Top Headlines
European FX Lawsuit May Follow Soon, Says Source – FX Week (subscription)
Institutional investors filed a lawsuit in NY against 16 banks on November 7, which could be followed by European complaint.
Why FX is Still “Under-Futurised” – Profit & Loss
The FX market is still “completely under-futurised” right now, according to Carlo Koezler, CEO of 360T and global head of FX at Deutsche Börse Group.
FX: The Rise of Quality Execution Analysis – Euromoney
A combination of regulatory requirements and commercial
imperatives are driving interest in quality execution analysis (QEA), a subset
of transaction cost analysis (TCA) that is a vital component in measuring FX
best execution.
Bigger Bonuses Are Coming for (Almost) Everyone on Wall Street – Bloomberg
Wall Street stock traders, money managers, commercial bankers, underwriters and even bean counters are poised for bigger year-end bonuses. But if you advise on mergers and acquisitions, sorry.
The World’s Most Influential Asset Owners – Institutional Investor
The investment decisions of the biggest asset owners help shape the economy, according to a new study from Willis Towers Watson.
Regulatory News
EU Has a Plan to Prevent No-Deal Brexit Chaos, Euronext CEO Says – Bloomberg
Regulators have a plan to ensure continental firms can keep using financial services provided from the UK in the case of a no-deal Brexit, according to one of Europe’s biggest exchange operators — a reassurance for markets after two years of uncertainty.
- Sadiq Khan Calls for Post-Brexit Clearing Commitment – Global Investor (subscription)
- It May Take More Pound Volatility to Force UK Brexit Agreement – Bloomberg
- SEC Calls For More Detailed Disclosure on Brexit Impact – The Wall Street Journal (subscription)
- Germany Targets ‘Thousands’ of Brexit Bankers for Frankfurt – Bloomberg
- Citigroup Scouts Bigger Paris Office as Brexit Plans Ramp Up – Financial Times
- Hedge Funds Caught Short When Brexit Talks Surprise – Reuters
US, China Resume Talks to Cool Trade Tensions – The Wall Street Journal (subscription)
Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, about a deal that would ease trade tension, ahead of a meeting of the leaders of China and the US set for the end of the month.
Don’t Put Trump’s Fox Into Financial Regulation Henhouse – Bloomberg
The US choice to head the Financial Stability Board wouldn’t have the independence needed to press banks on reforms.
Crypto News
SGX and National Regulator Develop Tokenised Asset Settlement – The Trade
The Monetary Authority of Singapore and Singapore Exchange developed two Delivery versus Payment capabilities for the settlement of tokenised assets across different blockchain platforms.
Swiss Regulator Taking More Conservative Approach with Crypto – The Trade Crypto
FINMA has said its approach to crypto is more conservative due to comparatively high volatilities of the underlying assets.
Arthur Hayes, the CEO and co-founder of BitMEX, says his platform doesn’t offer “special access to anyone,” doesn’t trade against its customers, and doesn’t make money when customer trades are liquidated.
Questions Raised over Bitmain Profits after IPO Filing – Financial Times (subscription)
Bitmain Technologies, the world’s largest maker of cryptocurrency mining hardware, has stated significantly smaller profits in its initial public offering prospectus than in documents related to earlier funding rounds.
Company News
360T FX Volumes Dip in October – Profit & Loss
Completing a very mixed month-on-month picture for FX trading venues, Deutsche Borse’s 360T reports average daily volume of EUR 74.7 billion in October, a fraction below last month’s EUR 75.7 billion.
Advanced Markets Adds Standard Chartered as PB – Profit & Loss
Advanced Markets has signed Standard Chartered Bank as a foreign exchange prime broker. The addition will further extend the range of clients that can use prime brokerage to trade via Advanced Markets’ Direct Market Access liquidity infrastructure.
Record Brings ESG into Currency Management – FX Week (subscription)
Specialist currency manager develops database and methods for improving ESG credentials of its product.
This French Bank is Quietly Building a Macro Business on Wall Street – eFinancialCareers
Looking for a macro derivatives trading or funding job on Wall Street? Credit Agricole has been hiring. Insiders at the French bank say it’s building up a fixed income rates and solutions business in the US and that there have been several big hires in recent months.
BIS Names Siddharth Tiwari as Chief Representative for Asia – Finance Magnates
One of the main goals of Tiwari’s role is to strengthen the connection between BIS and the central banks in the area he oversees.
SocGen to Expand Algo Suite for Futures – Global Investor (subscription)
Talk of European banks pulling back from the US does not apply to Societe Generale, Morgan Downey says.
Market Savvy
Pound Rebounds after UK Minister Says Brexit Deal Still Possible This Week – Reuters
Sterling extended its gains on Tuesday after British cabinet office minister David Lidington said a Brexit divorce deal was still possible in the next 24 or 48 hours.
- Theresa May Says Brexit Talks ‘In the Endgame’– Financial Times (subscription)
- Pound Will Hit $1.40 on Brexit Deal, $45 Billion Fund Says – Bloomberg
Euro Drifts Up But Italy, Brexit Talks Weigh – Reuters
The euro drifted up from a 16-month low on Tuesday as a pause in the dollar’s rally prompted some investors to purchase the single currency, though concerns about Italy’s budget proposals and Brexit negotiations are likely to cap any gains.
No Festive Cheer Ahead for South Africa’s Rand, Nedbank Says – Bloomberg
An expected seasonal dollar-liquidity crunch means the outlook for South Africa’s rand is anything but merry headed toward year-end.