Top Headlines
FXPA Welcomes Capitolis as Member – FXPA
The Foreign Exchange Professionals Association (
Justin Slaughter, former counsel to a CFTC Commissioner and current counsel to the Foreign Exchange Professionals Association (
Bank of England Urges Investors to Adopt FX Code – Financial Times (subscription)
The Bank of England has called for investors to sign up to the voluntary principles of good practice in currencies markets, stressing to asset managers that from the end of next year, adhering to the standards will help to demonstrate the standards of the Senior Managers Regime.
In Brexit Endgame, Complacency and Confusion Bedevil Markets – Bloomberg
May’s deal, no deal, no Brexit at all. If only it were so simple. With just a few months to go, Britain’s exit from the European Union still presents a baffling array of potential outcomes, including everything from the government being overthrown to a second referendum. And it’s testing the mettle of traders already worn down by two years of political anguish.
ITG Acquisition Seen Bolstering Virtu’s Place in FX Market – Euromoney
Analysts believe Virtu Financial’s acquisition of ITG is largely a positive development for customers of both firms and the wider FX market, despite lingering concerns over access to institutional customer data.
Tech-Vendor Battle Heats Up – Markets Media
Transactions include IBM buying Red Hat and the Blackstone-Thomson Reuters deal that spawned Refinitiv. Earlier in the year were State Street-Charles River, SS&C-Eze, and Ion-Fidessa.
Regulatory News
US Regulators Warn over ‘Brexit’ Risk to Global Markets, Companies – Reuters
Two top US regulators called on Britain and the European Union on Thursday to ensure a path forward for Britain’s exit from the EU that would minimize disruption for financial firms and markets, emphasizing the need for clarity and stability.
UK Plans Tough Clampdown on Retail Trading in Complex Derivatives – Financial Times (subscription)
The UK financial regulator is planning permanent tougher rules on retail trading in contracts-for-difference, escalating its action against an industry it sees as trying to skirt regulation of complex products that can cause large losses for customers.
CLO Buyers Battle over Libor Replacement for $570 Billion Market – Bloomberg
The major stakeholders in the securitized corporate loanmarket are headed for a showdown as a switch to a new benchmark rate looms over billions of dollars of outstanding deals.
Bank of Canada Appoints UBC’s Paul Beaudry as Deputy Governor – Bloomberg
The Bank of Canada appointed Paul Beaudry, an economics professor at the University of British Columbia, as deputy governor. He fills a vacancy left by the departure of Sylvain Leduc in July.
Crypto News
Bitcoin Slidesto 15-month Low – Financial Times (subscription)
Bitcoin slumped to a new year-low on Friday, as US trading overnight pushed the cryptocurrency closer to the $3,000 mark.
Crypto Market Crash Leaving Bankrupt Startups in its Wake – Bloomberg
The plunge in the cryptocurrency market is weighing on the software-development community that spawned over 1,000 digital coins amid dreams of independence from traditional financial systems and instant wealth.
Beyond Payments: Central Bank Digital Currencies – Central Banking (subscription)
In Sweden, a change is occurring. On October 26, the country’s central bank announced it would begin work towards creating a framework for the issuance of e-krona – a central bank digital currency (CBDC), which, if issued, would give members of the general public access to central bank cash in a digital format.
BitGo Appoints CEO for Custody Business – The Trade Crypto
Richard Corcoran will takeup the position of CEO leading BitGo Trust Company, which offers regulatory compliance through its custodian license and cold storage technology for more than 100 coins and tokens, as well as fiat currencies.
Company News
Refinitiv Volumes Take a Slight Dip in November – Profit & Loss
The total average daily
Cboe Targets Regional Banks with UBS Credit Arrangement – Profit & Loss
Cboe FX announces today that UBS is acting as a Central Credit Intermediary for certain counterparties wanting to access its platform, with an eye to bringing on more liquidity from regional banks. Under the new arrangement, regional banks or other financial institutions that might have limited bilateral credit can leverage UBS as a spot FX intermediary to alleviate this hurdle, settling all trades exclusively with UBS.
Dash Financial Technologies Acquires Multi-Asset Tech Vendor – The Trade
Dash Financial Technologies has confirmed it is to acquire capital markets technology and execution provider, eRoom Securities. The Chicago-based vendor provides multi-asset trading technology, agency execution, risk management, reporting and clearing services to professional traders
Nomura Promotes William Sajko – FX Week(subscription)
William Sajko has been promoted to global head of e-FX trading at Nomura. Singapore-based Sajko joined the bank in 2012, as head of e-FX trading for the Asia-Pacific region.
Market Savvy
Sterling Set for Fourth Weekly Drop on Concerns about Brexit Vote – Reuters
Sterling fell on Friday and was headed for a fourth consecutive week of losses as British Prime Minister Theresa May pressed ahead with plans for a parliamentary vote on her Brexit deal with the European Union, despite warnings it could topple her government.
Dollar Struggles on Fed Pause Talk ahead of Jobs Data – Reuters
The dollar struggled to recover in Asian trade on Friday, hobbled by fresh speculation that a widely expected rate hike later this month could be the last before Federal Reserve hits the pause button on its tightening cycle.
Barclays’ Barth Sees Dollar Tension in G-10 Currencies – Bloomberg TV
Marvin Barth, head of FX strategy at Barclays, examines G-10 currencies and weakness in the Mexican peso.