Macron Tells EU Leaders to Make a Deal with Britain – The Times (subscription)

President Macron is preparing to throw Theresa May a lifeline by pushing other EU leaders to agree a close relationship with Britain after Brexit as part of his vision for a united Europe.

Trump and Trudeau Upbeat About Prospects for NAFTA Deal by Friday – Reuters

The leaders of the United States and Canada are optimistic they can reach a new NAFTA deal by a Friday deadline as negotiators prepare to talk through the night.

FX: Going Back to its Roots? – Profit & Loss (subscription)

Recent data suggests speculators are on the decline, and hedgers on the rise in FX markets – and this could be good news for the banks, if they can stay one particular course.

IMF Studying Argentina Request for Early Help as Peso Crashes – Reuters

The International Monetary Fund said it was studying a request from Argentina to speed up disbursement of a $50 billion loan program after a collapse in investor confidence in President Mauricio Macri’s government sent the peso tumbling more than 7 percent on Wednesday.

Tumble in Turkish Lira Rattles Emerging Markets – Financial Times (subscription)

Turkey’s currency came under renewed pressure on Wednesday as concern over its economy and banking sector rippled out across emerging markets.

Transactions of Offshore Renminbi Soar in Forex Markets – South China Morning Post

Turnover in the offshore yuan has reached unprecedented levels, spurred by US President Donald Trump’s broadsides against Chinese currency practices and the protracted trade dispute between the world’s two biggest economies.

Swedish Krona at Crisis Levels 11 Days Before Historic Election – Bloomberg

The Swedish currency is trading at levels not seen since the global financial crisis as the Nordic country girds for an historic election that has the potential to dramatically change its political landscape.

Regulatory News

CFTC Back to Full Strength After Senate Confirmations – Profit & Loss

The US Senate has confirmed the nominations of Dawn Stump and Dan Berkovitz as commissioners at the Commodity Futures Trading Commission, bringing the agency to a full staff of five commissioners for the first time since 2014.

Germany Backs Ireland’s Donnery as ECB Bank Watchdog Chief – Reuters

Germany is backing Irishwoman Sharon Donnery as the next chief of the European Central Bank’s banking watchdog, hoping she will be tough on tackling bad loans in countries such as Italy, a source familiar with the Berlin government’s thinking said. 

CFTC Hands Out Fines to Deutsche Bank, UBS, BNP Paribas – Profit & Loss

The US Commodity Futures Trading Commission has fined Deutsche Bank $70 million for attempted manipulation of the ISDAFIX benchmark and $30 million for manipulation, attempted manipulation, and spoofing in the precious metals futures markets. UBS has also been fined $15 million for attempted manipulation and spoofing in the same markets. Meanwhile BNP Parisbas has been fined $70 million relating to attempted manipulation of ISDAFIX also.

Next ECB President Needs Same Combination of Attributes as Draghi – Financial Times (subscription)

EU leaders should seek a central bank candidate who represents continuity.

Crypto News

The EU Is Taking Another Look at Regulating Crypto – Bloomberg

Cryptocurrency traders and issuers of virtual currencies are in for a fresh round of scrutiny from European politicians.

A New Code of Conduct for Cryptoassets – Tabb Forum

Without the timely development of crypto standards, there is a recognition by both the industry and regulators that mis-use and misrepresentation may increase in the space.

Goldman-Backed Circle Sees Tokenization Coming to all Markets – Euromoney
Undeterred by the SEC’s recent disapproval of bitcoin ETFs or cryptocurrency price falls, Circle is intent on building a framework for the tokenization of finance with its stablecoin as the next big step.

Bitcoin Survey Suggests Bright Future For Cryptocurrency – Forbes

Bitcoin could be in for a boost with US students twice as likely as the country’s average to own cryptocurrency, a survey by Coinbase and carried out by researchers Qriously has revealed.

Company News

Chinese Police Arrest $5bn Hedge Fund Fugitive – Financial Times (subscription)

Authorities in unnamed country help seize FX Group chairman wanted over defaults. 

Big Banks Win Dismissal in US of Bond Rigging Lawsuit – Reuters

A US judge has dismissed an antitrust lawsuit by investors that accused nine big banks of rigging the roughly $9 trillion government agency bond market from 2005 to 2015.

Why Banks Need to Re-Think Their Management Structures – Profit & Loss (subscription)

There are simply too many “co” heads of businesses and matrix management structures for responsibility and accountability to proportionately assigned.

Market Savvy 

Germany Cools on Macron Eurozone Budget Proposal – Financial Times (subscription)

Germany is cooling on the idea of a eurozone budget, one of French president Emmanuel Macron’s central demands, saying priority should be given to other initiatives to boost the currency bloc’s resilience.

Britain’s International Trade Strategy is Bound to Lose – Financial News (subscription)

The UK government has now launched its plan to become an ‘export superpower’ – but everything it needs to achieve that goal will be destroyed by Brexit.

‘RBA Won’t be Raising Rates Anytime Soon’ After Westpac Decision – Australian Financial Review (subscription)

Westpac’s decision to hike its variable interest rates will likely delay any increase in the official cash rate, especially as the other banks are expected to follow suit, economists said.

Trump’s Wave of Tariffs Creates Just a Ripple in Markets – Financial Times (subscription)

What is the sum of worries about tariffs? Is there a way to approximate the expected value of tariffs’ impact on the world economy, and hence calculate how much of a trade war has been priced in to markets.