Top Headlines 

FX: Limitations Leave Smaller Multi-Dealer Platforms Facing Uncertain Future – Euromoney

As few as eight significant multi-dealer platforms could remain standing after further rounds of consolidation sweep the sector, predicts a new report.

City Braces for ‘Huge Upheaval’ After EU Chiefs Rubbish Chequers – Financial News (subscription)

City lobbyists are gearing up for “uncertainty and huge political upheaval” after European Union leaders raised the likelihood of both a crash-out Brexit and the ousting of UK Prime Minister Theresa May.

How Hedge Funds Keep Markets Trading in a Crunch – Financial Times (subscription)

If you want to get a new glimpse into what hedge funds do during currency shocks, ponder a striking piece of data mining that the JPMorgan Chase Institute published this summer.

Swap Books Swell at Big US Banks Despite Lower Risk Profile – Risk Quantum

The eight US global systemically important banks (G-Sibs) increased their over-the-counter derivatives notional in the second quarter to levels last seen at the beginning of 2016.

Ex-Deutsche Bank Trader Says He Set Libor Rate to Aid Positions – Bloomberg

A former Deutsche Bank trader who was responsible for submitting the company’s daily borrowing rates – combined with those of other banks to calculate the Libor benchmark – said he would often alter the figure at the request of other traders to benefit their own positions.

Invisible Frontiers: How Clearing Shapes US Treasury Market Structure – Greenwich Associates

The market structure for US Treasury securities has been dominated by its clearing arrangements, which are little known and less understood by the great majority of market participants.

Regulatory News

Hauser to Chair FXJSC at Bank of England – FX Week (subscription)

Andrew Hauser has become the new chairman of the London Foreign Exchange Joint Standing Committee, replacing Chris Salmon, who left the Bank of England earlier this year to pursue a career in the private sector. 

SEC CIO Dyson Leaves, Moves to NY Fed – Sell-Side Technology (subscription)

Pamela Dyson, chief information officer of the Securities Exchange Commission will be leaving her post to take up a role with the Federal Reserve Bank of New York. 

FIA’s Declan Ward to Retire in November – FOW (subscription)

Derivatives industry veteran Declan Ward is to retire from his role as FIA VP of clearing policy and operations. 

Libor Replacement Carries Risk for States and Cities, Group Says – Bloomberg

The end of the London interbank offered rate after 2021 could have costly consequences for states and cities and managers need to start preparing, the Government Finance Officers Association said Thursday.

Crypto News 

Bitcoin ETFs Delayed Again as SEC Seeks Comment on Fund Proposal – Bloomberg

Despite already receiving more than 1,400 comment letters on a proposal to list an ETF from Van Eck Securities Corp. and SolidX Management, the Securities and Exchange Commission is inviting more feedback, the agency said Thursday in a filing.

Battle of the Crypto Exchanges: There Will Be Blood – Tabb Forum

In the crypto world, building a large network is the key to survival for any blockchain-based company. However, the importance of the network effect isn’t only applicable to the blockchain projects themselves, but also to the exchanges on which these coins are traded.

Banks’ Crypto Derivative Participation is Ideal Strategy Says Expert – FOW (subscription)

An expert suggests trading in cryptocurrency derivatives is the ideal way for banks to enter the crypto ecosystem. 

Crypto Exchange Begins Hiring Spree in Europe and Asia – Bloomberg

Binance wants to hire for roles in Singapore, as well as 50 new employees in its headquarters in Malta. The year-old company currently employs nearly 300 people across 39 countries and is targeting additional staff across operations, compliance, and customer service.

Why Institutional Money is Still Staying Out of Crypto – CryptoNewsReview

Why hasn’t the herd yet arrived in the land of cryptocurrency? A new assessment has reached some pointed conclusions. 

Company News 

ISDA Publishes Benchmark Supplement – Profit & Loss

The International Swaps and Derivatives Association has published the ISDA Benchmarks Supplement, which it says gives firms the ability to improve the contractual robustness of derivatives that reference interest rate, FX, equity and commodities benchmarks.

Howard Lutnick, Now a Billionaire, Bets Own Fortune on Bold Growth Plan – Bloomberg

Lutnick hasn’t simply rebuilt Cantor. He’s become a billionaire in the process and is spending hundreds of millions of his own dollars to push into new businesses and set the firm on an ambitious course: to become, in his words, “the biggest little guy” in the business.

Twilight of the Terminal: The Disruption Of Bloomberg L.P. – CB Insights

The Bloomberg Terminal’s success in the 1980s birthed an empire. Today, that empire is under siege from competitors, government regulations, and the changing nature of finance itself.

Nasdaq Slow to Share Defaulter Info with Peer CCPs – (subscription)

Nasdaq Commodities has been accused of breaching a “gentleman’s agreement” by fellow clearing houses, after failing to quickly share the identity of the member who defaulted on September 11.

DTCC Passes TIW Milestone – IntelAlley

The Depository Trust & Clearing Corp. has reached a significant milestone in the development of its blockchain-based Trade Information Warehouse.

Did Tom Montag  Ding Christian Meissner? – efinancialcareers

Rarely has a star fallen more heavily from the sky. 18 months ago, Christian Meissner, head of the corporate and investment bank at Bank of America Merrill Lynch was being lavished with praise. Now, that same glowing Meissner is out – replaced by his deputy Matthew Koder, who’s being parachuted in from APAC.

Market Savvy 

Sterling Falls After EU Warns UK of a No-Deal Brexit – Reuters

The British pound fell from near two-month highs on Friday after European Union leaders warned Prime Minister Theresa May that they are ready for a no-deal Brexit if she failed to give ground on trade and the Irish border by November.

Dollar Set for Biggest Weekly Drop in 7 Months – Reuters

The dollar weakened against most of its rivals on Friday, barring the British currency, as stronger equity markets and rising bond yields fueled a rush to buy riskier assets.

Hong Kong Dollar Gone Wild: A 0.6% Move Shocks a Sleepy Market – Bloomberg

The former British colony’s sleepy foreign exchange market suddenly came to life on Friday, propelling the local dollar to its biggest gain in 15 years. In a city that keeps its currency on one of the world’s tightest leashes, swings greater than 0.4 percent have only happened three times since Hong Kong widened its trading band in 2005. 

Libor Spike Suggests Benchmark Catching Up With Rising Fed Odds – Bloomberg

Three-month dollar Libor jumped for the second straight session Thursday as the benchmark catches up with a market that’s ramping up expectations for Federal Reserve interest-rate increases.