Top Headlines

Platform Volumes Plummet Amid Low Volatility – Profit & Loss

The average daily volumes on Cboe FX, FXSpotStream and Euronext FX in April were down 18.2%, 15.3% and 23.8%, respectively, compared to March. This sizable drop in volumes does not come as a surprise given the low market volatility last month and anecdotal evidence that suggested trading activity was subdued.

Central Banks Use Blockchain for First Time to Swap Currency – Bloomberg (subscription)

The Bank of Canada and Monetary Authority of Singapore have sent each other digital currencies using blockchain technology, marking the first such successful trial between two central banks.

Brexit Drains £30bn from UK Funds – Financial Times (subscription)

Investment funds based in the UK haemorrhaged £30bn in the 12 months to the end of March, as Brexit uncertainty prompted investors to spurn UK assets and shift money to EU-regulated products.

Court Rules for Deutsche in Negative Interest Case – (subscription)

Deutsche Bank does not have to pay the Netherlands negative interest on collateral posted to cover mark-to-market losses on derivatives transactions dating back to 2001, the UK Court of Appeal has ruled.

Regulatory News

Finra proposes rule to hit rogue firms in the pocketbook – Investment News

Brokerages that have a track record of violations or that hire a high number of registered representatives with disciplinary actions in their past would draw tougher oversight under a  plan issued by Wall Street’s self-regulatory arm, the Financial Industry Regulatory Authority.

FSB Designates UK Agency as Sole UPI Service Provider – Regulation Asia

The Financial Stability Board has announced the designation of the Derivatives Service Bureau,, a UK registered numbering agency and subsidiary of ANNA (the Association of National Numbering Agencies), as the service provider for the future Unique Product Identifier (UPI) system.

BMR Needs Tweaks, Not Overhaul: EC Official – (subscription)

An upcoming review of the EU’s Benchmark Regulation is unlikely to introduce big changes to its third-country regime, an official at the European Commission has said. The BMR requires foreign benchmarks to be registered with the EU before they can be used in new products sold within the bloc. 

Crypto News

UK Blockchain Group Setl Set to Emerge from Administration – Financial Times (subscription)

Setl, the UK blockchain technology group backed by a host of financial services heavyweights, is set to re-emerge after its management bought the group’s main assets from administrators. The group will focus on developing modern electronic ledgers for financial markets, and settles, records and verifies payments in central bank money rather than cryptocurrencies.

The Problem with Cryptocurrencies… – Profit & Loss

One of the ongoing problems regarding the adoption of cryptocurrencies by mainstream financial firms was on full display at a fintech event hosted by the Depository Trust & Clearing Corporation in New York this week.

22% of Institutional Investors Have Some Digital Asset Exposure: Fidelity – CoinDesk

A survey conducted by Fidelity Investments has found that 22 percent of investors have some exposure to digital assets, while 40 percent say they are open to taking the plunge in the next five years. Of those that have exposure, most investments were made in the last three years.

Start-Ups’ U-Turn on Crypto Funding as Scrutiny Rises – Financial Times (subscription)

Not long ago, lawyers across Asia were devising clever schemes to keep new cryptocurrencies as far from regulators as possible. This year they are trying to come up with ways that make sure crypto offerings fall squarely within securities laws across the region.

Bitfinex Shareholder Provides More Details About Potential $1 Billion Token Sale – CoinDesk

Bitfinex may move to raise as much as $1 billion through a token sale as soon as next week.

‘Other Stable Coins Are Not Serious Contenders at this Stage:’ High Speed Traders Don’t See an Alternative to Tether – The Block

The Tether shake-up is bad, but investors really don’t have many other stablecoin options. This is the consensus reached by two cryptocurrency trading firm executives, B2C2 Founder Max Boonen and DV Chain CFO Paul Bialobrzewski.

Company News

Refinitiv Migrates Matching to New Data Centre – Profit & Loss

Refinitiv has migrated its spot and forward matching to a new primary data centre, Equinix Slough LD4, with Equinix New Jersey NY4 as the secondary centre.

FIA Names Bruce Savage as Head of Europe – FIA

FIA President and CEO Walt Lukken has named Bruce Savage as the new head of Europe. Savage, who will join FIA this summer, has spent 21 years with Deutsche Bank in a variety of roles, most recently as the bank’s global head of regulatory affairs & market structure, listed derivatives & markets clearing. He replaces Simon Puleston-Jones who resigned earlier this year.

Akram Joins Barclays FX and EM Trading and Distribution – eFinancialCareers

Shahid Akram is on the move again. Just over a year after he joined Goldman Sachs from Deutsche Bank. Akram is joining Barclays as a managing director and chief of staff for FX and emerging markets trading and distribution. 

NYSE President Sees Tech as Key to Big Board’s Next Evolution – WatersTechnology (subscription)

A look at the massive tech projects (and legal battles) underway at the NYSE, which are being led by Stacey Cunningham.

Nasdaq Chief Doubles Down on Data as NYSE Fight Intensifies – Financial Times (subscription)

As chief executive of the New York-based group since 2016, Adena Friedman has focused on beefing up the backroom operations, such as the technology and data businesses. Over the past two years she has spent $1bn on acquisitions designed to insulate the group from squeezed commissions from trading and patchy revenues from hosting new listings.

BNP Paribas Fixed Income Trading Jumps – Bloomberg (subscription)

Debt trading revenue unexpectedly rose 29% from the previous year, helped by growth in rates and foreign exchange transactions.

Ideal Prediction Adds NLP Capabilities – Profit & Loss

Trading analysis and data science company Ideal Prediction has announced the addition of Natural Language Processing to its automated analytics services.

Market Savvy

Sterling Slips as Investors Book Profits from Recent Run – Reuters

The British pound edged back from two-week highs on Friday as investors booked profits and doubted the Bank of England would raise interest rates while Brexit remained unresolved.

Euro Fades as Dollar Rises on Talk of Upbeat US Payrolls – Reuters

A brief rally in the euro petered out on Friday with political uncertainty and the threat of economic decline in Europe pulling the currency down against the dollar.

Emerging Market Currencies Slip, Turkey Rating Eyed – Reuters

Emerging market currencies slipped on Friday as investors assessed implications of the UScentral bank’s neutral message, while stocks were headed for their second weekly drop in a row amid thin holiday trade in Asia.