The Global Foreign Exchange Committee (GFXC) says it has concluded that Principle 17 “should indicate that market participants should not undertake trading activity that utilises the information from the client’s trade request during the last look window”.
The UK’s Financial Conduct Authority (FCA) will undertake a review of industry codes related to proper conduct and publicly recognise participants whom the regulator believes set good standards of behaviour in unregulated markets, including foreign exchange.
The US dollar declined, with investors awaiting a key consumer inflation reading and continuing to bid-up the euro amid the brightening eurozone economic climate.
Sterling slipped to a four-week low against the euro, with inflation-lagging wages data not doing anything to challenge the view that the Bank of England will keep interest rates on hold after their first increase in a decade.
The Bank of England’s decision to raise interest rates was a correct move and policymakers may raise them a couple of times next year, a top JP Morgan Asset Management executive said.
The euro popped above the 1.18 line for the first time in three weeks as investors resumed buying European equities while the dollar found itself on the back foot for a second day as US bond yields decline.
London will remain Europe’s financial center for the foreseeable future and keep its position alongside New York as one of the world’s dominant trading capitals though Brexit will reduce its growth, billionaire Michael Bloomberg said.
Bank of America will initially move about 200 sales and trading staff to Paris and Frankfurt as part of its Brexit plan, Chief Operating Officer Tom Montag said.
- David Davis Promises City of London Special Post-Brexit Travel Regime – Financial Times (subscription)
In September, CLS announced the launch of its new data service, CLSData.
This bond bear says stocks and bonds will crash together.
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The lone Democratic member of the Commodity Futures Trading Commission signaled in his first speech in the role that he is open to revising some postcrisis rules, while also vowing to protect the core regime put in place during the Obama administration.
Martin Gruenberg, whose term as FDIC chairman ends this month, cautions that loosening regulations could bring another crisis.
The White House is considering economist Mohamed El-Erian as one of several candidates to serve as the Federal Reserve’s vice chairman, according to a person familiar with the matter.
In a rare public admission of frustration, Janet Yellen chided fellow Federal Reserve policy makers who breach the carefully nurtured collegiality of the bank by staking out policy positions before bothering to hear out the views of their colleagues.
Penalties levied by the Securities and Exchange Commission dropped to a four-year low during the latest fiscal year, showing how a more friendly tone from regulators and the transition of political power can yield relief for Wall Street.
Octavio Marenzi, chief executive of consultancy Opimas, has warned that trading may shift away from the European Union after new regulations come into force in the region at the start of next year.
Thomson Reuters has enhanced its reference-data capabilities, available on its integrated data and analytics delivery platform, DataScope.
David Hobert has joined BTIG’s FC team in New York, to focus on developing new business.
Paul Matherne is the latest staffer to make the switch from Deutsche Bank to BNY Mellon.
DRW, a Chicago-based firm, is looking to set up a bitcoin trading desk in Singapore to dominate the cryptocurrency market in Asia.
Forex markets heated up in Asia as economic data releases in the region bolstered the yen and undercut the Australian dollar.
Sweden and Norway’s currencies were testing levels usually seen only during financial crises, despite their healthy economies, as weak data and tumbling commodity prices exacerbated the effects of the euro’s renewed rally.