Mark Johnson, former head of global cash foreign exchange trading at HSBC, was immediately sent to prison after his sentencing at a New York courthouse.
The dollar edged higher and is on track to post its best weekly performance in more than 1½ years as a spike in US Treasury yields prompted some investors to unwind some short bets against the dollar, especially against some emerging market currencies.
Sterling fell to an eight-week low against the dollar after Britain’s economy slowed much more sharply than expected in the first three months of 2018.
The euro held at the day’s highs after ECB President Mario Draghi presented a relatively confident outlook for the euro zone economy, contrary to some expectations that he would take a more cautious stance after recent weak data.
A former Royal Bank of Canada currency trader sued the lender for 13 million pounds ($18 million) for unfair dismissal, alleging that a senior manager had offered him a “bribe” to cover up a trading error.
Prime Minister Najib Razak said Malaysia will let financial markets decide the direction of the currency as he focuses on improving the economy and on his reform agenda.
The EU’s chief Brexit negotiator has rejected British claims that the bloc would have more to lose than the UK if it cut off the City of London after Brexit.
- EU to City of London: Expect No Brexit Favors, We Don’t Need You – Bloomberg
- A Brexit Choice Between Bad and Worse – Bloomberg
The UK’s top financial watchdog has slammed plans by European regulators to shake up the rules governing asset managers after Brexit.
Best execution rules not driving liquidity away from sole dealer platforms as expected.
The sell side has largely realized the potential of technology to minimize the impact of FX market fragmentation, although experts suggest it could do more to extract value from the data generated by electronic trading.
Isda AGM: proposals will allow all execution methods – including voice – and expand range of Sef mandate.
Legacy Libor swaps should be protected from new rules when ditching Libor, MetLife’s Manske says.
A month-long standoff between House and Senate lawmakers over bipartisan legislation to ease red tape for small- and medium-size banks may soon draw to a close, allowing the bill to clear Congress and become law.
Capitolis has gone live with a foreign exchange credit switching service, Capitolis Switch.
RegTech specialist, muinmos, has attracted investment from Lars Holst, former CEO of CFH Clearing, and Lars Torpe Christoffersen, an entrepreneur.
Experts warn venue reports will be unreliable and effectively bereft of value for investors.
China’s yuan weakened against the dollar as a softer midpoint and a broadly stronger greenback put the local currency on track for its worst monthly performance in one and a half years.
Investors will continue to find value, but the backdrop has changed.
Available market data shows that CBOE saw its highest-ever volume for bitcoin futures since it first debuted the contracts back in December.