The Foreign Exchange Professionals Association (FXPA) is pleased to announce the hire of John Shay as President of the organisation, a newly created role. Additionally, FXPA has hired Mercury Strategies, represented by Justin Slaughter, as its new legal counsel.
The dollar was pinned near a three-year low as a US government shutdown encouraged investors to add to bearish bets against the greenback while the euro consolidated recent gains.
A rebound would send sure bets into reverse and spark turbulence across markets.
Market-moving data that influences trillions of dollars of daily trading flows in stock, bond, currency, commodities and derivatives markets may not be published while the government remains closed.
Sterling steadied around $1.39, with traders cautious about pushing the pound higher after five consecutive weeks of gains against the dollar – the currency’s longest winning streak since 2014.
In a JPMorgan survey of more than 400 institutional FX, rates and commodities traders, 61 percent said they’re “extremely” or “somewhat” likely to use a mobile trading app this year, up from 31 percent in 2017.
The US derivatives watchdog said that it has filed charges against three separate virtual currency operators alleging the defendants had defrauded customers and broken other commodity trading rules, in a further sign regulators globally are cracking down on the emerging asset class.
- CFTC to Tighten How It Reviews Bitcoin-Related Product Launches – Wall Street Journal (subscription)
- Financial Watchdogs Are Going Through the Cryptocurrency Market with a ‘Fine Tooth Comb’ – Business Insider
There’s a growing relationship between the price of bitcoin and the VIX, the volatility index colloquially known as Wall Street’s “Fear Index,” according to analysts at Deutsche Bank.
Japan and the eurozone share negative interest rates and stronger economic growth, but their currencies are heading in different directions.
The next month will be crucial in signaling whether US President Donald Trump’s threats to get tough on China over trade turn from rhetoric into reality.
There are at least five key areas where financial firms need clarity from UK and EU policymakers to avoid instability, the Association for Financial Markets in Europe said in a report.
The US Commodity Futures Trading Commission said it would keep tabs on Bitcoin futures trading and other markets during a government shutdown, even though it would be forced to halt many other normal activities.
The Federal Reserve’s supervision chief detailed a deregulatory agenda that would adjust thresholds determining capital and liquidity levels at banks, as well as other types of oversight.
- Fed’s Quarles Details Steps to Ease Rules from Volcker to Stress Tests – Reuters
- New Fed Regulatory Chief to Pare Wall Street Rulebook – Financial Times (subscription)
Market participants expect the European Securities and Markets Authority to publish further guidance on the scope of over-the-counter derivatives subject to post-trade reporting requirements under new market rules in the European Union.
Euro area governments will kick off the process of finding a successor to Vítor Constâncio as vice-president of the European Central Bank with Spain well placed to secure the role for its economy minister Luis de Guindos.
Now that most of the Trump-era US financial regulatory principals are in place, we predict this year will bring the beginnings of concrete changes to US trading and markets regulation.
The average daily volume (ADV) submitted to CLS in December was $1.56 trillion, down 6.9% from $1.67 trillion in November 2017, but up 13% from the $1.38 trillion of ADV submitted in December 2016.
Independent data provider New Change FX (NCFX) has been approved by the Financial Conduct Authority as the first benchmark administrator for live FX spot markets under EU benchmark regulations.
Chris de Sibert has been appointed as a director at NatWest Markets in London.
New customer sign-ups on the cryptocurrency exchange Bitstamp rose from 10,000 a day at the start of 2017 to over 100,000 by the end of the year.
The greenback declined against the yuan, reaching its weakest point in more than two years against China’s currency amid a broad fall for the buck.
By some measures, Mexico and Turkey come out as the most attractive emerging markets for 2018.