Top Headlines

Sterling Inches Up Ahead of Start of Brexit Talks – Reuters

Sterling edged up against the dollar, with traders cautious as Britain formally began negotiations to leave the European Union and domestic political uncertainty dented appetite for the currency.

Dollar Struggles to Hold Fed-Driven Advance – Financial Times (subscription)

The dollar weakened and US Treasury prices moved higher at the end of a week in which the focus shifted away from politics and back to outlook for global central bank policy.

Yen Suffers as Eyes Shift to Fed Speakers – Reuters

The differing messages of the world’s major central banks on inflation and monetary policy prodded the dollar and euro higher against the yen, with traders eyeing a series of appearances by US Federal Reserve officials this week.

The City Should Not Overpay for a Euro-Clearing Deal – Financial Times (subscription)

A deal on joint oversight ought to be possible and remains in both sides’ interests.

Has the Global Code Made Life Harder for the Buy Side? – Profit & Loss (subscription)

On the day that the second and final phase of the FX Global Code of Conduct was released, panellists at Forex Network New York debated whether it puts an unnecessary burden on buy side firms.

The FX Platform War Zone – Profit & Loss (subscription)

There are bad things happening all around, from all parties – but as far as the authorities, whoever they may be, are concerned, it’s all about winning.

Hold On: The Bitcoin, Ethereum Rollercoaster Goes Full Throttle – Profit & Loss

It seemed, not for the first time, like the cryptocurrency bubble had burst, when the price of Bitcoin tumbled 22% and Ether – Ethereum’s native cryptocurrency – similarly dropped 23%.

Venezuelans Are Seeking a Haven in Crypto Coins as Crisis Rages – Bloomberg

Crypto coins’ gyrations require nerves of steel, but to an increasing number of Venezuelans, they’re the safest currency they can own.

Regulatory New 

FCA Chairman Griffith-Jones to Leave Next Year – Sky News

Former KPMG boss John Griffith-Jones will not seek a second term at the helm of the FCA.

Trump Nominates Dodd-Frank Opponent to Police Wall Street – Financial Times (subscription)

Donald Trump has taken a big step towards loosening the shackles on Wall Street by nominating a Capitol Hill aide involved in efforts to rip up the Dodd-Frank act as one of the US’s most powerful bank regulators.

Trump Said Likely to Name Hester Peirce as SEC Commissioner – Bloomberg

Hester Peirce, a former US Securities and Exchange Commission counsel and Senate aide, is the Trump administration’s likely choice to fill the open Republican seat at the Wall Street regulator, according to people familiar with the matter.

Four Principles for Replacing Dodd-Frank – Wall Street Journal (subscription)

First, address incentives: banks want to avoid costs and regulators tend toward the politically expedient.

Trump Team’s Banking Proposals: Not Too Hot, Not Too Cold, Maybe Just Right – Wall Street Journal (subscription)

The administration proposes practical steps that could generate a modest economic boost without compromising safety, Greg Ip says.

The Wish List from Business for How to Change Finance Rules – Bloomberg

There were more than 130 proposals posted on the Senate Banking Committee’s website last week. 

Company News 

ICE’s Hutcheson Talks Benchmarks and Assuming the Helm of ICE Clear Europe – John Lothian News

Finbarr Hutcheson, currently the president of ICE Benchmark Administration (IBA), will be taking over ICE Clear Europe later in the year when Paul Swann retires. 

Goldman to Double Frankfurt Staff on Brexit, Europe Head Says – Bloomberg

Goldman Sachs Group is shifting personnel away from London as formal negotiations on the UK’s exit from the European Union are scheduled to begin Monday, according to the bank’s regional head, Richard Gnodde. 

GTX Launches Zurich Office – Profit & Loss

GTX has opened a new office in Zurich, to be headed by Antonio (Toni) Fañanas, director, institutional sales, at the firm.

Liquidity Management Head Named at TraderTools – Profit & Loss

TraderTools has promoted Moti Sapir to the new position of director of liquidity management.

London Currency Trader Is Taking on World’s Biggest Stock Market – Bloomberg

XTX says its ‘smart, not fast’ algorithms give an edge in US. 

Market Savvy

Back to ‘Boring’? Rouble Calm Despite Oil and Sanctions Worries – Financial Times (subscription)

The Russian rouble outperformed its emerging-market peers after oil prices picked up and the country’s central bank cut interest rates less than some analysts had expected, as investors remain relatively sanguine about the currency’s prospects despite weaker oil prices and new sanctions from the US.

Turkish Lira Back in Favour as Economy Improves – Financial Times (subscription)

After dropping to an all-time low amid economic worries, terrorist threats and political worries at the start of the year, recent stability and signs of an economic improvement have seen it reverse all of its losses for the year.