EU to Consider Brexit Extension as MPs Mull Election – BBC

EU ambassadors are to meet to discuss what length of Brexit extension to offer the UK, as MPs consider Boris Johnson’s call for an early election.

ECB Holds Rates at Historic Lows as Mario Draghi Waves Farewell – CNBC  

The European Central Bank kept rates unchanged in what marked President Mario Draghi’s last monetary policy meeting at the institution.

The Euro Can’t Take Its Survival for Granted – The Times

The single currency’s problems were exposed in 2012 but nothing has been done to solve them.

UK’s Javid Scraps November 6 Budget Plan – Reuters  

British finance minister Sajid Javid has postponed his first budget statement which he had been due to give on Nov. 6 because of delays to Brexit and the government’s attempts to call an early election, a Treasury source said.

Goldman Sachs Predicts the Fed Will Make Two Big Changes Next Week – CNBC

The Federal Reserve likely will cut interest rates next week, but in doing so will make a pair of adjustments aimed at signaling that the current easing cycle could be over, according to a Goldman Sachs forecast.

Argentine Central Bank Intervenes Heavily Ahead of Election; Peso Drops Anyway – Reuters

Argentina’s battered peso weakened another 1.34%, even after the central bank sold $346 million in reserves to ease its fall three days ahead of a presidential election that has increased uncertainty over the inflation-racked economy.

South Korea to Give Up Developing Country Status in WTO Talks – Reuters

South Korea will no longer seek special treatment reserved for developing countries by the World Trade Organization in future negotiations given its enhanced global economic status, its finance minister said on Friday.

Regulatory News

Ex-Deutsche Bank Traders Avoid Prison Time for Libor Scheme – Reuters

Two former Deutsche Bank AG traders will serve no prison time for conspiring to manipulate the Libor benchmark interest rate between 2005 and 2011, a federal judge ruled on Thursday, sharply criticizing U.S. prosecutors for treating the two men as “proxy wrongdoers” for a much larger scheme.

US Regulators Join Global Financial Innovation Network – Profit & Loss

The Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the Securities and Exchange Commission have announced they are joining the Global Financial Innovation Network.  

Banks and Investors Push for Clearing House Reforms – Financial Times

BlackRock and Vanguard, two of the world’s largest asset managers, have joined calls for clearing houses to build higher safety buffers and tougher standards to prevent trading losses.

CFTC Extends Comment Period for SDR Data Proposal – CFTC

The US Commodity Futures Trading Commission says it has extended the public comment period for its proposal to improve data quality and streamline regulations for swap data.

FCA Deserved Criticism Over Consumer Scandals, Admits Bailey – Financial Times

The head of the UK’s financial regulator has acknowledged that the watchdog deserved criticism in the wake of recent personal finance scandals, but defended his conduct by pointing out that money will always be lost where risk exists.

Crypto News

Bakkt Launching New Bitcoin Options for its Futures Contracts in “Industry First” – NewsBTC

The Bakkt platform is getting set to launch new Bitcoin trading derivatives. As of December, users of the regulated platform will be able to trade the Bakkt Bitcoin Options contract.

How Should Crypto Prepare for Google’s ‘Quantum Supremacy’? – Coin Desk

“Quantum supremacy.” The term inspires images of a giant world-brain supercomputer that can count the grains of sand on every beach on Earth. But what does Google’s official claim of supremacy mean and how will practical quantum computing change the world of crypto?

Libra Launch Expected, But US Presence Remains Uncertain – Law360

Mark Zuckerberg’s appearance on Capitol Hill, which at times became a chance for lawmakers to turn their ire on Facebook over a variety of topics, failed to offer much new information about the Libra digital currency, but observers say they are confident that it will launch, although its entrance into the US remains uncertain. 

Binance Adds First Fiat Trading Pair, CEO Hints More Will Follow – NewsBTC

Binance has added its first fiat currency trading pair. Nigerian users of the platform will now be able to deposit using their local currency, the naira, at the popular crypto trading venue.

Galaxy Digital to Launch 2 New Bitcoin Funds in November – Coin Desk

Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital, is launching two bitcoin funds in November, according to a source with direct knowledge of the matter.

Company News

Eurex Begins Clearing Cross Currency Swaps – Profit & Loss

Eurex Clearing has cleared its first cross currency swap transactions, with the trades being submitted by JP Morgan and Morgan Stanley.

Third Point Rues Miscalculation Over Market ‘Mayhem’ in Argentina – Financial Times

Daniel Loeb is licking his wounds after misjudging “mayhem” in Argentina following the emphatic defeat handed to incumbent Mauricio Macri during the country’s primary elections in August.

Hedge Funds Lose Another $30bn as Performance Fails to Convince – Financial News

Investors pulled almost $30bn from hedge funds during the three months to the end of September, meaning the $3.2tn industry has now been steadily losing investors for a year and a half.

America’s E-Brokerages Scramble to Protect Margins Amid Fee War – Financial Times

When Charles Schwab scrapped commissions to trade US stocks this month, cutting its fee from $4.95 to zero, it opened up a new front in a gruelling price war.

Market Savvy

Deeper Global Slowdown Still More Likely Despite Round of Rate Cuts – Reuters

A steeper decline in global economic growth still more likely than a synchronised recovery, even as multiple central banks dole out rounds of monetary easing, according to economists.

Why the Fed Hopes to Keep its Wiggle Room on Rates – Financial Times

No matter how hard the Federal Reserve has tried to give itself room for manoeuvre on monetary policy, by decision time that flexibility has become more limited.

The Thai Baht Reached a New 6-Year High. Here’s Why It’s Surging – Bloomberg

Thailand’s central bankers are finding it tough to stop the baht from surging.

Gold Hits 2-Week High as Weak US Data Boosts Rate-Cut Bets – Reuters

Gold rose to a fresh two-week high on Friday, as weak US economic data spurred expectations for another interest rate cut by the Federal Reserve later this month.