Theresa May has struck a deal with Brussels that would give UK financial services companies continued access to European markets after Brexit.
- UK, EU Close to Brexit Deal on Financial Services: UK Official – Reuters
- Brexit Financial Services Deal Talk Moves Pound Higher – Financial Times (subscription)
- Sterling Climbs on Report Banks to Get EU Access after Brexit – Bloomberg
- UK Expects Brexit Deal with EU By November 21, Dominic Raab Says – Bloomberg
Shortly after we published the news that Richard Usher, Rohan Ramchandani and Chris Ashton, the three members of the now notorious “Cartel” chat room, were found not guilty of FX market manipulation by a New York court last Friday, my phone started buzzing.
The potential for Asian FX markets has long been talkedabout but has rarely been delivered. That may be changing, however.
Stuart Scott, the former head of currency trading at HSBC, won’t be sent to New York to face wire-fraud charges after UK judges rebuffed a request by American prosecutors.
France and Italy are offering the most generous tax breaks to London bankers moving to the European continent after Brexit, research compiled for the Financial Times shows. Some relocations have already begun: Goldman Sachs has moved 60% of the investment bankers and financing experts it intends to ship from London to Milan, Frankfurt
- UBS to Shift 64 Jobs from London in Initial Brexit Move – Financial News (subscription)
- Citigroup to Move 63 Traders and Bankers from UK Over Brexit – Bloomberg
A hawkish Federal Reserve and a brace of swaps market innovations worked to turbocharge growth in over-the-counter interest rate derivatives notionals in the first half of the year, while simultaneously decimating their actual market values.
The Futures Industry Association welcomes the European Commission’s stance on continued access to UK CCPs post-Brexit.
A number of non-EU benchmark administrators may fail to obtain BMR registration by January 2020, according to a new report from ASIFMA and Herbert Smith Freehills.
Group capital rules may be applied to third-country arms of EU market-makers.
Federal regulators have ramped up their pursuit of traders who use a bluffing tactic known as spoofing to manipulate market prices, enforcement officials said, leading to a record number of manipulation cases.
Hong Kong’s securities watchdog has announced plans to regulate cryptocurrency exchanges and funds that invest in digital assets to protect investors.
On the eve of bitcoin’s 10th birthday, Jamie Dimon said he never intended to be the leader of the bitcoin haters.
The digital currency was meant to be a payments network. That isn’t exactly what happened.
- Bitcoin’s Halloween Birth 10 Years Ago Led to Unimaginable Gains – Bloomberg
- Birthday Blues for Bitcoin as Investors Face Year-on-Year Loss – Reuters
There is a huge effort to make crypto more equities-like, experts at the Chicago-based tech firm observe.
The head of trading at Coinbase, Hunter Merghart, has resigned from the US crypto exchange and wallet provider after just six months on the job.
Marex Spectron is making a low-key return to the FX
market, just over four years after it terminated its foreign exchange
CFH Clearing Extends OneZero Partnership – Profit & Loss
CFH Clearing has formed a partnership with OneZero Financial Systems to enable it to provide local liquidity from New York (NY4) to brokers and banks.
Advanced Markets, a provider of FX liquidity and prime-of-prime services, has launched in the UK as an FCA regulated company.
TP ICAP, the UK interdealer broker, is in advanced talks to buy smaller US rival Axiom Commodity Group, in a move that will further bolster its position as the world’s largest energy broker.
Fidessa’s global head of derivatives says capital could be freed up more quickly with end-to-end integration.
Investors pulled the dollar back from a 16-month high on Thursday, feeding a broad-based rally in European currencies and a rise in the price of gold.
The euro rallied half a percent on Thursday as currencies hit hard by recent dollar buying surged higher in a more positive mood for risk-taking.
The Australian dollar extended gains in late morning trading in Asia on Thursday after jumping on a better-than-expected trade surplus for September.
Sterling will rise around 5.5 percent against the dollar if Britain and the European Union agree a divorce deal, a Reuters poll found, but will sink more than 6 percent if no agreement is reached.
Chinese authorities will defend the yuan from weakening past the psychological 7 per dollar rate, very close to where it is trading now, according to a Reuters poll of FX strategists who said the currency will cut its losses in the coming year.
Emerging markets finished October in the red as the global stock selloff, concern over the Federal Reserve’s tightening path and an escalation in the US-China trade war scupper the chance of a recovery in this year’s worst-hit economies.