Top Headlines 

Fotheringhame Wins Barclays Re-Employment Fight – FX Week (subscription)

A UK tribunal ruled that Barclays will have to re-engage the former head of automated flow trading, who won his unfair dismissal claim in March this year. Since then, David Fotheringhame has been battling to get his job or a similar and equivalent position back with the bank.

The Benefits of Being a Small Fund – Profit & Loss (subscription)

A small fund is not subject to the same processes, scrutiny and due diligence of a larger player – effectively they are not “institutionalised” by an investment industry which seems to become more risk averse (in operational terms) on a monthly basis. There has been a lot of event risk in markets for at least two years, but hedge fund performance hasn’t been that great overall. Obviously there are pockets of outstanding success, and I wonder if the majority of this success emanates from firms that are not pigeon-holed?

Replacing the IBORS: A Mammoth Global Effort – Tabb Forum

Tabb Group’s new head of fixed income research George Bollenbacher looks at the challenges and implications of the IBOR replacement effort as well as an approach that maximizes the chances of success.

The Turkish Emerging Market Timebomb – Financial News

Many investors may look back next year and wish that they had snapped up a few lira when they had the chance.

Bitcoin Bulls Regain Upper Hand as Extinction Concern Subsides – Bloomberg

Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.

Regulatory News 

Shanghai CCP No-Action Relief Clears Way for US FCMs – (subscription)

The US Commodity Futures Trading Commission’s decision to provide three-year no-action relief to Shanghai Clearing House from registering with the regulator could encourage more US banks to sign up as a clearing member, say market participants.

Mifid II Changes Brokerage Firms’ Value and Relationships: Expert – Global Investor (subscription)

The market may become less clear to read if hundreds of SIs appear tomorrow, Horizon Software CEO Sylvain Thieullent says.

Banks Say No Thanks to Volcker Rule Changes – The Wall Street Journal (subscription)

Last week, lawyers representing JP Morgan, Bank of America, Citigroup, Wells Fargo and six other banks met with the Federal Reserve to complain about the recent proposal to revise the regulation designed to curb risky trading by banks. 

Crypto News

Why Is Bitcoin So Desperate For An ETF? – Forbes

Right now, virtually every conversation around the next price swing in Bitcoin devolves into a debate about whether or when a Bitcoin ETF will get launched.

Blow to Bitcoin as Coinbase CEO Makes Stark Warning – Forbes

Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly enough to prevent the bitcoin price from falling – and now the chief executive of Coinbase, one of the world’s largest cryptocurrency exchanges, has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming.

London Crypto Exchange Archax Bolsters Fraud Defences – Financial News (subscription)

Archax, one of a new breed of exchanges for trading cryptocurrencies, has moved to shore up its money laundering defences as it tries to tempt City firms to begin investing in digital money.

There’s Now an Exchange-Traded Bitcoin Note That American Investors Can Buy – Bloomberg

If you want to buy Bitcoin without actually buying Bitcoin, you now have another way to own the controversial digital currency. 

Company News 

Cappitech Integrates with CME in Australia – Profit & Loss

Regulatory reporting technology provider Cappitech has expanded its integrated reporting solution to CME Group’s Australian Trade Repository. 

Nex Infinity DLT Could Go Live This Quarter: Choussy – FX Week (subscription)

Nex’s Infinity distributed ledger technology will hopefully go live this quarter, while other elements are already accessible on the platform, says Andres Choussy, the head of trade and portfolio management at the company.

Investment Association Adds First FinTech Member to Boost Buy-Side Engagement – The Trade

The UK’s Investment Association has added its first fintech member in a move designed to encourage engagement between technology firms and its buy-side membership.

Morgan Stanley FCM Gains Ground in Q2 – (subscription)

Morgan Stanley grew the amount of margin required for US swaps clearing customers by $699 million, or 4.3%, over the second quarter – the most of the top five futures commission merchants, regulatory data shows.

Market Savvy 

Euro Rebounds from 13-1/2 Month Lows; Dollar Eases on US-China Trade Talks – Reuters

The euro recovered on Thursday from its weakest since late June 2017 and the dollar fell after news that a Chinese delegation will travel to the United States for trade talks, with investors buying back into currencies hit hard in the recent sell-off.

Sterling Stuck Near 14-Month Low Despite Strong Retail Data – Reuters

Sterling languished near 14-month lows on Thursday, and strong British retail sales did little to support the currency hamstrung by fears about Britain leaving the European Union.

Dollar Off 13-Month Peak, Emerging Currencies Up on Sino-US Trade Talk News – Reuters

The dollar was nudged away from a 13-month peak on Thursday as risk aversion eased and emerging market currencies bounced back on news that a Chinese delegation will travel to the United States late in August to hold trade talks.

‘Ramaphoria’ Evaporates as Reality Sets In for South Africa – Bloomberg

If there were any doubts that the euphoria following Cyril Ramaphosa’s election as president of South Africa has worn off, this week’s slump in the rand has removed them.

Australian Dollar Suffers Collateral Damage in Trade War – Bloomberg

Investors have brushed aside Australia’s world-beating economic growth to make its currency the whipping boy of the trade war.