The IMF Could Push Argentina From a Currency Crisis Into a Debt Crisis

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Top Headlines

The IMF Could Push Argentina From a Currency Crisis Into a Debt Crisis – Business Insider
When the “hot money” gets antsy, a currency crisis morphs into a debt crisis. You just don’t lend Argentina’s government money. Not in its own currency, because it relentlessly destroys that currency, and not in a foreign currency, because it will default on it. Lending money to Argentina is like trying to run across a 16-lane freeway with traffic zooming by at 70 mph. You just don’t do it.

EU Should Use Iranian Situation To Emboss Euro As A Benchmark Currency – Forbes
It is not every day that you get an opportunity of a lifetime but when you have it, one should not miss that. The European Union clearly has this at their doorstep and they should thank the president of the United States, Donald Trump, for deciding to pull out of the Iranian nuclear deal.

Algorithmic Trading and TCA Adoption Driven by FX Global Code – Traders Magazine
Over the past 12 months, participants in the wholesale foreign exchange (FX) market have welcomed the launch of the FX Global Code, and its set of six over-arching principles that promote the integrity and effective functioning of the market.

Regulatory News

How is the Industry Faring in a Post‑Mifid II World? – Waters Technology
The revised Markets in Financial Information Directive (Mifid II) went into effect at the start of 2018 and, as with any significant regulation go-live, there were some hiccups. Three months later, there are still gaps that need to be filled – specifically in defining which firms are systematic internalisers and should therefore report trades.

Big Banks Crying Wolf Over Another Key Dodd-Frank Regulation – The Hill
Big banks’ advocates have intensified their attacks on bank regulations. To many of them, it is as if the 2008 financial crisis never happened. In particular, numerous politicians and bank lobbyists are focusing on the supplementary leverage ratio.

Company News

Kx Announces Support for Cryptocurrencies – Profit & Loss
Kx Systems has announced that its Kx for Flow electronic trading platform has been extended to support the trading of cryptocurrencies.

Redline Trading Solutions Signs Statement of Commitment to FX Global Code of Conduct – Bezinga
Redline Trading Solutions, the premier provider of high-performance market data and order execution systems for automated trading, today announced it has signed the Statement of Commitment to the FX Global Code of Conduct as facilitated by the Global Foreign Exchange Committee.

Crypto News

Goldman Sachs Bitcoin Endorsement Leads Institutional Investor Cryptocurrency Push – Forbes
The wall street titan is now all in when it comes to allowing clients to trade Bitcoin futures via one of its New York desks. Goldman Sachs becomes the first regulated financial institution to offer such a service.

ECB Wants Banks to Segregate Any Virtual Currency Business – Reuters
Banks should ring-fence any business they do with virtual currency (VC) such as Bitcoins and post “adequate” amounts of capital against it, a European Central Bank board member said on Monday

Gary Cohn: “The World will Have a Global Cryptocurrency at Some Point” – FX Empire
Cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Litecoin, and Dash, are taking the world by storm. Indeed, few things have piqued interest during this Fintech-driven time quite like cryptocurrencies.

Initial Coin Offerings Create Currency Cryptopia of Charlatans and Swindlers – The Australian Review
Initial coin offerings have become the most common way to finance cryptocurrency ventures, of which there are now nearly 1600 and rising. In exchange for your dollars, pounds, euros, or other currency, an ICO issues digital “tokens”, or “coins”, that may or may not be used to purchase some specified good or service in the future.

Market Savvy

Indonesian Stocks, Currency Drop After Fresh Bombing – Bloomberg
Indonesia’s stocks and currency fell on Monday after a fresh explosion rocked the main police office at Surabaya, a city that was hit by a series of bombings a day earlier.

FX: Re-Connecting With Rates – Seeking Alpha
Last month saw the dollar strengthen, dramatically re-connecting with interest rate spreads. But we still think the dollar will weaken come the end of the year and into 2019.

The Euro Could Rally to $1.30 Within 12 Months, Says Currency Strategist – MarketWatch
The euro may make a charge at $1.30 over the next 12 months, aided by a depreciating U.S. dollar, strong buying support from other central banks and an anticipated change in European Central Bank’s policy posture, finally kicking off its policy normalization after years of ultralow interest rates.