Trade War Worries Keep US, Canadian Dollars Weak – Reuters

The dollar edged down, while the Canadian dollar traded close to an eight-month low on persistent worries about a trade war stemming from US President Donald Trump’s proposed tariffs on imported steel and aluminium.

BlackRock Says Market Being Too Aggressive in Pricing Canadian Hikes – Bloomberg

A less hawkish BOC wouldn’t bode well for a Canadian dollar that’s already the worst performing Group-of-10 currency this year.

Sterling Slips as Traders Focus on Brexit Risks – Reuters

Sterling dipped as investors sold the pound amid ongoing uncertainty about whether Britain and the European Union can agree a transition deal later this month for when the UK leaves the EU next year.

ECU Finds Signs of HSBC Front-Running, Names Scott as Trader – FX Week (subscription)

Currency manager files new application to court on March 1, claiming HSBC traders, including Stuart Scott, front-ran at least one of its orders.

From BAML to UBS: How 15 Banks Stack Up on ‘Last Look’ – Risk (subscription)

Disclosures show striking differences on pre-hedging, hold times and trade acceptance.

City of London Doesn’t Want the Kind of Trade Deal May Cites – Bloomberg

Theresa May is right to say that the European Union has included financial services in its previous trade deals. Whether she’d appreciate getting the same terms after Brexit is another matter.

Replacing Libor Proves Harder in Practice After Scandal – Financial Times (subscription)

Abolishing a tarnished benchmark reference rate such as Libor is proving far harder in practice and comes in spite of regulators pushing the market towards adopting a replacement.

Ex-Derivatives Trader at Deutsche Bank Fined £180k for Libor Scheme – The Trade

A former short-term interest rate derivatives trader at Deutsche Bank has been fined £180,000 and banned from the industry for manipulating Libor submissions.

Regulatory News

Ten Years After Financial Crisis, Senate Prepares to Roll Back Banking Rules – Washington Post

The Senate is preparing to scale back the sweeping banking regulations passed after the 2008 financial crisis, with more than a dozen Democrats ready to give Republicans the votes they need to weaken one of President Barack Obama’s largest legislative achievements.

Markets, Ratings Agencies Divided Over “Too Big to Fail” – Profit & Loss (subscription)

A new blog by economists at the Federal Reserve Bank of New York (NY Fed) shows that ratings agencies and financial markets are divided about whether the Dodd-Frank Act has significantly reduced the “too big to fail” problem.

Fed Considering ‘Broad Revisions’ to Volcker Rule Compliance – Wall Street Journal (subscription)

The Federal Reserve is considering “broad revisions” to how banks comply with a rule that prevents them from engaging in certain types of trading and investing.

Japan’s Crypto Exchanges Self-Regulate in Wake of $500 Million Hack – Coindesk

Sixteen cryptocurrency exchanges in Japan have formed a new self-regulatory organization, an effort that comes in the wake of the $500 million theft in January.

FCA-CFTC Cooperation: Is There a Sandbox in the US’s Future? – Euromoney

The CFTC and other US regulators have to date eschewed the UK model of establishing a regulatory sandbox, an approach that has been replicated in many other parts of the world.

Company News 

Capitolis Secures Funding Round: Looks Ahead to Product Launches – Profit & Loss

Capitolis, the financial services technology provider established by former Traiana CEO and head of EBS Brokertec, Gil Mandelzis; former CEO of Thomson Reuters, Tom Glocer; and Igor Teleshevsky, also formerly of Traiana, says it has secured two rounds of financing.

Standard Chartered London FX Boss Quits for Small German Bank – Financial News

Standard Chartered’s global co-head of foreign exchange cash trading, who has spent most of his 30-year career in the City of London, has quit to run the sales and trading business of a small German bank in Dusseldorf.

Crypto Exchanges Are Raking in Billions of Dollars – Bloomberg

The top 10 are generating as much $3 million in fees a day, or heading for more than $1 billion per year, according to estimates compiled by Bloomberg.

Market Savvy

Bitcoin Rises Above 50-Day Average for First Time Since January – Bloomberg

The world’s biggest cryptocurrency by market value rose above its 50-day moving average for the first time since mid-January, up as much as 5.8 percent on Monday, the most in two weeks.

Asia’s Biggest Currency Gain in 20 Years May Be About to End – Bloomberg

Asian currencies may be on the verge of a correction after completing the best year in at least two decades. The warning sign? Indonesia’s rupiah slumped to a two-year low last week.

Emerging Markets Under Pressure as Debt Mounts – Financial Times (subscription)

With return of inflation, rate increases and possible dollar strengthening, can they repay their rising debts?