Top Headlines

Renminbi Heads for Worst Day in Over 13 Months – Financial Times (subscription)

The renminbi weakened markedly, pulling back from a two-year intraday high in the previous session and on track for its worst day in more than a year as the dollar strengthened.

Dollar Holds Above Lows as Euro Struggles – Reuters

The dollar hovered above its recent lows against major rivals, benefiting from the euro’s weakness and higher US yields but capped by concerns about recent equity market volatility.

Sterling Near Three-Week Lows Before BOE Decision and Inflation Report – Reuters

Sterling edged down towards three-week lows on the view that the Bank of England may soften the tone of its previously confident outlook on the economy after some tepid survey results this week and a selloff in global markets.

FX Traders Are Going to Be Hooked on Algos – Bloomberg

While only one in 10 FX traders currently uses algos to execute trades, the adoption rate is higher at the largest institutions, with one in four deploying the systems, according to a Greenwich study.

ECB Says a Dozen Banks Are Pushing Post-Brexit Expansion in EU – Bloomberg

Banks have started making concrete steps to expand their operations to the euro area ahead of Brexit. 

Theresa May Plans Instant Split from Some EU Rules After Brexit – Bloomberg

Prime Minister Theresa May is drawing up plans for an instant break from key European Union regulations – including some on financial services – after Brexit in a drive to exploit the upside of the divorce, according to senior UK officials.

LCH, CME or OTC? Forex Traders Weigh Their Options – Risk (subscription)

Bilateral trading costs bite but dealers lukewarm on both firms’ plans for forex options clearing.

Euro Clearing Competition Debated – Markets Media

London has the combination of factors needed for a cutting edge in clearing euro-denominated derivatives according to a new report while Germany’s Eurex Clearing claimed an increase in market share last month.

Crypto Traders Assess Reg Intent – Markets Media

The rapid ascent of bitcoin into mainstream consciousness has left financial regulators worldwide scrambling to respond — or decide to leave it be.

Time to Better Delineate Practitioners – Profit & Loss (subscription)

We should be re-thinking how we bucket providers in this business – and I strongly believe that the greater transparency that will come with better explanations of risk management policies will drive such a change.

Regulatory News

Trump Receives Oval Office Briefing on Derivatives Rules – Wall Street Journal (subscription)

President Donald Trump met with the top US derivatives regulator in the Oval Office, amid tensions between American and European policy makers on their efforts to coordinate on postcrisis regulation.

ECB Board Member Calls for Global Clampdown on Cryptocurrencies – Financial Times (subscription)

Yves Mersch backs Bank for International Settlements’ condemnation of bitcoin bubble.

With Yellen Out of the Picture, Get Ready for Trump vs. Powell – Bloomberg

The new Fed chief will butt heads with the president if rate increases cool economic growth.

China Fines Payments Companies for Forex Breaches – Financial Times (subscription)

Alibaba, Tencent transactions draw scrutiny amid crackdown on capital flight.

Company News

Thomson Reuters FX Volumes Follow Industry Trend – Profit & Loss

Volume data released by Thomson Reuters shows the firm handled $107.9 billion per day in spot FX average daily volume (ADV), up 22.6% from December and 18.6% higher than January 2017.

Eurex Files to Clear OTC FX from March 26 – FOW (subscription)

The Frankfurt-based exchange’s clearing house is also looking to clear cross currency swaps.

NEX and Delta Capita Team Up for SFTR Solution – Waters Technology (subscription)

Delta helped banks and buy-side clients with revised Markets in Financial Instruments Directive (Mifid II) implementation projects.

FlexTrade Hires Thomas – Profit & Loss

FlexTrade Systems has appointed Paul Thomas as vice president, FX business development for both the buy side and sell side markets in the Americas.

Cryptocurrency Exchange Binance Suspends Trading – Financial Times (subscription)

Company cites system upgrade for trade halt.

Market Savvy

Bullish Bets on Most Asian Currencies Drop as Yields Spike Lifts Dollar – Reuters

Investors trimmed their long positions in most emerging Asian currencies in the last two weeks, a Reuters poll showed, as rising Treasury yields helped the dollar rebound from a three-year low touched in late January.

Most Cryptocurrencies Will Crash to Zero, Goldman Sachs Says – CNBC

Most cryptocurrencies are likely to fail with their value falling to zero, Goldman Sachs said in a note, comparing the current market to the “internet bubble of the late 1990s.”