Top Headlines

New York State Regulator Fines Credit Suisse $135 Million Over Forex Practices – Reuters

Credit Suisse Group agreed to pay $135 million to New York to resolve a probe of misconduct in its foreign exchange business, which the state’s banking regulator said deceived customers to enhance its own profits.

Sterling Hits Three-Week Low vs Euro After UK Inflation Miss – Reuters

Sterling slipped to its lowest in almost three weeks against the euro, after UK inflation data came in slightly lower than expected, weakening the case for further interest rate rises.

Pound Under Pressure: Four Factors Testing the Currency – Financial Times (subscription)

Traders focus on Theresa May’s fragile position and stalled Brexit negotiations.

Capital Flows Push Euro to Two-Week Highs – Reuters

The euro rose to a more than two-week high as investors resumed buying risky assets in Europe on growing expectations that economic growth will remain strong against a backdrop of record low interest rates.

Thinking the Unthinkable on Nafta Is Trader Doomsday Prep – Bloomberg

Lurking around the Nafta negotiations that resume Wednesday is a small yet unnerving possibility: the $1 trillion trade pact unravels completely, taking the Mexican peso and Canadian dollar down with it.

New Lord Mayor Calls on City to ‘Re-Earn’ Public Trust – Financial News

The incoming Lord Mayor of London has used his inaugural speech to call on City institutions to regain public trust in order to and make a success of the UK’s exit from the European Union.

A Currency Union with Many Different Forms of Money – Financial Times (subscription)

The eurozone’s position will remain precarious without closer financial integration.

A Slow Burn – Profit & Loss (subscription)

TCA in FX has long been viewed as the ultimate box-ticking exercise, but that is now changing as asset owners and oversight functions focus more keenly on the value they leave on the table when hedging their currency exposures.

Central Banks Should Embrace Digital Currencies, Axel Weber Says – Financial Times (subscription)

Central banks should be more open to creating digital versions of their currencies, which could offer significant benefits to society, the chairman of Swiss bank UBS says.

P&L Talk Series with Tim McCourt – Profit & Loss (subscription)

Profit & Loss talks to Tim McCourt, managing director and global head of equity products at CME, about why the Chicago exchange is planning to launch bitcoin futures before the end of the year.

EU Announces Blockchain Study – Automated Trader

EU commission to launch study on opportunity and feasibility of a EU blockchain infrastructure.

Yield-Hungry Investors Follow Their Appetites to Egypt – Wall Street Journal (subscription)

One of the most popular emerging-market trades is in a Middle Eastern currency that was shunned by investors just a year ago.

Regulatory News

CFTC Examining SEF Reform Amid Europe Clearing Row – Waters Technology (subscription)

Chairman criticizes European Commission proposals for clearinghouse oversight.

FCA Warns Research Pay Rules Extend to Sales and Trading – Financial Times (subscription)

The UK financial watchdog has alarmed some City brokers by saying new rules on payment for investment research could extend to wider sales and trading roles.

US Plan to Roll Back Dodd-Frank Wins Bipartisan Backers – Financial Times (subscription)

The number of banks deemed systemically important and subjected to extra regulation in the US would drop by two-thirds under plans to roll back Obama-era reforms that have attracted bipartisan support.

The ‘Second-Most’ Important Job at the Fed Will Soon be Vacant. Here’s Who May Get It – CNBC

Replacing New York Fed President Bill Dudley may be one of the most controversial Fed appointments in recent memory.

Why China Waited for Donald Trump to Leave to Open the Door to Its Financial Sector – South China Morning Post

US business has long lobbied for Beijing to raise caps on foreign stakes in financial firms but Washington didn’t know the change was coming.

Company News

CTAs Post Positive Performance in October – Profit & Loss

The flash estimate for the Barclay CTA Index, compiled by BarclayHedge, shows a 1.75% gain in October. Year to date, the index is up 0.15%.

Korean Crypto Exchange Suffers Outage During Bitcoin Cash Surge – Bloomberg

Bithumb, one of the world’s most heavily trafficked bitcoin exchanges, is getting heat from customers who were unable to make transactions after its server went down over the weekend.

This Top HSBC FX Salesman Has Just Signed Up to a Fintech Start-Up – e-Financial Careers

Chris De Sibert, who was a managing director and head of foreign exchange and commodities sales to banks in Europe, the Middle East and Africa at HSBC, has just joined R5FX.

Market Savvy

Forex Trading Cools in Asia After Volatile Monday Session – Financial Times (subscription)

Currency markets were stable in early Asia trading following a bumpy session for the pound a day earlier.

Loonie Signals FX-Market Reversal as Link with Crude Is Revived – Bloomberg

Canadian dollar bulls, on their back foot for much of the past two months, may be about to catch a break from the surge in oil.

Cryptocurrency Trading Volumes Reached a Record High Over the Weekend That Beats Some US Stock Exchanges – Business Insider

Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500.