data on Chinese trade and investment opportunities to meet client demand.

SGX Sees Record Volumes as Volatility Returns – Profit & Loss

Trading volumes on SGX’s FX futures hit an all-time in May, with $111.5 billion in notional value and over 1.84 million aggregate contracts traded.

Jury Handed New Role at JP Morgan – Profit & Loss

Claudia Jury has taken on the role of global head of platform sales at JP Morgan. Her new sales position will run across the securities services, prime finance and clearing and investor client management business segments.

Symphony Attracts $165 Million Investment from Standard Chartered and MUFG – The Trade

Secure messaging and content sharing platform provider Symphony Communications has raised $165 million in new capital from Standard Chartered, MUFG Innovation Partners and other investors in a recent funding round.

Citigroup Offers All London Traders Extra Time Off – Financial News (subscription)

Citigroup is offering its London traders extra time off as large banks continue to look for ways of improving employees’ work-life balance and shedding their high-pressure, long-hours culture.

MUFG Hires de Sibert – Profit & Loss

Mitsubishi UFJ Financial Group (MUFG) has appointed Chris de Sibert as director, EMEA head of FX institutional sales.

Market Savvy

Sterling on Track for Sixth Week of Losses Against the Euro – Reuters

The British pound fell again on Friday as investors trimmed their positions after Brexiteer Boris Johnson moved closer to becoming the next prime minister, putting sterling on course for a six-week losing streak versus the euro.

In Trade War Worst-Case Scenario, These Strategies Can Win – Bloomberg (subscription)

State Street Global Markets likes the dollar. Mizuho Bank says buy Treasuries and go short on South Korea and Taiwan. Deutsche Bank reckons the yuan may weaken. These are some of the investment ideas strategists and money managers are favoring in case US-China negotiations break down and the trade war spills over to next year.

Hedge Funds Trim Risky FX Trades as Rate-Cut Bets Rise – Reuters

The Australian and the New Zealand dollars fell on Friday as bets on interest rate cuts undermined demand as a Group of 20 meeting later this month kept investors sidelined.