Top Headlines

Rays of Light for Fixed Income Leaders – Financial News (subscription)

Fixed income is not a story of universal gloom, but increased market concentration means the big Wall Street banks are outpacing smaller European rivals

Libor Is Both Alive and Dead – Bloomberg

The much-derided financial benchmark is supposed to die in 2021. But issuers seem to believe it will survive beyond that date.

Bart Chilton, Former CFTC Commissioner, 1960-2019 – Financial Times (subscription)

Easily recognised with his shoulder-length white-blond hair, loud enthusiasm, folksy commentss and cowboy boots, Chilton was a singular character as a commissioner at the US Commodity Futures Trading Commission.

Regulatory News

Berkovitz Calls for Clarity on DCO Proposal – FOW (subscription)

Changes to derivatives clearing organisation rules are welcome but need further clarification, the CFTC Commissioner says.

NFA, Effex Capital Clash Over CFTC Stance in Case About FXCM Publications – FinanceFeeds

NFA and Effex Capital offer different interpretations as to whether third parties may challenge NFA disciplinary actions under CFTC rules.

Eight Jurisdictions Yet to Adopt Resolution Frameworks: FSB – Regulation Asia

Eight major jurisdictions are yet to adopt bank resolution frameworks, including Australia, Indonesia, South Korea and India. 

Mifid II: UK Brokers Come Under Fire and SEC Suggests Market-Approach Idea – IR Magazine

Interesting developments have recently emerged in the UK and the US regarding ongoing approaches to Mifid II.

Crypto News

Bakkt Acquires Crypto Custodian, Partners with BNY Mellon on Key Storage – CoinDesk

Pending bitcoin futures exchange Bakkt has acquired the Digital Asset Custody Company (DACC) to continue developing a secure digital asset storage solution. In addition, Bakkt has been working with global bank BNY Mellon to set up “geographically-distributed” private key storage. Bakkt is seeking a qualified custodian license through the New York Department of Financial Services.

Cryptocurrency Investors Shrug Off Tether Woes – The Wall Street Journal (subscription)

A pillar of the young cryptocurrency market is wobbling following allegations from the New York Attorney General’s office that the dollar reserves backing popular digital coin tether have been compromised. Investors don’t seem too concerned though, as the allegations have not had much effect on trading.

Novogratz’s Crypto Firm Posted $272.7 Million Loss in 2018 – Bloomberg

Galaxy Digital Holding, billionaire Michael Novogratz’s crypto investment firm, lost $272.7 million during its first year of operations as prices of digital assets collapsed.

Nasdaq Adding Index for XRP Cryptocurrency to Global Data Service – CoinDesk

Nasdaq is adding another cryptocurrency index – this time for the world’s third-largest cryptocurrency, XRP. Through its partnership with New Zealand-based blockchain data and research firm Brave New Coin, Nasdaq will offer a spot or reference rate for the price of XRP, quoted in US dollars, starting 1 May.

Company News

CME Prepares to Cut Several Nex Executives – FX Week (subscription)

CME Group is set to cut seniors including chief strategy officer Tim Cartledge and global head of sales Jim Iorio. Chief financial officer Samantha Wren and group head of HR Harriet Oliver at Nex Group are also set to exit the company.

A Closer Look At: Building for Corporates – Profit & Loss

NatWest Markets’ Jacintha Love, head of Agile Markets products, and Jeremy Maw, head of UK mid corporate FX sales, talk about the nuances of building e-FX solutions for corporate clients.

BidFX Adds Standard Chartered Algos – Profit & Loss

BidFX has added Standard Chartered Bank’s full algo suite to its platform. BidFX has been working with its existing liquidity providers to provide an algo hub service to clients which encapsulates a range of strategies with no development and infrastructure costs.

Mosaic Completes $9m Investment Round – Profit & Loss

Mosaic Smart Data, which offers real-time data analytics for fixed income, currencies and commodities, has completed a $9 million investment round co-led by CommerzVentures and Octopus Ventures and including JP Morgan, an existing investor and client.

Meet the Most Exceptional Trader at Credit Suisse – eFinancialCareers

When Credit Suisse announced its Q1 results last week, the performance of its trading businesses was notably better than rivals’. In equities in particular, Credit Suisse achieved 10% y-o-y revenue growth, while every single rival experienced a double digit percentage decline. For this, the bank may have one man in particular to thank: Ross Mtangi its New York-based global head of flow derivatives trading.

LCH CDSClear Adds Banca IMI as First Italian Clearing Member – The Trade

Banca IMI has signed up as a clearing member for credit default swaps at LCH CDSClear, making it the first Italian clearing member to join the service.

Market Savvy

Sterling Edges Higher on Hopes Brexit Talks Have Progressed – Reuters

Sterling reached a one-week high on Tuesday after media reports that the tone of Brexit talks between the British government and the main opposition party had improved.

Euro Turns Positive After Reassuring Eurozone Growth Data – Financial Times

The euro picked up on Tuesday after stronger-than-expected growth data for the currency area’s first quarter and robust inflation data from Germany’s industrial heartlands.

Turkey’s Reliance on Credit Sends Warning to Other Nations – Financial Times

The Turkish lira has an unenviable record this year, down more than 11 per cent, ranking 145th of 146 world currencies tracked by Bloomberg. Only the Argentine peso, heavily sold on fears of a return to power for Cristina Fernández de Kirchner, the former leftist president, has done worse.