US prosecutors say former HSBC Holdings currency trader Mark Johnson deserves a decade or more in prison based on his fraud conviction for front-running a $3.5 billion client order and lying on the witness stand at his trial.
The dollar dropped to a one-month low against a basket of currencies after the Federal Reserve issued a forecast for future policy that was less hawkish than expected.
- US Dollar Drops After Fed Decision – Financial Times (subscription)
- US Dollar Extends Decline After Fed Statement – Wall Street Journal (subscription)
It’s cheap and just about every investor is short the currency. That makes the dollar a screaming buy for Allianz Global Investors.
Sterling rose to a seven-week high as retail sales beat expectations and traders prepared for a Bank of England meeting at which the central bank is expected to flag a rate rise in May.
The currencies of Mexico and Canada have gone their separate ways this year, an unexpected outcome for two countries whose economies may be hurt by trade tensions with the US.
The FICC Markets Standards Board (FMSB), has published its Transparency Draft Standard on Secondary Market Trading Error Compensation.
The eurozone’s top financial supervisors have told banks to keep planning for Brexit without any transition arrangements, despite this week’s deal to delay the UK’s exit from the EU’s single market.
- UK Fund Managers Worry Brexit Deal Will Exclude Financial Services – Financial News (subscription)
- Nick Clegg Tells City Bosses to Speak Up on Brexit Demands – Financial News (subscription)
France is planning a regulatory framework for companies that raise funds using cryptocurrencies in a bid to attract more financial start-up business, even as most countries continue to exercise caution over what has been dubbed the “digital wild west”.
- Economists Promote Low-Volatility Cryptocurrency Backed by Dollars – Financial Times (subscription)
- Jack Dorsey Expects Bitcoin to Become the World’s ‘Single Currency’ in About 10 Years – CNBC
Deal would strengthen Chicago exchange’s hegemony of US dollar-denominated trading assets.
Negative rates prompted switch in the CCP’s margin calculation model for interest rate swaps.
Not only should we be looking at the bank’s actions in the Fotheringhame case, there could also be a case for questioning the motivation and the approach of the New York Department of Financial Services (DFS) in this matter.
The UK’s finance department, the Treasury, announced that the task force includes Britain’s central bank, the Bank of England and the Financial Conduct Authority watchdog.
Bill would leave Fed as sole arbiter of trading restrictions.
New rules on trade execution likely to halt any unifying shift of liquidity to order books.
Missives sent by the Prudential Regulation Authority to banks after their annual review are “more directive, forward-looking, complex and formal” than those sent by its predecessor before the financial crisis, according to a blog post by Bank of England staff.
Mark Rossi, managing director, Kurt Magnus, head of real money FX sales, and Paul Lynn, managing director, head of macro sales, EMEA, for rates, FX, EM and F&O, have all departed Nomura in London, according to market sources.
Gil Mandelzis, CEO and founder of Capitolis, has been appointed as a non-executive director of Euronext US.
The data provider will continue developing new tools and will also be rolling out analytics tools for the offshore dollar Chinese credit market.
Liquidnet has published the results of a recent survey of global asset management firms that explores how MiFID II impacts the role of technology in trading corporate bonds.
The dollar extended losses in Asia trading after falling in the previous session in reaction to the Federal Reserve’s rate rise and statement and the Hong Kong currency neared the weaker end of its trading range.
Turkey’s currency has sustained a beating this month amid concerns that its economy is running too hot and is vulnerable to external shocks.
The New Zealand dollar held gains against the greenback after the US Federal Reserve hiked rates and New Zealand’s own central bank left interest rates unchanged.