Top Headlines
Former Fastmatch CEO Files Lawsuit Against Euronext – Profit & Loss
Dmitri Galinov, founder and former CEO of FastMatch, has announced that he has filed a lawsuit in the US District Court for the Southern District of New York against FastMatch and Euronext US for the unlawful termination of his employment.
How Fast-Paced News Has Changed the Dynamics of the Modern FX Market – Profit & Loss (subscription)
Quite a few of my friends from outside the industry, knowing my background, will ask me for my thoughts on respective currencies, normally because they are travelling abroad. The thing is though, it’s harder and harder to do and that is almost entirely down to not only the changing market dynamic, but the modern world.
Wall Street Starts to Dip its Toes in Crypto – Financial Times (subscription)
Behind the worried noises about bitcoin, banks are thinking about custody services and trade facilitation.
Off Venue Trading Will Continue for Many Years: OTCX – Global Investor (subscription)
Trading emerging market currency swaps is attractive but best execution can be hard to prove, says OTCX’s sales head.
In the FICC of It – Profit & Loss (podcast)
Colin Lambert and Galen Stops discuss all things crypto, the shift in FX trading from anonymous to disclosed channels and its impact on last look, and the latest on pre-hedging from the Global FX Committee.
Turkish Drama Pummels Emerging Markets Around the World – The Wall Street Journal (subscription)
Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition.
- Turkish Central Bank Tries to Contain Currency Crisis – The Japan Times
- Euro, Lira Down, Safe Haven Currencies Up on Turkish Crisis – Reuters
- Turkish Lira Drops Further as Investors Await Action Plan – Financial Times (subscription)
Regulatory News
The Big Picture: Talking Derivatives Trade Reporting with DTCC’s Oliver Williams – Regulation Asia
From 1 October 2018, firms will be required to report equities and commodities transactions to the Monetary Authority of Singapore, in addition to credit, interest rate and FX asset classes which already fall under the regime.
How the Market Has Adapted to Mifid II – Financial Times (subscription)
Before the January 3 implementation date of Mifid II, concerns were voiced from all corners of the capital markets that the new rules would be unduly expensive, hurt liquidity, and perhaps lead to market disruption. As it turned out, those concerns did not materialise. Instead, the marketplace adapted.
Boutique Researchers Hit by EU Markets Rules – Financial Times (subscription)
“Aggressive lowball pricing” from investment banks is beginning to squeeze boutique research providers’ business models following the introduction of new EU markets rules, an industry survey has found.
Banks’ Post-Brexit ‘Fragmentation’ Plans Hold Risks and Costs – Reuters
Banks that move some of their business and staff out of London to cities scattered across Europe after Brexit could be taking on extra risks and costs without being sure of boosting revenues.
UK Financial Watchdog Opens Record Number of Cases – Financial Times (subscription)
The UK’s financial watchdog is opening more cases than ever before, with a particular focus on financial crime.
Crypto News
Opinion: Crypto ETFs Are Coming – MarketsMedia
Ever since the Commodity Futures Trading Commission permitted futures exchanges to self-certify bitcoin futures, it has put the Securities and Exchange Commission is between a rock and a hard place regarding crypto-based exchange-traded funds.
A fast-growing digital currency that claims to be backed by US dollars has become a cornerstone of the volatile cryptocurrency market. The problem: there isn’t hard evidence the cash supporting it exists.
The Man Who Solved Bitcoin’s Most Notorious Heist – The Wall Street Journal (subscription)
Rampant thefts are taking the shine off cryptocurrencies. After the Mt. Gox debacle, Kim Nilsson decided to fight back.
BeQuant Launches Cryptocurrency Exchange – Sell-Side Technology (subscription)
BeQuant, a cryptocurrency exchange for institutions and active traders, features real-time clearing and order-matching algorithms.
LXDX Expands its Cryptocurrency Exchange with Backing from Dymon Asia Ventures – VentureBeat
The financial landscape continues to evolve as more blockchain startups enter the industry. Once again, alternative investments are a target for those wanting to disrupt the space with cryptocurrencies and distributed ledgers.
Company News
Senior Staff Leave Bloomberg After Internal Probe – Financial News (subscription)
Three of Bloomberg’s electronic trading team have left the financial data provider after an internal probe into their handling of third-party information, which was prompted by a whistleblower.
P&L Talk Series: Barracuda FX – Profit & Loss
Kieran Fitzpatrick, CEO of Barracuda FX, discusses the Global FX Code, order management technology and growth opportunities for the company.
Market Savvy
Euro Pinned at Year Lows on Turkish Troubles – Financial Times (subscription)
The euro is hovering around one-year lows against the dollar while the crisis in Turkish markets continues to stir concerns over contagion.
Sterling Stuck Near 2018 Low on Dollar Strength, Brexit Woes – Reuters
The pound languished near 13-month lows on Monday, as investors bet on continued dollar strength and uncertainty over whether Britain would secure a trade deal with the European Union before it exits the bloc.
Turkey’s Currency Carnage Puts Yuan at 7 Per Dollar Back in Play – Bloomberg
The tumult in Turkey has emerging market currencies on edge — and may have put the yuan back on the path to 7 per dollar.
South African Currency Troubles: Rand Records Steepest Drop in 10 Years – The South African
South Africa’s rand has had a torrid weekend, with the currency dropping over 4% lower to the US dollar as of Monday morning.