Top Headlines

FMSB Annual Report Highlights Progress Made in FICC Reform – Profit & Loss

The UK’s FICC Markets Standard Board (FMSB) has issued its 2017 Annual Report setting out the progress it has made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities markets.

Dollar Gains as Fed Sticks with Tightening Plan – Financial Times (subscription)

US currency finds some support as central bank signals intention to further raise rates.

US Dollar Index Set for Biggest One-Day Gain in Eight Months After Fed – Financial Times (subscription)

The Fed has injected some juice into the dollar.

Managers of $3 Trillion Buy Dollars After Six-Month Slide – Bloomberg

Slump ‘overdone’ as Fed hike seen, State Street Global says.

Sterling Steadies as Traders Eye May’s Brexit Speech – Reuters

Sterling was steady, having pulled away the previous day from its highest level since last year’s Brexit vote result, after the US Federal Reserve signalled it would hike interest rates again this year, lifting the dollar across the board.

UK Watchdog to Use Mifid II Data to Spot Market Manipulation – Financial Times (subscription)

New European rules coming into force in January will enable the UK financial watchdog to better spot market abuse and manipulation, as it wrestles with an already burgeoning number of investigations, its head enforcer said.

EU-US Mifid II Accord Will Go Down to the Wire, Official Warns – Financial Times (subscription)

European authorities reveal they have hit a stumbling block due to rules’ reach.

Regulatory News

Kulkin Named Director of CFTC Division – Profit & Loss

The US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has appointed Matthew Kulkin to serve as director of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO).

SEC Discloses Edgar Corporate Filing System Was Hacked in 2016 – Wall Street Journal (subscription)

Breach may have allowed trading that profited from nonpublic information, regulator says.

SEC Delays Final Decision on DTCC Liquidity Facility – Risk (subscription)

Regulator says it needs more time to consider market impact of CCLF proposal.

Yellen Says Volcker-Rule Implementation ‘Could Be Less Complex’ – Wall Street Journal (subscription)

Comments like that will be welcomed by banks who want to see regulators motivated to change the rule, though it isn’t clear exactly what changes Ms. Yellen would accept as long as she is in charge.

Treasury to Release Regulatory Review of Capital Markets in October: Official – Reuters

A top Treasury Department official said on Monday the agency’s review of regulations on capital markets and derivatives will be released in October.

Company News

NEX Markets’ EBS Institutional Platform Helps Asset Management Clients Prepare for Increased Transparency and MiFID II – Nex Group

NEX Markets, a NEX Group business which provides electronic trading technology services in the fixed income and foreign exchange (FX) markets, announces that its EBS Institutional FX platform is uniquely positioned to help the asset management community address liquidity and execution requirements in advance of the MiFID II implementation.

CME Group Launching CME FX Link, Bridging OTC FX & Futures Markets – Finance Magnates

CME Group has unveiled the launch of a new spot foreign exchange (FX) service called CME FX Link on its electronic trading platform, CME Globex.

Senior Trader Leaves Credit Suisse Job After Just 12 Months – eFinancial Careers

Recruiters say Warwick Palmer is no longer the Swiss bank’s global head of G10 EM/FX spot, forwards and derivatives trading.

Managed Futures See Marginal Gains in August – Profit & Loss

Managed futures traders gained 0.54% in August, according to the Barclay CTA Index compiled by BarclayHedge.

Bitcoin ‘Fugitives’ Gather in Hong Kong to Skirt China’s Curbs – Wall Street Journal (subscription)

Traders say the industry will likely continue to thrive despite the ban in China.

Market Savvy

Asian Currencies Languish as Dollar Revels in Fed Hike Expectations – Reuters

Asian currencies fell with the Indian rupee skidding to its lowest in more than two months as the dollar jumped after a hawkish-sounding US Federal Reserve signalled it expects one more interest rake hike this year.

Fed Takes the Steam Out of Emerging Markets – Reuters

Emerging stocks and currencies fell after the US Federal Reserve confirmed it would reverse its stimulus programme from next month and stick to rate hike plans.

Swedish Krona Gains on the Euro After Riksbank Flags Inflation Progress – Financial Times (subscription)

Sweden’s currency rose modestly against the common currency after the Riksbank said in its most recent monetary policy minutes that it “welcomed” progress on inflation.