Top Headlines 

Opaque Markets Get a Little Clearer after EU Rule Change – Reuters

Ten months after new European Union rules designed to boost market transparency kicked in, the initiative appears to be working, having fueled a dramatic jump in electronic trading across some of the financial world’s most opaque markets.

FX ‘Cartel’ Traders Go on Trial in New York (Radio) – Bloomberg

Cornell University law professor Robert Hockett discusses the trial for the British currency traders who were part of a foreign exchange rigging “cartel.”

US Treasury Staff Finds China Isn’t Manipulating Yuan, Sources Say – Bloomberg

The US Treasury Department’s staff has advised Secretary Steven Mnuchin that China isn’t manipulating the yuan as the Trump administration prepares to issue a closely watched report on foreign currencies.

What the City is Saying About the Global Market Sell-Off – Financial News (subscription)

The biggest drop for US markets in six months sparked follow-on selloffs around the world on October 10 and 11, with Asian markets retreating overnight.

Regulatory News

SEC Revives Push to Finish Long-Awaited Swaps Rules – The Wall Street Journal (subscription)

The Securities and Exchange Commission voted 4-1 to revive proposals that would set capital and margin requirements for securities-based swaps. It did so by asking for a fresh round of public comment, a necessary step to complete the packages of swaps rules and start requiring broker-dealers to comply with them. 

Let Regulators Manage No-Deal Risks –

With fewer than six months to go until the UK officially leaves the European Union, there is a growing clamour for Europe’s powers-that-be to head off the danger a no-deal scenario poses for the London-centric derivatives markets.

Dutch Regulator Clamps Down on Props Fleeing Brexit – Global Investor (subscription)

Sources say the AFM imposed “unexpected requirements” as the Dutch regulator takes strict stance on authorisation.

Crypto News

Nearly $13 billion Wiped Off of Cryptocurrency Market as Major Coins Plunge – CNBC

The move comes after the International Monetary Fund warned that cryptocurrencies “could create new vulnerabilities in the international financial system.”

Coinbase’s Active Customers Drop 80% in Crypto Slump, Study Says – Bloomberg

Coinbase, one of the world’s largest crypto exchanges, has taken an even bigger hit than the broader market, according to data collected by fintech-focused venture firm Tribe Capital. 

Forget Bitcoin: Stablecoins Will Change How Money Works – Euromoney
Even as the most infamous cryptocurrencies crash, new ones are already emerging that are designed to peg their value to fiat currencies and recover the dream of new forms of money moving on new rails to everyone’s advantage.

Singapore Will Help Crypto Firms Set Up Local Bank Accounts – Bloomberg

Singapore’s financial regulator is willing to lend a hand to cryptocurrency firms having problems setting up local bank accounts, but doesn’t plan to loosen its rules to lure more crypto startups to the country.

Gemini Poaches a Former Goldman Sachs, Citadel Techie as its Director of Business Development – The Block

Gemini has poached a former Goldman Sachs executive director, as the firm continues to scoop up big ticket talent. The cryptocurrency exchange, led by the Winklevoss twins, recently welcomed Esther Babb to the firm as its director of business development.

Coinbase’s Adam White is Joining Bakkt as COO – The Block

Adam White, Coinbase’s fifth employee and the person who led the development of its institutional-aimed businesses, is joining Bakkt, the cryptocurrency venture at ICE, the parent company of the New York Stock Exchange. 

Company News 

GMEX, Demand Derivatives to Launch “Revolutionary” Futures Exchange – Profit & Loss

Demand Derivatives, a creator of what it terms “novel” derivative instruments, and GMEX Group will combine forces to launch a “revolutionary” US-regulated futures exchange, RealDemand Board of Trade (RealBOT), and clearing house, RealDemand Clearing (RealClear).

Gain Capital Chooses Eventus for Market Surveillance – FX Week (subscription)

The broker will use the technology provider’s Validus platform to monitor trading in its futures business.

MTS Adds Auto-Execution RFQ to BondVision – The Trade

The London Stock Exchange Group’s MTS Markets business has upgraded its electronic bond trading platform BondVision to include automated execution for request-for-quote orders.

Thomson Reuters Unit Rebrand Lauded in Rap – Financial Times (subscription)

A rap written by Robin Lee, a Refinitiv employee based in Asia, has been forwarded to the company’s thousands of employees and posted on its internal website, with a version of the song appearing online. 

Market Savvy 

Sterling Slips Before EU Summit Next Week – Reuters

Sterling edged lower on Friday as investors booked profits after a rally, though the British currency is poised for a second consecutive week of gains on growing optimism about a Brexit deal at a European Union Summit next week.

Lira at ‘Critical Juncture’ with US Pastor Court Hearing in Focus – Financial Times (subscription)

Turkey’s lira has reached a “critical juncture”, according to analysts, as investors closely watch news from a court hearing which could lead to the release of the detained US pastor Andrew Brunson. 

Foreigners Can No Longer Underwrite US Economic Expansion – Financial Times (subscription)

America’s ‘free lunch’ is over as regulators urge reduction in swaps exposure. 

The Yuan Is Asia’s Weakest Currency – Bloomberg

The yuan fell after the People’s Bank of China set the daily reference rate weaker than expected, while stocks rebounded following their biggest sell-off in eight months as Chinese trade data beat estimates.