Sterling climbed and British bond futures dipped, after data showed UK inflation unexpectedly hit its highest level in nearly six years in November, putting pressure on the Bank of England to raise interest rates again next year.
The dollar was flat after strong recent gains as the US Federal Reserve geared up for a two-day policy meeting at which it is widely expected to raise interest rates for the fifth time since late 2015.
CBOE Global Markets (CBOE) has issued a release hailing the first day of trading on its new and highly anticipated bitcoin futures contract as a successful launch.
Newly launched bitcoin futures suggested that traders expect the cryptocurrency’s blistering price gains to slow in the coming months, even as it blasted above $17,000 to a fresh record high in the spot market.
- Who’s Afraid of Bitcoin? The Futures Traders Going Short – Wall Street Journal (subscription)
- Why Arbitrage Traders Are Salivating Over Bitcoin Futures – Bloomberg
- Exchange Chief Accuses Derivatives Lobby of ‘Cheap Shot’ Over Bitcoin Futures – Financial News
- Bitcoin Surge Prompts Legal Bid to Remove Mt Gox from Bankruptcy – Financial Times (subscription)
Regulations for other securities are spurring the spot FX market to accelerate trading transparency.
Volume stats reveal a large vanilla market and much smaller trade in barriers.
Discussing the launch of NEX’s (Nex) new data analytics suite, Tim Cartledge, global head of FX and head of product at NEX Markets, says that it aims to make internalization more beneficial to both liquidity providers and consumers.
As FXSpotstream (FSS) approaches its sixth anniversary its CEO, Alan Schwarz, argues that a shift towards disclosed trading is one of the biggest industry trends that has emerged during this time.
The scale of bad behaviour at City firms in recent years has been made worse by a shortfall in the number of women and ethnic minorities in financial services, according to the UK’s top financial watchdog.
Some worry that advancements have outpaced regulation.
Two top US financial regulators weighed into the frenzy surrounding trading in cryptocurrencies, warning investors about the risks connected with volatile digital assets on the day bitcoin made its whirlwind debut in the mainstream financial system.
China’s foreign exchange regulator will push forward two-way opening of the country’s financial market and fend off risks from cross-border capital flows, the head of the State Administration of Foreign Exchange said.
The Federal Reserve has finalised its proposals for replacing US dollar Libor, confirming on December 8 that three new market benchmarks will launch in 2018.
Analysis suggests big capital savings on average, but uncertainty persists over uneven implementation.
The Seoul-based operator of the world’s busiest virtual currency exchange Bithumb said it will fully comply with potential regulations from the South Korean government and adequately capitalize itself to protect its clients.
Chris Vogel, who left BlackRock in August after six years with the firm, has joined TD Securities as an executive managing director and global head of FX. He is based in New York.
The Reserve Bank of Australia and ANZ have announced that they have signed a statement of commitment to the FX Global Code of Conduct.
Following the improvement in performance in October, the Societe Generale Prime Services CTA Index continued its positive run as it was up +0.30% in November, increasing gains for the year to 1.77%.
Suv Bose has joined Goldman Sachs in New York as part of its G10 FX trading team.
Baton Systems, a two-year old fintech firm, is working with two of the largest banks in foreign exchange trading for the Q1 launch of a new payment system.
Barclays, Credit Suisse, KBC, SIX, Thomson Reuters and UBS are looking at ways to automate MiFIDII regulatory requirements using a modified version of Ethereum smart contracts.
The Singapore Exchange is to increase fees as much as 10-fold for derivative trading members next year, following a recent large technology upgrade.
The Swedish krona has rushed higher after the country’s latest inflation reading beat forecasts, yet again highlighting the Riksbank’s rates conundrum.
The Turkish lira continued its rally against the US dollar after the country’s statistics office said the economy had grown by a corking 11.1 per cent in the third quarter, easily beating polls of analysts by Reuters (which predicted 10 per cent growth) and Bloomberg (8.5 per cent).
Companies that have foreign currency debt have been left exposed after the pound lost half its value following its flotation.