Top Headlines

GFXC Unveils Principle 17 Re-Write – Profit & Loss

The Global Foreign Exchange Committee (GFXC) has published an updated FX Global Code incorporating revised guidance on trading in the last look window, known as Principle 17.

The Impact of the FX Global Code: Good, But More to Do – Profit & Loss

The Global Foreign Exchange Committee (GFXC) has issued a paper on the results of a survey it conducted with the intention of measuring the baseline level of awareness and adoption of the FX Global Code by market participants.

Dollar Firm on Tax Cut Hopes, Euro Underpinned by Rise in Yields – Reuters

The dollar was supported by expectations of a US tax overhaul while a sharp rise in German bond yields helped to underpin the euro.

Sterling Edges Up But Traders Cautious on Next Round of Brexit Talks – Reuters

Sterling edged up against the dollar and euro in a quiet day of trading, with investors cautious about taking on large new positions on the currency ahead of the Christmas holiday and phase two of the Brexit talks next year.

Sweden’s Crown Rises After Central Bank Signals Gradual End to Ultra-Loose Policy – Reuters

Sweden’s crown rose half a percent, falling back from an initial surge after the Riksbank signalled as before that it expected to hike rates in 2018 but maintained its tightening of its ultra-loose monetary policy would be gradual.

Big Transaction Fees Are a Problem for Bitcoin – But There Could be a Solution – CNBC

People are currently paying $28 on average to make transactions using the digital currency, according to data by BitInfoCharts.

Jailed Ex-Barclays Trader to Pay £300,000 Over Libor-Rigging – Financial News

A former Barclays trader who was jailed last year for rigging the Libor rate has been ordered to pay back nearly £300,000 in profits and legal costs linked to the crime.

The Party’s Not Over Yet for Emerging Markets’ Dream Rally – Bloomberg

Asia is top pick among regions for both currencies and stocks. 

Would Stalin’s Pension Fund Manager Invest in Bitcoin? – Financial Times (subscription)

According to GMO’s Jeremy Grantham, there’s nothing like the fear of death to stop an investment manager from becoming too complacent in an era of overall investment mediocrity.

Regulatory News

Europe Seeks Crackdown on Brexit Bank Arbitrage – Wall Street Journal (subscription)

The European Central Bank should take charge of regulating big investment banks in the eurozone, according to a proposal to be presented by the European Commission, the latest move to stop individual European countries from luring Brexit-hit banks with the promise of looser rules.

Wall Street Banks’ Success in ‘Living Wills’ Marks Turning Point – Bloomberg

The biggest US banks all got passing grades from regulators in the latest round of their so-called living wills, showing Wall Street’s increased comfort with a once dreaded test that shows how lenders can be safely taken down after a collapse.

Mifid II: The FCA Is on the Hook Too – Financial News

How exactly is the UK watchdog going to regulate this vast new data set with only a 1% budget rise?

Bitcoin Warnings Grow More Strident as Singapore Urges ‘Extreme Caution’ – Reuters

Global financial regulators are beginning to warn the public against the risks of investing in a market that many feel is in a speculative bubble, with Singapore’s central bank urging “extreme caution” about buying cryptocurrencies.

Company News

Cryptocurrency Exchange Collapses, Files for Bankruptcy After Second Hack – Wall Street Journal (subscription)

A cryptocurrency exchange in South Korea collapsed after it suffered a second cyberattack in eight months and lost a large amount of its digital-currency reserves.

Bauer Joins FlexTrade – Profit & Loss

FlexTrade has announced the hire of Manuela Bauer as the firm’s new director, multi-asset sales.

BofA to Become MiFID II Venue for Bonds, ETFs, Derivatives – Bloomberg

Bank of America will make markets in bonds, currencies, derivatives, equities and exchange-traded funds through a new type of trading venue being ushered in by Europe’s MiFID II overhaul of financial regulations.

Market Savvy

Bitcoin Falls Almost 20 Percent from Recent Peak to One-Week Low – Reuters

Bitcoin fell more than 10 percent to a one-week low of $15,800 at cryptocurrency exchange Bitstamp, losing almost one-fifth of its value from a peak hit just three days ago.

Rand’s Ramaphosa Rally May Run Out of Steam – Bloomberg

The South African rand’s surge lasted only as long as it took Cyril Ramaphosa to get himself to the top of the nation’s ruling party.