Goldman Sachs Group has agreed to pay about $110 million to resolve allegations that its foreign exchange traders improperly shared information about client orders on an electronic chat room, putting clients at a disadvantage.
- Goldman Fined $109.5m for FX Misconduct – Profit & Loss
- Goldman to Pay $110m Over Foreign Exchange Trades – Financial Times (subscription)
The dollar consolidated gains after hitting a three and a half month high in the previous session as investors waited for the outcome of a US Federal Reserve policy meeting where policymakers may outline the future outlook on interest rates.
Sterling rose, extending gains from earlier in the day as better-than-expected construction PMI data calmed investors after a selloff that took the currency five percent lower against the dollar in two weeks.
The London Stock Exchange’s clearing arm LCH has begun clearing interest rate swaps denominated in yuan, won and rupees to bolster its Asia base as euro business faces the threat of relocation.
A clearing house basis has opened up between JSCC and LCH on yen swaptions – despite neither clearing the product.
Jes Staley says the bank has no immediate plans to set up a dedicated desk for trading cryptocurrencies.
- Peter Thiel-Backed Venture to Help Big Investors Bet on Bitcoin – Wall Street Journal (subscription)
- Coinbase Is Allowing Customers to Make Big Trades in the Shadows in Attempt to Lure Big Wall Street Traders to Its Exchange – Business Insider
The US is home to the world’s largest economy, the global reserve currency – and now, the rebirth of market volatility.
Giancarlo feels he has much to do beyond April 2019, when his current term expires.
According to a new survey from broker Peel Hunt, this strategy – which many corporates are willingly using in the hope that research on their company will fall across investors’ desks – may actually provide little benefit to the corporate.
Securities, commodities officials examine whether ether, other cryptocurrencies should be regulated.
- Growing Whispers of Federal Regulation Send Cryptocurrencies Down – Fortune
- Is the SEC Gunning for Ethereum and Ripple? Fat Chance – Fortune
The UK cryptocurrency community is calling on the Government and the Financial Conduct Authority to toughen up rules governing the trading of virtual currencies and to issue licenses to firms which demonstrate compliance.
The first three platforms to report average daily volume (ADV) for April paint a mixed picture with Euronext’s Fastmatch FX seeing an uptick in activity from March and Cboe FX and GTX seeing a slight decline. All three venues are higher on a year-on-year basis.
Profit & Loss understands from market sources that Andrew Brown, formerly global head of FX at HSBC and BBVA, is to join Santander in the same role.
Darren Barker has joined Sucden Financial’s FX team to help expand its institutional client base, selling the firm’s range of electronic and voice services.
Last Thursday the Deutsche Boerse-owned exchange reported Q1 revenue was up 10% on last year.
The Canadian dollar trimmed back its losses after Bank of Canada governor Stephen Poloz said the economy is operating at near full capacity and that higher interest rates will be required over time.
Sweden’s currency sagged to yet another nearly-nine year low against the euro, with investors focused on the ever-cautious Riksbank, tepid core inflation and a slowing housing market.
Bank of America Merrill Lynch reckons the Australian dollar will rise to 77 US cents by year end driven by higher local interest rates. Goldman Sachs Asset Management says the currency is heading south with the central bank on hold.