Top Headlines 

State Street Acquires BestX – Profit & Loss

State Street has acquired BestX, a software company that provides independent trade technology and TCA analytics.

RBC Whistleblower Protections Under FCA Scrutiny – Financial Times (subscription)

Whistleblower protections at Royal Bank of Canada are under scrutiny by the UK’s Financial Conduct Authority, after a former trader at the bank won his case for unfair dismissal and at least five more potentially similar cases came to light. The interest in RBC comes after John Banerjee, once the head of emerging markets currency trading at the bank in London, won a tribunal case for unfair dismissal in May.

What Fund Managers Are Worried About in Emerging Asia Markets – Bloomberg

From a rising dollar to an escalating trade war, emerging Asian bonds and currencies have had nothing but trouble this year. Investors in the region are bracing for more – at least in the near-term.

Banks Look to Spin Money from Their Own Data – (subscription)

Big banks are tiptoeing forward with datasets for sale despite a host of internal obstacles.

Deutsche Bank, Barclays Fortunes Differ in Turkish Turmoil Bets – Bloomberg

Deutsche Bank traders generated a $35 million profit in two weeks sparked by economic turmoil in Turkey. That same volatility cost Barclays some trading losses.

Turkey’s Crisis Was Years in the Making – Financial News (subscription)

A build-up of foreign debt, and more expensive gold and oil, lie behind the country’s current troubles.

Regulatory News 

FSB Looks into Strategies to Spur LEI Adoption – Global Investor (subscription)

The Financial Stability Board explained that in some cases jurisdictions could be overestimating the cost of LEIs. 

Why the FRTB Remains Critical –

As the world approaches the tenth anniversary of Lehman Brothers’ collapse and the ensuing global financial crisis, memories are fading along with the lessons learnt – and the Basel Committee on Banking Supervision’s Fundamental Review of the Trading Book is facing headwinds from many in the industry. 

Beyond the Pay Gap – Bloomberg

Women experience more severe repercussions for misconduct in the financial-advisory industry than their male counterparts, research by academics published on the Bank of England’s staff blog shows.

Crypto Lobbyists Moving to Shape Policy in Washington – Tabb Forum

A regulatory stalemate creates an opportunity for cryptocurrency startups and advocates to influence lawmakers toward passing crypto-friendly legislation. This is exactly what blockchain lobbyists are trying to achieve in Washington. 

Crypto News

Research Shows Decentralised Crypto Ecosystem is ‘Highly Connected’ – The Trade Crypto

New research has identified a high level of connectivity among the cryptocurrency industry’s biggest names and a small number of investors.

With Bitcoin Sinking, Crypto Miners Just Dig Deeper – Bloomberg

With Bitcoin declining this year, you might expect mining activity to follow. That hasn’t happened.

Blockchain Benefits Still Murky for Most Commodities Trading – Reuters

Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology’s application for most trading has likely been over-hyped, a report by Boston Consulting Group said.

Genesis Mining to End Unprofitable Crypto Contracts – CoinDesk

Cloud mining service Genesis Mining is forcing some clients to upgrade to a five-year subscription or else lose services.

Is Crypto a More Stable Alternative as Turkish Lira Collapses? – The Trade Crypto

Collapse of the Turkish lira may provide the nation with the opportunity to embrace Bitcoin and other cryptocurrencies as other countries have done previously.

Company News 

Thomson Reuters Adds Real Vision Content to Eikon – Institutional Asset Manager

Thomson Reuters is now offering clients access to in-depth content from Real Vision, a video-on-demand service for financial and business media.

ETP Leader Reckons on Risk Reduction to Crack FX Market – Euromoney
Flow Traders is confident that the approach that has made it the leading player in the European exchange-traded products market can be replicated in FX as it looks to cash in on increased interest in non-bank market makers.

ADSS Hires Two in London – Profit & Loss

Chris Andrews and Steven Whittet have joined ADSS as co-heads of institutional sales for the firm’s UK business.

Market Savvy

China Seen Strengthening Yuan as Trade Talks With US Loom – Bloomberg

China appears to be propping up the yuan just as it prepares to restart trade negotiations with the US.

Dollar Dips as US-China Trade Talks Removes Some Fear from Markets – Reuters

The dollar stepped back from 13-1/2-month highs against other major currencies on Friday as talks next week between China and the United States offered some hope that the world’s two largest economies will find a way to head off a full-blown trade war.

Pound Holds Above $1.27, Buoyed by Dollar Weakness – Reuters

The British pound rose on Friday as the dollar fell across the board and some traders saw an opportunity to buy sterling after data this week pointed to an UK economy holding up relatively well. 

Italian Banks a Bigger Risk Than Turkey – Euromoney
Analysts warn Italy will be a bigger shock to Europe than anything Turkey has to offer, as potential crises go.

Malaysian Central Bank Liberalises FX Policy – Financial Times (subscription)

The central bank will also allow international companies to trade in ringgit-denominated interest rate derivatives via Malaysian banks’ overseas subsidiaries.

Kremlin Plays Down Ruble Drop, Says Russian Economy and Finances Stable – Reuters

Kremlin spokesman Dmitry Peskov on Friday played down a sharp fall in the ruble, saying there was “certain volatility” in the market but that Russia’s economic and financial systems were entirely stable.