Top Headlines

Sterling Hits Six-Day High After BoE Meeting; Brexit Fears Limit Gains – Reuters

The pound rose to a six-day high after a Bank of England meeting revived expectations of a rate hike this year, but sterling’s gains were checked by fears of a breakdown in Brexit talks next week.

US Dollar Falls on Weak Economic Data, Supreme Court’s Tax Decision – Wall Street Journal (subscription)

Dollar falls against other currencies after report suggests pace of US growth could be cooling.

Euro Perks Up as French, German Surveys Dispel Slowdown Fears – Reuters

The euro climbed half a percent after stronger than expected French business activity in June raised hopes that concerns about a widening slowdown in the eurozone in the second quarter may be slightly overdone.

Bank Regulation Has Gone Too Far, ECB Supervisor Argues – Reuters

Bank regulation has gone too far, yet supervisors may still be missing risk factors that could herald the next crisis, the outgoing Dutch member of the European Central Bank’s Supervisory Board said on Thursday.

The Big Bang Made London. Brexit Could Undo It – Bloomberg

Thatcher kicked off a financial revolution with an act of faith in the power of globalization. Britain’s exit from the EU is shaking the nation – and her global project – to its core.

Regulatory News

Asian and Americas CCPs Seek EU Recognition – Risk (subscription)

Central counterparties (CCPs) in the Americas and southeast Asia dominate the latest public list of entities awaiting recognition to undertake clearing activities in the European Union.

US Treasury Previews Upcoming Report on Fintech Reforms – Reuters

A long-awaited report from the US Treasury Department on financial technology will make wide-ranging recommendations about how to modernize regulation at the federal and state levels to promote innovation in financial services, a senior US official said.

High Court Rules Appointments Process for SEC Judges Violated Constitution – Wall Street Journal (subscription)

Ruling says the judges needed to be appointed by the five-member commission, not by other staff.

Largest Banks Clear US Fed’s Toughest Annual Stress Tests – Reuters

The 35 largest US banks are poised to put more money toward dividends, share buybacks and business investments, after clearing the first stage of an annual regulatory stress test, showing they have enough capital to withstand an extreme recession.

Crypto News

UK Treasury Committee Hears Crypto Experts Embrace Regulation – FOW (subscription)

A lack of regulation could lead to the recreation of offshore markets, a witness to the Treasury Committee inquiry said.

Rich People Become Cryptocurrency Fans, Want Better Advice: Survey – Reuters

Only around half of millionaires are in tune with their wealth managers and the very rich are increasingly interested in crytocurrency investments, a survey found.

Nasdaq Passes on Spot Crypto – Markets Media

Global exchange operator Nasdaq plans to leave the crypto spot market to the current ecosystems of digital exchanges, according to Nasdaq leadership.

Bitcoin at ‘Important Inflection Point’ as It Attempts to Break Out of Downtrend –  Market Watch

Bitcoin is on track for its first winning week of the month and near a potential break out point.

Company News

White Joins LMAX Exchange – Profit & Loss

LMAX Exchange has named Roland White to the newly created position of global head of institutional sales.

Bloomberg Eyes Amsterdam for Trading and Reporting Platforms – Waters Technology (subscription)

The information and trading technology giant has registered a Netherlands-based entity for its trading platform.

Isin Database Users Oppose Further Fee Increase – Risk (subscription)

Derivatives Service Bureau may hike fees for top users to cover cost of proposed additional services.

Market Savvy

Peso Bounces But No ‘All Clear’ Yet for Argentina – Financial Times (subscription)

A revamped central bank, the recovery of Argentina’s status as an emerging market and the arrival of a financial rescue package from the International Monetary Fund this week staunched a run on one of the world’s worst performing currencies.

Mahathir Says Ringgit Fair Value Is Same as Asia-Crisis Peg – Bloomberg

Malaysian Prime Minister Mahathir Mohamad said the ringgit’s fair value now is the same as the peg his previous government established in 1998 during the Asian financial crisis.