Top Headlines
‘Not a Silver Bullet’ – City Reacts as MPs Vote to Delay Brexit – Financial News
The latest vote means that, pending approval from the other 27 EU member states, the UK will not leave the trading bloc on March 29 if no withdrawal terms have been agreed with Brussels.
Nine Banks Win Dismissal of Canadian Rate-Rigging Lawsuit in US – Reuters
A federal judge in Manhattan on Thursday dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading.
Are Banks Over-Reliant on Their Customers? (opinion) – Profit & Loss
We should be looking at the negative impact of the “broker” approach and seek to restore a fair balance, wherein bank traders can take and hold risk with only the fear of making a loss, not with the fear that a tenuous charge will be brought against them because they happened to make money out of a client trade or with a position that went against client flow.
Japan’s Imperial Transition Puts Yen Flash Crash Firmly on the Radar – Financial Times
On April 30, for the first time in more than two centuries, the Japanese Emperor will abdicate the Chrysanthemum Throne. On the following day, his oldest son will accede to the longest unbroken monarchy on Earth. Around that time, say currency traders, there could well be a “flash crash” in the yen.
City Improves Gender Balance – But Investment Banks Lag Behind – Financial News (subscription)
Financial companies are making progress in hitting targets to promote women into senior management, but more needs to be done in investment banking, according to a new report on the Women in Finance Charter.
Regulatory News
CFTC Nominee Opposes EU Oversight of US Clearing Houses – Risk.net (subscription)
In an EU-US turf war, Heath Tarbert says US CCPs should be ‘exclusively supervised’ by US regulators.
Giancarlo Admits He May Not Finish Sef Rules – Risk.net (subscription)
The chairman of the Commodity Futures Trading Commission (CFTC) has conceded that his attempt to reform rules governing swap execution in the US may not be finished during his tenure.
- CFTC Chair Says Agency is ‘Finally’ Getting Resources to Bolster Tech – WatersTechnology (subscription)
- How Chris Giancarlo Helped The Futures Industry Get Its Groove Back – JLN
Differing European Approaches May Hamper Ibor Transition – Risk.net (subscription)
Regulators in the UK and eurozone have opposing visions for the end state of benchmark reform, creating a challenge for buy-side firms as they are urged to make concrete plans on how they will transition to new risk-free rates.
China and US to Push Back Trump-Xi Meeting to at Least April – Bloomberg
A meeting between President Donald Trump and President Xi Jinping to sign an agreement to end their trade war won’t occur this month and is more likely to happen in April at the earliest, three people familiar with the matter said.
Crypto News
DTCC Provides Guidance on Post-Trade Processing for Crypto Assets – Regulation Asia
DTCC (Depository Trust & Clearing Corporation) has released a white paper with guiding principles for post-trade processing of tokenised securities, aimed at promoting safety and confidence in tokens.
Japan Court Sentences Mt Gox Chief Executive Mark Karpelès – Financial Times
Mark Karpelès, chief executive of the defunct bitcoin exchange Mt Gox, has been found guilty of falsifying electronic records by a Japanese court and sentenced to two years and six months in prison.
Cboe Exchange Puts Brakes on Bitcoin Futures Listing – CoinDesk
Cboe Futures Exchange is putting its bitcoin futures market on hold. The unit of Cboe Global Markets said Thursday that it would not add a new bitcoin futures market for March, citing a need to review how it approaches the space.
Canada Moves to Regulate Crypto Trading Amid Quadriga Scandal – Bloomberg
Canada is moving to overhaul its securities regulations to cover crypto trading platforms such as Quadriga Fintech Solutions Corp., a digital exchange that lost access to C$260 million of investor assets after the death of its founder.
Company News
FIA PTG Dismayed at ICE’s Speed Bumps Proposal – Global Investor (subscription)
FIA PTG says ICE’s proposal is a broad, precedent-setting change that would have significant adverse impacts.
SGX Plans Repo, FX Pairs and Options Compression – Global Investor (subscription)
Michael Syn, the head of derivatives at SGX, spoke on the sidelines of the FIA conference in Boca Raton.
The credit derivatives processing facility will go live on the distributed ledger platform by the end of the year.
Dimon Says European Banks Need Cross-Border Mergers to Compete – Bloomberg
European banks need to look beyond their home countries for mergers in order to tap the region’s full economic power and become more competitive, JP Morgan chief executive officer Jamie Dimon said.
Market Savvy
Sterling Headed for Best Week Since January after Brexit Votes – Reuters
The British pound was unchanged on Friday at the end of its best week since January, as investors waited for next week’s parliamentary vote on Prime Minister Theresa May’s deal to exit the European Union.
Dollar Set for Biggest Weekly Drop in Three Months – Reuters
The dollar slipped against its rivals on Friday and was set for its biggest weekly drop in more than three months before a US central bank meeting next week where policymakers will shed more light on the outlook for interest rates.
As US Veers Toward ‘MMT-Lite,’ Deutsche Bank Says Watch FX – Bloomberg
As the debate about modern monetary theory rages on amid swelling US deficits, Deutsche Bank’s Alan Ruskin says to keep an eye on currencies.