Talk to senior members of the Global FX Committee and one can discern a sense of exasperation when they are asked (probably for the tenth time that day) about the lack of buy side adoption of the FX Global Code.
A Look at Last Look – Profit & Loss
The coming to an end of the Axiom Investment Advisors’ class action against Deutsche Bank over last look highlights a few issues – specifically around the raft of legal actions taking place, a work stream of the Global FX Committee and the level of appropriate disclosures.
The infrastructure provider will launch the new venue based on its own technology next year, with service migration planned for May 2020.
Edward (‘Ed’) Falinksi, one of the most senior FX technologists at Barclays, is understood to have left the bank.
The Depository Trust and Clearing Corporation has identified areas for improvement in the markets’ monitoring of systemic risk.
- DTCC Warns on “Esoteric” ETFs, Calls for More Clearing – GlobalCapital (subscription)
- DTCC Paper Identifies Post-Crisis Opportunities to Further Strengthen Global Financial Stability & Resiliency – DTCC
New York has overtaken London as the world’s most attractive financial centre, a survey said on Wednesday, as Britain’s decision to leave the EU prompts banks to shift jobs out of the city to keep access to Europe’s single market.
The flash estimate for the Barclay CTA Index, compiled by BarclayHedge, indicates a 0.71% gain in August. Year-to-date, the Index has lost 1.43%.
Dawn Stump has been sworn in to serve as a Commissioner of the Commodity Futures Trading Commission.
Former Federal Reserve Chairman Ben Bernanke acknowledged that policy makers made two critical errors fighting the financial crisis a decade ago.
- Repo Market Hit Hard in Crisis: Bernanke, 10 Years On – FOW (subscription)
- Ben Bernanke Pins Blame for Great Recession on Bank Panic – Financial Times (subscription)
While financial firms are still wrangling with legacy infrastructure and siloed data stores, the UK FCA’s ‘Digital Regulatory Reporting’ project aims to pave the way for a model-driven and machine-readable regulatory environment.
Products tied to SOFR may subsume most volume that is currently tied to US dollar Libor, according to Sifma.
The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent.
- ‘Crypto Tourists’ Flee as Bitcoin Slump Drags On – The Wall Street Journal (subscription)
- As You Mourn Lehman, Spare a Thought for Crypto – Bloomberg
A report released by consulting firm Greenwich Associates says that over 70% of institutional finance executives surveyed believe that cryptocurrency will have a place in the future of the industry.
Tech veterans and a number of high-profile cryptocurrency companies are forming the Blockchain Association, the first fully fledged lobbying group in Washington representing entrepreneurs and investors who are building off the technology behind bitcoin.
The firm has done a huge U-turn having previously disparaged cryptocurrency investment.
Michael Bichan, Global Head FX Distribution & Knowledge Network at UBS, talks about the evolution of its FX algo offering.
NEX Regulatory Reporting has launched a new solution for derivatives transaction and position reporting under the Australian Securities and Investments Commission’s OTC derivatives trade reporting requirements.
Christian Codo, Senior Sales, Hedge Funds, NEX Markets talks about the EBS product suite and the key challenges it aims to solve.
The Enterprise Access Point portal will eliminate the need for Bloomberg Data License clients to normalize datasets in-house, officials say.
Market maker Allston Trading has selected Corvil to provide visibility, analytics, and reporting to optimize its systems and infrastructure and to assure trading performance.
Nasdaq Clearing has turned to its default fund to cover losses after member default.
Japanese banks stepped up foreign exchange derivatives trading with non-financial customers in the first half of 2018, growing notional volumes by 5% to $829 billion – their highest since the end of 2012. Over the prior half-year period, volumes grew just 2%.
Beijing’s interests are now aligning with those of its American rival.
Sterling held steady near highs on Thursday before a monetary policy announcement later in the day, when the Bank of England looks almost certain to keep interest rates unchanged after raising them last month.
The dollar drifted higher against a basket of its rivals on Thursday, above a two-week low plumbed in the previous session, as investors moved to the sidelines before a trio of central bank policy decisions.
The lira slid 1.5 per cent against the dollar late morning on Thursday after Turkish president Recep Tayyip Erdogan decried high interest rates as a “tool of exploitation”.
As the sell-offs in Turkey and Argentina spread to other emerging markets, doubts that developed markets can retain their immunity are getting louder.