The Global Foreign Exchange Committee (GFXC) has added a negative example for Principle 11 of the FX Global Code – which deals with pre-hedging – to the document’s Annex. The update has been released alongside the minutes from the GFXC’s recent meeting in South Africa, as well as a paper that reviews developments since the May 2017 launch of the FX Global Code and outlines the GFXC’s near-term priorities.
- The FX Global Code at One Year: A Look Back and a Look Ahead – Global Foreign Exchange Committee
- Minutes from the Global Foreign Exchange Committee Meeting – 27 June 2018 – Global Foreign Exchange Committee
TP Icap, the world’s largest interdealer broker, said on Tuesday it chose Paris to be its European Union headquarters after Britain leaves the bloc, and reported a steep drop in first-half pre-tax profit due to lower volatility in financial markets.
- TP Icap Sets Out “Realistic” Plan Under New Leaders – Global Investor (subscription)
- New TP Icap Boss Pledges to Protect Pay in Cost Battle – Financial News
- TP Icap Names Paris as Post-Brexit EU Headquarters – Financial Times (subscription)
Currency trading on Thomson Reuters platforms rose in July compared to last year as increased volatility across financial markets led to greater trading. On a monthly basis, turnover declined due to seasonality effects.
Deutsche Boerse and Euronext noted increases in derivatives volumes in July while ICE and CME Group saw slight declines.
The cost of derivatives trading is expected to go up for corporates as banks increase CVA charges, an expert says.
The White House is considering a former enforcement lawyer for a Democratic slot on the Securities and Exchange Commission, according to people familiar with the matter. The White House is vetting Allison H. Lee for the role, these people said.
The repo market continues to be hamstrung by regulation and the ECB’s interest rate policy, according to Commerzbank.
Goldman Sachs could offer a boost for the burgeoning universe of funds betting on cryptocurrencies. The firm is considering a plan to offer custody for crypto funds, according to people with knowledge of the matter.
Barclays appears to have had at least two former traders looking at the viability of a cryptocurrency trading desk within the firm’s investment bank.
Financial News looks at how some of the world’s biggest finance houses are approaching the rise of digital money.
Bitcoin slipped below $7,000 to its lowest level in three weeks, as seemingly positive sentiment surrounding the largest virtual currency soured over the weekend.
Last week, Intercontinental Exchange announced plans to form a new company, Bakkt, with the purpose to create an open and regulated global ecosystem for digital assets. This isn’t the first time Wall Street has cozied up to digital assets.
An effort is underway to strip some of the cryptocurrency’s still-anonymous early adopters of their remaining power.
The word “unregulated” has a sort of strange usage in finance. Hedge funds, for instance, are often referred to as “unregulated,” which their compliance teams must find frustrating.
Thomson Reuters’ Eikon financial desktop platform now offers book and trade data on 50 cryptocurrencies through an integration with CryptoCompare.
To hear Blythe Masters tell it, the time has come for Digital Asset to spread its wings and fly. The distributed ledger technology company she founded in 2014 is entering a new phase, heralded by, among other things, a partnership with Google Cloud to simplify and proliferate the technology.
More than 20 investment banks and asset managers are considering using a real time data analytics platform for the $2.1 trillion interest rate swap market.
FX and Contracts for Difference trading provider AxiCorp is acquiring UK-headquartered One Financial Markets.
New York-based asset manager, qplum, has launched a multi-strategy AI managed futures program for qualified institutional clients.
The pound rose on Tuesday after a heavy sell off by investors concerned Britain could soon crash out of the European Union without securing a trade deal.
The Turkish currency tumbled 4.7% to a record low in the previous trading day.
Most Asian currencies weakened against the dollar on Tuesday as revived US sanctions on Iran and escalating trade tensions between Beijing and Washington tempered appetite for emerging market foreign exchange.
Even after the People’s Bank of China introduced the fixing mechanism in August 2015 to increase the influence of the market, there were periods when the fixing did not fully reflect market signals. Early this year though, the PBOC removed this factor, and committed to setting the yuan fixing in line with market prices. The Bloomberg Economic model shows they have followed through on that commitment.
The leu dropped to a two-week low against the euro on Tuesday, bucking a rise by other Central European currencies, after the Romanian central bank downplayed chances of another rate increase.