Top Headlines
Ex-JPMorgan FX Salesman Back in Court Over Unfair Dismissal – Bloomberg
A former JPMorgan currency salesman is fighting his dismissal for a second time after the US bank overturned a verdict in his favor last year, as the fallout from the global foreign-exchange manipulation scandal drags on.
Euro Edges Down as Dollar Extends Recovery, with Focus on Fed Minutes – Reuters
The euro edged lower as the dollar built on its recovery from three-year lows, with higher Treasury yields supporting the greenback ahead of minutes of the Federal Reserve’s most recent policy meeting.
Sterling Slips on Higher UK Jobless Rate; BoE Testimony Eyed – Reuters
Sterling slipped to a one-week low after data showed Britain’s unemployment rate rose unexpectedly for the first time in almost two years in the three months to December.
US Fiscal Stimulus Bodes Ill for Dollar, Says Currency Market – Financial Times (subscription)
Currency strategists are increasingly concerned that the fiscal stimulus ushered in by Donald Trump and a Republican-controlled Congress means a much weaker US dollar.
Derivatives Clearing Providers Called Out for Legacy Systems – The Trade
Outdated and legacy systems still in place at firms providing derivatives clearing must be replaced as the industry faces increased pressures, according to a recently published whitepaper.
BoE to Focus on Cyber Resilience at Exchanges and Clearing Houses – Financial News
Central bank’s report on its priorities for the industry comes a month after trade body the WFE published cyber security best practice guidelines.
Free FICC Research Sparks Inducement Debate – FOW (subscription)
The FCA has said it is monitoring how the Mifid II research rules are bedding in.
US FDIC Sues 16 Banks Alleging Libor Manipulation in Doral Collapse – Reuters
A US regulator filed a lawsuit against 16 US and international banks alleging they had manipulated Libor, leading to the collapse of Puerto Rico’s Doral Bank.
- Oliver Wyman: Switch from Libor Could Cost Some Banks $200m – Financial News
- LSE Goes Head to Head with ICE Over Libor Replacement – Reuters
New FX Prime Players a Plus for the Market – FOW (subscription)
More service providers in the FX prime brokerage space should benefit the industry’s hedge funds, commodity trading advisers (CTAs) and asset manager clients, according to a market veteran.
Artificial Intelligence Overtakes Blockchain as Top Capital Markets Tech – Tabb Forum
The capital markets industry is squarely focused on artificial intelligence, both from a technology investment perspective and as a disruptor to the business.
Regulatory News
Ex-CFTC Counsel Is Likely Pick for Democratic Slot, Sources Say – Bloomberg
President Donald Trump is likely to name a former Commodity Futures Trading Commission official who played a key role in creating post-crisis rules to fill a Democratic slot at the US derivatives regulator, according to people familiar with the matter.
Wall Street Welcomes Trump’s Shift on Regulation – Financial Times (subscription)
Obama-era Dodd-Frank statute still in place but bankers back approach.
Softened EU Swap Stay Still Threatens Margin Hike – Risk (subscription)
Moratorium cut to two days, but pre-resolution stay could make EU a non-netting jurisdiction.
FCA Looks to Technology for Smarter Regulatory Reporting – The Trade
The Financial Conduct Authority (FCA) is seeking input from the industry on how technology can potentially help firms meet reporting requirements and improve the overall quality of the data submitted.
Company News
FastMatch Generates €7.2m Revenue for Euronext – Profit & Loss
FastMatch has generated €7.2 million in revenues for Euronext since the exchange operator acquired 90% of the OTC FX platform in August 2017, according to its full-year 2017 results.
Marsh Joins Alpha FX Group – Profit & Loss
Sam Marsh has joined Alpha FX Group, a corporate foreign exchange specialist, as head of institutional FX.
ING Says Cryptocurrency Exchange Bitfinex Has an Account with It – Reuters
Dutch financial services company ING confirmed that Bitfinex, one of the largest exchanges for trading in cryptocurrencies such as Bitcoin, has a bank account with it in the Netherlands.
Market Savvy
Bitcoin Nearly Doubles in Value from Year’s Low Hit in Early February – Reuters
Bitcoin hit a three-week high and has surged nearly 100 percent from its lowest level this year, as its recovery continued after South Korea’s financial regulator eased its stance on cryptocurrencies, weeks after it considered shutting down digital currency exchanges.
‘Trapped’: Australian Dollar Feels the Heat – Financial Times (subscription)
Two key supports for the Australian dollar have buckled in February, leaving the currency looking shaky.