Top Headlines

Ex-HSBC Trader Calls US Too ‘Aggressive’ in Front-Running Case – Bloomberg

HSBC’s former head of currency trading in London made at least $500,000 in commissions by front-running a multi-billion-dollar deal that betrayed the bank’s duty to its client, according to US prosecutors.

Dollar Strengthens on Talk of More Hawkish Fed Chair – Reuters

The dollar strengthened to a one-week high against a basket of major currencies, supported by a rise in Treasury yields following a report US President Donald Trump was edging towards choosing a hawk as the next head of the Federal Reserve.

Sterling Drifts Higher Before Carney, Inflation Data – Reuters

Sterling drifted higher as investors awaited inflation data expected to play a defining role in setting the Bank of England’s policy outlook in the coming weeks.

Sterling’s Gyrations Leave Bank of England in a Bind – Financial Times (subscription)

The pound seems to be caught up in one storm or another every other week.

Brexit Raises Concerns about FX Exposures, Cash Pooling – Treasury & Risk

The slow pace of the negotiations is creating uncertainty for corporate treasuries.

JP Morgan’s Jamie Dimon May Hate Bitcoin, But He Loves Blockchain – Wall Street Journal (subscription)

Bank rolls out a pilot program to use the record-keeping technology to speed global payments.

Qatari Banks Are Said to Cut Dollar Sales to Foreign Lenders – Bloomberg

Some Qatari banks are becoming less willing to sell dollars to foreign lenders amid a lingering regional standoff with a Saudi-led alliance, according to people familiar with the matter.

Regulatory News 

Democrats Say Trump Bank Regulator May Be Holding Job Illegally – Bloomberg

Six Democratic senators want the Treasury Department’s independent watchdog to investigate whether the acting head of one of Wall Street’s key regulators is illegally hanging on to his job.

Horse Race for Fed Chair Pits Warsh Against Mentor and Brings Yellen Back – CNBC

A report that President Donald Trump was impressed by Stanford University economist John Taylor helped boost Taylor’s odds in the PredictIt market and drove a slight sell-off in Treasurys. 

Senate Panel Sets Hearing Next Week on Pair of SEC Nominees – Wall Street Journal (subscription)

The Senate Banking Committee is set to hold a confirmation hearing next week for the Trump administration’s two nominees to fill vacancies at the Securities and Exchange Commission, according to person familiar with the matter. 

Sonia Reforms in April 2018: BoE – Profit & Loss

The Bank of England has formally announced that its reforms to the Sonia interest rate benchmark will take effect on Monday 23 April 2018.

ISDA Seeks to Establish Digitalisation Framework – Profit & Loss

The International Swaps and Derivatives Association (ISDA) has published a conceptual version of its ISDA Common Domain Model (CDM), which sets out the required elements to achieve a single digital representation of trade events and actions.

Company News

NEX Optimisation Partners with Baton – Profit & Loss

NEX Optimisation, NEX Group’s post-trade services unit, has announced that Baton Systems, a high-speed payments infrastructure provider, has joined NEX Infinity as the first third party to provide its services through the platform.

CBOE and Bats Europe Undergo Rebrand – The Trade

Bats Europe will become Cboe Europe Equities, with its block trading platform, formerly known as Bats LIS, renamed Cboe LIS, and its FX business Hotspot rebranded to become Cboe FX.

BAML Launches Multicurrency Netting Tool – Profit & Loss

Bank of America Merrill Lynch (BAML) has announced that it has expanded its payments capabilities with the launch of multicurrency netting.

ABN Amro Clearing to Distribute Fidessa’s Derivatives EMS – The Trade

The addition of Fidessa’s EMS means ABN Amro’s clients will have access to more than 110 futures, options, equities and FX markets delivered out of 11 key locations globally.

Market Savvy

Oil Price Gains Keep Rouble Steady Against Buoyant Dollar – Reuters

The rouble was little changed, with the positive impact of higher oil prices and local tax payments offsetting downward pressure from a globally firmer dollar. 

Mexican Peso Tumbles to Five-Month Low as Nafta Jitters Grow – Financial Times (subscription)

The peso shed another 1.2 per cent to hit a five month low of MXN19.13 against the dollar amid mounting fears the free-trade pact with the US and Canada will soon need an undertaker, rather than negotiators. 

China’s Stocks, Bonds, Currency Drop in Unison Before Congress – Bloomberg

Caution is spreading through China’s financial markets before the start of a crucial Communist Party gathering.