Top Headlines

MPs Prepare to Vote on Brexit Options – Financial News (subscription)

MPs are preparing to vote for their preferred Brexit option on Wednesday evening, while Prime Minister Theresa May is due to meet anti-EU rebels in her own party to persuade them to back her deal, so she can schedule a third attempt to gain parliament’s approval.

Investor Spending on Financial Data Jumps to Post-Crisis Record – Financial Times

Banks, asset managers, hedge funds and insurance companies spent a record $30.5bn on critical market information in 2018, according to a much-watched annual report of the world’s big data providers by Burton-Taylor International Consulting. The report also underlined that smaller providers such as Moody’s Analytics, S&P Global Market Intelligence, IHS Markit and Morningstar were continuing to make inroads into a market dominated by Bloomberg, FactSet and Refinitiv.

New Solutions Help Meet Rising Demand for FX in Emerging Markets – Institutional Investor

An increasing number of currencies need to be traded more widely. Innovation is helping make it happen.

Wall Street Profits Up in 2018, But Average Bonus Falls – The Wall Street Journal (subscription)

Wall Street profits and employment finished 2018 on a high note, despite the markets’ steepest losses since the financial crisis, according to estimates by the New York State Comptroller’s office released Tuesday.

Regulatory News

CFTC Paves Way for No-Deal Brexit Swaps Transfers – (subscription)

Uncleared legacy swaps transferred out of the UK to affiliates elsewhere would be safe from costly US margin requirements in the event of a no-deal Brexit, after the Commodity Futures Trading Commission adopted an interim rule that echoes relief granted by Europe’s supervisory authorities in November.

ESMA to Renew Restrictions on CFDs for a Further Three Months from 1 May 2019 – ESMA

The European Securities and Markets Authority (ESMA) has agreed to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 May 2019 for a further three-month period.

US, China Trade Talks to Resume as Trump Vows ‘Excellent’ Deal – Bloomberg

US and Chinese officials resume high-level trade talks this week as they close in on a deal that could just be the first step in the long road to economic peace.

Crypto News

Digital Assets: Ready for Prime Time – Celent

Digital assets are gaining traction with institutional investors, and new digital asset-focused financial institutions are emerging. Here we explore the strategic drivers for digital assets in 2019 and beyond.

Plans for World’s Largest Cryptocurrency IPO Shelved – Financial Times

Bitmain Technologies’ application for a blockbuster initial public offering has lapsed, after the fall in the price of bitcoin spoiled the fortunes of the provider of equipment for cryptocurrency mining.

New York Fed Details Attitudes to Crypto – Profit & Loss

The Federal Reserve Bank of New York’s Liberty Street Economics Unit has published the results of a survey conducted in the May 2018 Survey of Consumer Expectations that sought to understand what motivates people to participate in cryptocurrency markets.

Company News

Euronext to Launch FastMatch Matching Engine in Singapore – The Trade

Euronext has outlined plans for its FX trading business FastMatch to expand into Asia with the launch of a matching engine and new commercial office in Singapore.  

Former Barclays Trader Guilty of Euribor Manipulation – Profit & Loss

A jury at a London court has found former Barclays interest rate trader Carlo Palombo, guilty of manipulating the Euribor benchmark interbank lending rate, however it found a fellow former Barclays trader not guilty and is still considering its verdict in a third related case.

Nasdaq Expands in Treasuries – MarketsMedia

Five months after unveiling a new partnership for front-end technology in U.S. Treasuries, Nasdaq is planning upgraded functionality for trading in the $41 trillion market.

Six Firms Join DTCC-Euroclear Collateral Initiative – Profit & Loss

DTCC-Euroclear Global Collateral, the joint venture of Euroclear and The Depository Trust & Clearing Corporation, has announced that the Margin Transit Utility collateral settlement infrastructure community has added six more dealers to its roster as it moves beyond its pilot production phase.

Japanese Watchdog Raps Citigroup for ‘Spoofing’ Bond Orders – Financial Times

Japan’s securities watchdog has recommended a fine for Citigroup, alleging that one of the US bank’s London-based traders tried to manipulate the country’s government bond market.

Market Savvy

Pound Below Nine-Month Highs Before Brexit Votes – Reuters

The pound hovered below a recent nine-month high on Wednesday before a series of indicative votes in the British parliament on how to break the Brexit impasse.

Crackdown on Short Selling Roils Turkish Money Markets – Financial Times

The cost to borrow Turkish liras overnight more than doubled on Wednesday after soaring to an 18-year peak the previous day in a sign of how money markets have seized up after an apparent bid to stymie foreign short sellers.

New Zealand Dollar Slides as Central Bank Signals Possible Rate Cut – Reuters

The New Zealand dollar dropped 1.6 percent on Wednesday after the central bank flagged a possible cut in interest rates, becoming the latest set of policymakers to turn dovish.

Argentine Peso Slides to New Low as Economic Concerns Return – Financial Times

Argentina’s peso fell to a new all-time low on Tuesday as President Mauricio Macri’s government struggles to instil confidence in the worst-performing currency in emerging markets this year.