Top Headlines

MiFID Swaps Deal Reached for US Platforms to Avert Rupture – Bloomberg

The European Union said banks and other traders in the bloc can use US platforms to comply with MiFID II restrictions on derivatives, as policy makers moved to prevent a rupture in the $542 trillion global market less than a month before the EU law kicks in.

Dollar Edges Lower; Bitcoin Blasts to Another Record High – Reuters

The dollar edged broadly lower in a quiet market as concerns about a possible US government shutdown offset optimism about progress on tax reform legislation.

It Looks Like Another Rough Year for the Dollar in 2018 – Bloomberg

Steady weakening of US currency seen as euro area recovers.

Sterling Heads Towards Eight-Day Lows as Brexit Uncertainty Rises – Reuters

Sterling edged towards an eight-day low as growing uncertainty over the progress on Brexit negotiations weighed on the British currency with some investors unwinding long positions after a recent rally.

Buy Sterling on a ‘Brexit Breakthrough’? Not Yet, Say Investors – Reuters

Sterling investors remain hesitant about chasing the rallying pound higher even as the British government said it was close to an agreement with the European Union on how to move Brexit talks onto trade next year.

Monster Emerging-Market Stock Rally Narrows Currencies Gap – Bloomberg

The surge in emerging-market stocks this year is putting the asset class within spitting distance of finally catching up with the rally in developing-nation currencies.

With Brexit Talks Torpedoed, Hammond Makes a Pitch for Finance – Bloomberg

As the UK races the clock to save Brexit talks, Chancellor of the Exchequer Philip Hammond tried to reassure the world of finance about his government’s aim to preserve London as a world-leading financial center.

NYSE’s Owner Resists Rushing Into Bitcoin – Wall Street Journal (subscription)

The owner of the New York Stock Exchange is taking a wait-and-see approach to bitcoin, even as two of his main competitors prepare for the launch of futures markets based on the fast-rising cryptocurrency.

There’s an $814 Million Mystery Near the Heart of the Biggest Bitcoin Exchange – Bloomberg

Among the many mysteries at the heart of the cryptocurrency market are these: Does $814 million of a digital token known as tether really exist?

Are SEFs Back on the Menu? – Profit & Loss (video)

Micah Green, a partner at Steptoe and Johnson, addresses the future of Swap Execution Facilities (SEFs) now that Christopher Giancarlo is the chairman of the US Commodity Futures Trading Commission.

Regulatory News

NFA Submits Updates of FX Disclosure Rules to CFTC – Profit & Loss

The US National Futures Association (NFA) has submitted a letter to the Commodity Futures Trading Commission updating its proposed rules for the disclosure of FX trading costs to customers.

MiFID Spells Decline of Off-Exchange Bond, Derivatives Trading – Bloomberg

A Deloitte survey of a dozen buy-side firms with a total of more than $6 trillion in assets under management showed that the law will lead to a decline in private, over-the-counter, trading in many common contracts.

Norway Adopts Regulations That Mirror Mifid II – FOW (subscription)

Norwegian firms, part of the single market through the EEA Agreement, will conform to EU rules.

Company News

CME’s Long-Serving Global Clearing Head to Retire – The Trade

Kim Taylor will retire at the end of the year after working at CME Group for more than 28 years.

LCH Shows Initial Traction in G10 NDF Clearing – Profit & Loss

LCH says it has cleared a total of $745 million of G10 FX NDF currency pairs less than one month after the products went live on its ForexClear service.

Thomson Reuters Enhances Model Risk Platform – Profit & Loss

Thomson Reuters has expanded its Connected Risk platform to include a Model Risk Management (MRM) solution, allowing institutions to demonstrate a real-time understanding of their model risk landscape, with the ability to report on the model’s governance status, sign-offs and related issues from a single platform source.

O’Byrne Joins Millennium – Profit & Loss

Profit & Loss understands that Josh O’Byrne has joined hedge fund Millennium Management in a macro strategy role.

Deutsche’s Head of eFX Sales Has Just Landed at Goldman Sachs – eFinancial Careers

The game of musical chairs between Goldman Sachs and Deutsche Bank continues – and this time Goldman has done the poaching. It’s continued its recent habit of parachuting in senior sales staff to revive its fixed income business and has just hired Robert Wade, the former global of electronic FX sales at Deutsche Bank.

JPMorgan, BofA See Trading Revenue Slumping 15% This Quarter – Bloomberg

JPMorgan CFO Lake says low volatility continues to sap revenue.

Market Savvy

Australian Dollar Falls After ‘Major Surprise’ in Q3 GDP Figures – Financial Times (subscription)

The Australian dollar weakened after figures showed the country’s economy grew at a slower pace than forecast in the third quarter and consumer spending came up short.

Triple Break Proves Rand Investors Only Have Eyes for Politics – Bloomberg

South Africa just got good news in triplicate. Yet the rand, the world’s most volatile currency, barely budged.

C$ Retreats from Six-Week High Ahead of BoC Rate Decision – Reuters

The Canadian dollar pulled back from a six-week high against its broadly firmer US counterpart, as investors weighed a rebound in the country’s exports before turning attention to a Bank of Canada interest rate decision on Wednesday.