Top Headlines

Giancarlo: Crypto-Currency Futures Do Not Need New Rules – Risk (subscription)

New regulation is not needed to oversee the bitcoin derivatives market, according to Christopher Giancarlo, chairman of the Commodity Futures Trading Commission.

Does the Last Look Feedback Show a Shift in Industry Sentiment? – Profit & Loss

The Global Foreign Exchange Committee (GFXC) has published all responses to its request for feedback on the language set out in Principal 17 of the FX Global Code of Conduct, which looks at the practice of last look.

US Dollar in Broad Advance After Monday’s Decline – Financial Times (subscription)

The US dollar bounced back after a fall in the previous session, posting gains against many of its developed market peers.

Sterling Steadies on Cautious Optimism; Brexit Talks Eyed – Reuters

Sterling held broadly steady against the dollar, extending its gains from Monday after a dramatic fall last week as a new round of Brexit talks on the horizon gave a cautious boost to investor optimism.

Euro Trapped in Narrowing Ranges as Data Eyed – Reuters

The euro slipped on but stayed within recent trading ranges as recent economic data surpassed market expectations, making investors wary of pushing the single currency lower.

Greece’s Membership of the Euro Is Still Tenuous – Financial Times (subscription)

More than half of all Greeks agreed it was a mistake to have joined the euro.

Bears Say 70 US Cents Looms for the Aussie Dollar – Bloomberg

Short the Australian dollar as the extra yield on the nation’s bonds over U.S. Treasuries is about to vanish.

Traders Aren’t Yet Calling an End to Nigeria’s Naira Problem – Bloomberg

Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree.

An EU Plan to Invade US Markets – Wall Street Journal (subscription)

If the European Union mishandles Britain’s exit, the consequences for US businesses and consumers could be serious.

Regulatory News

Fed’s Dudley Warns Against Overly Aggressive Regulation Rollback – Wall Street Journal (subscription)

Federal Reserve Bank of New York President says some regulations may have gone too far.

Federal Reserve Gains a Plumber-in-Chief with Jay Powell – Financial Times (subscription)

Central bank chair nominee’s knowledge on structure of markets will probably be tested.

Newly Issued LEIs Triple in Run Up to Mifid II – FOW (subscription)

The number of lapsed LEIs also decreased in October.

US Treasury’s First Director of Office of Financial Research to Leave Post – Wall Street Journal (subscription)

The head of the US Office of Financial Research plans to leave by year’s end, adding to uncertainty for a young agency that faces proposed budget cuts and an inspector general’s probe into management and personnel issues.

Regulation Can’t Solve Cybersecurity Problems, Fed Official Says – Bloomberg

More rules may not be the best answer to protecting the financial system against cyber attacks, a Federal Reserve official said.

Singapore’s Central Bank Chief Has a Warning for Fintech Investors – Bloomberg

While technological innovations such as blockchain and the area of big data analytics can result in powerful applications, people should be wary of some peer-to-peer lending platforms and the rapidly rising values of cryptocurrencies, Menon said in an interview.

Company News

Hedge Funds Push the Price of Bitcoin to New Highs – The New York Times

The chief executive of JPMorgan Chase, Jamie Dimon, has called Bitcoin a fraud and made it clear that he will not allow his bank to begin trading the virtual currency any time soon.

Cboe Global Markets Reports Healthy Volumes for October, FX Metrics Flat – Finance Magnates

Cboe’s institutional spot FX platform saw its average daily trading volumes amounting to $32.03 billion in October 2017.

Bank of America Latest to Join HKEx’s Swaps Clearing Arm – FOW (subscription)

The US bank is the 19th bank to join OTC Clear, launched four years ago.

Market Savvy

Asian Currencies Rise as Dollar Slips on Yields, Tax Bill Uncertainty – Reuters

Emerging Asian currencies rebounded as a dollar rally lost some steam on lower US Treasury yields and investors were sceptical that the US Congress will quickly pass a major tax bill.

Australia Holds Rates at 1.5% for 15th Month Running – Financial Times (subscription)

The announcement prompted the Australian dollar to immediately gain as much 0.2 per cent against its US counterpart.

C$ Posts 12-Day High as Oil Rallies, Poloz Awaited on Tuesday – Reuters

The Canadian dollar strengthened to a 12-day high against its US counterpart as oil climbed, while investors awaited a speech from Bank of Canada Governor Stephen Poloz.