Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS) said in its latest warning about the rise of virtual currencies.
- Bitcoin Could Break the Internet, Central Bank Overseer Says – Bloomberg
- Cryptocurrency Sellers Get Fresh Ammo from Critical BIS: Chart – Bloomberg
The pound fell as the dollar strengthened, with traders reluctant to buy sterling ahead of a Bank of England policy meeting this week and another expected parliamentary confrontation over the government’s Brexit plan.
The euro fell back towards three-week lows as the escalating threat of a global trade war and a dispute in Germany’s governing coalition weighed on the single currency.
Lawyers representing convicted former HSBC banker Mark Johnson say the US attorneys’ shifting theory of prosecution and their inability to explain how a bank can execute a fixing transaction legally has left currency traders clueless about the type of trading that can be interpreted as wire fraud.
TrueEX, an electronic trading platform for interest rate swaps, has filed a lawsuit in New York against 11 of the largest bank market-makers, accusing them of conspiring to block customers from trading on the platform with the aim of ultimately letting trueEX “die on the vine”.
European companies experienced $6.79 billion in negative currency impacts in the fourth quarter of 2017 – the highest level recorded since 2015, indicating the foreign exchange market is still creating headwinds for corporations that are under-hedged.
Citi has paid $100 million after reaching a settlement with 42 US states’ Attorneys General over allegations it manipulated the benchmark interest rate Libor.
Asset managers are losing patience with politicians over the slow pace of Brexit negotiations, with several deciding it is better to assume the worst and fire the starting gun on their contingency plans.
Listen in to find out what is a “social experiment” and what report “is a propaganda exercise”.
The UK financial regulator is to begin a review of the EU rules that changed how asset managers pay for the research they use to make investment decisions.
The trade associations said the CFTC could make use of information collected through LEI reporting.
New York Fed president’s essay comes just ahead of retirement.
Anyone seriously interested in this new market should read the paper, not as an authoritative last word, but as a plausible account backed by some data.
Hedge funds investing in cryptocurrencies have seen plunging returns this year, with performance dropping by 35 per cent as digital coins suffered a volatile first half.
Yoshi Nakamura, a former director at Citi, has joined Galaxy as head of sales for the firm’s trading division, which oversees Galaxy’s prop trading, over-the-counter trading, and market making business.
Some analysts have noted that if and when an emerging technology called quantum computing matures, it could easily decrypt blockchain.
Adam Margolis, formerly the global head of FXLM bank sales at Citi in London, is now the head of FX advisory at Citi Private Bank in Singapore.
Former LSE boss turned down chance to lead financial and risk division, according to a person close to the matter.
HSBC has hired senior Bank of England executive Chris Salmon as its global chief control officer for global markets in its investment bank.
Buy-side foreign exchange market participants should focus on six key areas when evaluating technology vendors, as the electronification of instruments in currency markets continues, financial consultancy Aite Group says in a report.
Investors anxious over domestic policy and broader emerging market retreat.
Argentina endured another day of wild gyrations in the peso as investors mulled the surprise resignation of the central bank governor.
The peso is at a 12-year low against the dollar even after the May 10 rate increase as central bank officials appear to clash over the prospects of further tightening.