David Fotheringhame says there was nothing wrong with the way he applied a tool that blocked some unprofitable currency trades to all clients, rather than just “toxic” ones.
The euro fell half a percent as investors sold the currency after its best three-day performance in nearly two years, as sources said the European Central Bank was unlikely to ditch a pledge to keep buying bonds at next week’s meeting.
Hedge funds and other speculative investors have amassed the heaviest long positions on the euro ever, according to the latest CFTC data.
Despite a US holiday, the dollar dominated trading as it headed for a fourth day of declines, weakening against every major currency.
Sterling dropped slightly against the dollar after data showed UK inflation eased off its post-Brexit-vote high, although the pound remains close to its highest levels since the vote to leave the European Union in 2016 after a recent rally.
Pound heads nearer major level, precious metals and the dollar and US earnings.
According to the Fire & Police Pension Association of Colorado, the banks hoped to reduce interest they would owe investors on CDOR-based derivatives transactions in the United States, including swaps and Canadian dollar futures contracts, and generate potentially billions of dollars of improper profit.
Deutsche Bank’s chief executive expects to move far fewer than 4,000 jobs to Frankfurt following Britain’s departure from the European Union, he told Swiss daily Neue Zuercher Zeitung.
Assets and economies have done well despite higher US interest rates.
Any attempt to regulate cryptocurrencies such as bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said.
A senior Chinese central banker says authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services, an internal memo from a government meeting seen by Reuters showed.
The head of Singapore’s central bank said he the hoped the technologies underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the digital money.
To be able to consume the reported data – as well as to perform spot-checks on its accuracy – the local regulators have been tasked with building out their own IT systems.
B2C2, a cryptocurrency market maker, has announced the appointment of Phillip Gillespie as CEO of B2C2 Japan.
After months of blood, sweat and tears in preparation for one of the industry’s most ground breaking legislative changes, MiFID II’s arrival on 3 January has failed to stunt activity at major asset management firms across Europe.
Six of the world’s largest asset managers have categorically ruled out investing in bitcoin, despite the price of the cryptocurrency jumping from $1,000 at the start of last year to a high of almost $20,000 in December.
Bitcoin tumbled 18 percent to a four-week trough close to $11,000, after reports that a ban on trading of cryptocurrencies in South Korea was still an option drove fears grew of a wider regulatory crackdown
- Bitcoin Falls Below $12,000 – Financial Times (subscription)
- Bitcoin Drops Most Since September as Digital Coins Resume Slide – Bloomberg
Markets consider a quarter-point interest rate rise in Canada virtually a done deal – with just a modest risk to recent strong gains in the Canadian dollar that has seen it strengthen from the C$1.29 level against the dollar to about C$1.24 in less than a month.