Top Headlines

Swiss Regulator Fines Banks for Fixing Forex Trading – Reuters

Five banks have been fined a total of 90 million Swiss francs for colluding to rig the multi-trillion dollar foreign exchange market, Switzerland’s competition authority said on Thursday.

Mark Johnson Appeal: The Weakness in the Government’s Case (Opinion) – Profit & Loss

I have had a chance now to listen to the oral arguments given in the Mark Johnson appeal and while my underlying belief that this is a wrong conviction remains unshaken it is also clear to me that few involved in this case from the legal fraternity actually understand foreign exchange markets and how they are different to listed markets.

Senate Confirms Heath Tarbert as CFTC Chairman – The Wall Street Journal (subscription)

The Senate on Wednesday confirmed Heath Tarbert as chairman of the Commodity Futures Trading Commission, making him the second Trump-appointed official to lead the top derivatives regulator.

Regulatory News

Financial Conduct Authority Forms Brexit Alliance with Dutch Regulator – The Trade

Regulatory authorities in the UK and the Netherlands have agreed to formalise a partnership, as several key institutions prepare to operate in both countries in the aftermath of Brexit.

Bank of England Calls ‘Last Orders’ on Libor Benchmark – Financial Times (subscription)

The Bank of England has told banks it will intensify scrutiny of their plans to switch away from the discredited Libor benchmark, sticking to the plan that the rate will be retired at the end of 2021.

Emergency Docs: Funds Rush to Meet EU’s Revised Emir Rules – (subscription)

Two weeks. That’s how long some funds outside the European Union may have to revise their collateral agreements for non-cleared swaps with EU dealers, following revisions to key legislation passed in May, which are due to take effect with no implementation period. 

Mifid II is Still the Unpopular Kid on the Block – The Irish Times

It was introduced in pursuit of greater transparency in public markets, but Mifid II clearly remains the unpopular kid on the block. At a conference held by the Federation of European Securities Exchanges (FESE) on Wednesday, there was little love for the controversial European directive that aimed to restore investor confidence in markets in the aftermath of the financial crash.

Crypto News

Riksbank Opens Procurement for e-Krona Development – Central Banking (subscription)

Sveriges Riksbank has started to develop solutions for a possible central bank digital currency, the e-krona, and is procuring a technical supplier, the institution said.

Biggest Crypto Exchange Takes on Tether with Own Stablecoins – Bloomberg

Beware, Tether. Some serious competition may finally be heading your way. Binance, the world’s largest cryptocurrency exchange, will begin issuing so-called stablecoins “in a matter of weeks to a month or two,” Chief Financial Officer Wei Zhou said. Traders use these lower-volatility coins to facilitate transactions and to park funds during wild swings in prices, and until now, Tether has been the undisputed market king.

Bitcoin’s 2019 Price Run Driven By Real Transaction Growth, Analysis Shows – CoinDesk

An experimental metric used to gauge the quantity and quality of activity on bitcoin’s network clocked a 28-week high last Saturday, signaling the cryptocurrency’s latest price rally may be more fundamentally driven than many expect.

Company News

Euronext FX: Same Platform, Bigger Ambitions – Profit & Loss

Kevin Wolf, CEO of Euronext FX, explains how the rebranding of FastMatch is indicative of the widening client base and service offering of the firm.

Liquidnet Continues Acquisitions with Capture of NLP Analytics Specialist – The Trade

Natural language processing specialist Prattle becomes the latest acquisition for Liquidnet, following RSRCHXchange and OTAS Technologies.

CloudMargin Taps TriOptima’s Connolly for CEO – FX Week (subscription)

Stuart Connolly, who served as TriOptima group CEO since 2017, will take over from Steve Husk.

Market Savvy

Sterling Struggles for Direction as Race to Succeed PM May Heats Up – Reuters

The British currency remained firmly within recent ranges on Thursday in a trading slumber that analysts say shows little sign of abating until the contest to replace Prime Minister Theresa May has concluded.

Yen Gains on U-Mexico Trade Woes; ECB Awaited – Reuters

The yen edged up versus the dollar on Thursday as sentiment soured over US-Mexico talks on tariffs and immigration, fuelling broader concerns about global trade hostilities and raising appetite for safe-haven currencies.

Mexican Peso Under Pressure into European Trading After Downgrade – Financial Times (subscription)

Mexico’s peso was under pressure on Thursday after a rating downgrade and as trade talks between Washington and Mexico City rumble on ahead of a proposed US levy on exports from its southern neighbour.