Top Headlines

Strong German Industry Data Pushes Euro to Near Three-Week High – Reuters

The euro climbed half a percent to near three-week highs following strong German data, though gains were capped before the release of Fed minutes later in the day.

Carney ‘Confidence’ in Economic Bounceback Boosts Sterling – Financial Times (subscription)

Bank of England governor Mark Carney said he is increasingly confident that the UK economy can bounce back after a slow start to 2018, sending the pound higher in a sign that the market is bracing for a rise in interest rates in August.

Want to Win the Trade War? Long the Dollar – Bloomberg

Trade wars are good, and easy to win – that’s a Donald Trump assertion which is giving succor to dollar bulls.

City of London Struggles to Unite on Post-Brexit Regulation – Financial Times (subscription)

With Theresa May’s cabinet gathering on Friday to finalise a flagship policy document about the UK’s future relationship with the EU, financiers and ministers alike appear badly divided on what kind of arrangements they want after Brexit.

Non-Cleared Market Set for Transformation – Markets Media

LCH SwapAgent and AcadiaSoft are forming a partnership to transform post-trade in the over-the-counter market which they said could save the industry billions through reducing capital use and increasing efficiency.

Regulatory News

IRD Clearing Outstrips Mandate: ISDA – Profit & Loss

New research from the International Swaps and Derivatives Association (ISDA) shows that the incentives offered by regulators to clear standardised interest rate derivatives (IRD) is having a positive impact with more notional value being cleared than is mandated by the US Commodity Futures Trading Commission (CFTC).

Here’s a Rule to Help Powell Manage the Fed’s Uncertainty Problem – Bloomberg

Federal Reserve Chairman Jerome Powell hasn’t been shy about drawing attention to the limits of the central bank’s knowledge.

Bad Blood: Regulators Lose Patience with Mifid II’s Dirty Data – Waters Technology (subscription)

Problems and bad practices continue to plague Europe’s vision of a new transparency regime.

Crypto News

Cryptocurrency Virtually Outlawed in India as Top Court Backs Ban – Bloomberg

India’s top court refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia’s third-largest economy.

Patchwork Regulation in the US Continues to Hinder Cryptocurrencies – The Trade

Different regulatory stances from around the world are causing problems for the institutional growth of cryptocurrency, perhaps none so more than in the US with its many regulators.

Ex-Jefferies Asia CEO Alexander Joins Crypto Firm – Bloomberg

Michael Alexander, who until recently was Asia chief executive officer at Jefferies, will head’s venture capital arm, with a focus on developing projects that rely on the firm’s EOSIO blockchain software, according to a statement.

Coinbase Adds 10 Customers for Its New Crypto Custody Service – Bloomberg

Coinbase, one of the world’s largest cryptocurrency exchanges, said 10 hedge funds and family offices have begun using the custody service it debuted last week that seeks to safeguard digital tokens in a manner similar to traditional securities.

Company News

Gill Joins IS Prime – Profit & Loss

Terry Gill has joined IS Prime’s agency execution team in a newly created institutional sales role. The firm recently announced the addition of NDFs and forwards to meet the demands of its institutional clients.

Eduard Poltavsky Joins FlexTrade as Sales Manager FX EMEA – Finance Magnates

Poltavsky joins the company from GTX, the institutional foreign exchange trading arm of GAIN Capital Holdings.

CMC Markets Partners with Tradefeedr, Adds Alexa Capabilities – Profit & Loss

Online broker CMC Markets has partnered with Tradefeedr, a data science platform built for financial markets, to deploy cloud based machine learning to improve trading analytics and intelligence around liquidity management.

Market Savvy

As Japan Dumps Treasuries, It’s Piling Into Riskier US Assets – Bloomberg

High FX hedging costs dim appeal of government-bond yields.

The Retreat from Easy Money That Markets Cannot Escape – Financial Times (subscription)

Thin summer trading conditions risk amplifying the pressure facing risk assets.