Top Headlines

Trump to Nominate CFTC Acting Head Giancarlo as Permanent Chairman – Reuters

President Donald Trump plans to nominate J. Christopher Giancarlo to lead the Commodity Futures Trading Commission, the regulator tasked with policing the massive over-the-counter derivatives market, the White House said.

Pound Dips Below $1.22 as UK Wage Growth Slows – Financial Times (subscription)

Sterling has given up some of its gains after official figures showed that wage growth in the UK slowed by more than expected.

Pound Creaking Under Weight of Brexit – Wall Street Journal (subscription)

Investors are souring on the pound as the UK prepares to start legal proceedings to leave the European Union, sending the currency back toward three-decade lows even as officials forecast a resilient economy.

Dollar Subdued as Market Awaits Fed Rate Message – Reuters

The dollar was subdued in European trade, staying range-bound ahead of an expected US Federal Reserve interest rate hike with investors’ eyes peeled for clues on the bank’s future monetary policy.

China’s Premier Seeks to Cool Trade Tensions with US – Financial Times (subscription)

China does not want a trade war with the US and will not devalue the renminbi to boost exports, the country’s premier said, as he struck a conciliatory note ahead of a series of high-level bilateral meetings.

FCMs Target ‘Specialised’ Business Models – The Trade

With buy-side clients taking on multiple brokers for execution and clearing, FCMs will have to become specialist service providers.

Price and Value Are Increasingly Distorted in Markets – Bloomberg

Currently, markets are looking at noise as rising volatility because broad market sentiment has been complacent.

Buy-side Brush Off Blockchain for AI Technology – The Trade

Research has revealed buy-side market participants are convinced artificial intelligence (AI) will be more disruptive for the industry than blockchain.

Nigeria Central Bank to Offer $150 Million in Forwards – Reuters

Nigeria’s central bank said it will sell $150 million in currency forwards on the interbank market through commercial lenders.

Regulatory News

Trump to Nominate Goldman Sachs’ Donovan as Deputy Treasury Secretary – Reuters

US President Donald Trump will nominate Goldman Sachs banker James Donovan as deputy Treasury secretary, the White House said, adding another alumnus of the Wall Street investment bank to his administration.

Bank Deregulation Effort Could Lead to New Crisis: ECB’s Lautenschlaeger – Reuters

Tearing up global banking rules could lead to a new crisis, putting at risk the taxpayer, who was forced to bail out lenders in the last financial crisis, European Central Bank Executive Board member Sabine Lautenschlaeger said.

Industry Association Wants to Scrap Reporting on Futures – Politico (subscription)

The FIA has asked the European Commission to drop exchange-traded derivatives from a requirement that transactions be reported to a trade repository.

Revision of Volcker Rule “A Good Thing”: ICE – FOW (subscription)

Markets have enjoyed bumper volumes due to regulatory uncertainty since Trump’s election and his moves to roll back some US legislation could also benefit its exchanges in the longer term.

CFTC Extends Comment Period for Swap Dealer Capital Rules – FOW (subscription)

The original comment period was to expire on March 16 of this year and as extended, the comment period will end on May 15.

Company News

TP ICAP Considers Moving More Business to Europe – Financial Times (subscription)

As part of its ‘Brexit scenarios’, group debates shift to Paris, Frankfurt and Madrid.

SwapClear to Add Eight Currencies to VNS Suite – FOW (subscription)

The London Stock Exchange’s clearing house LCH has filed an application with the US futures regulator to make variable notional swaps in eight currencies eligible for SwapClear services.

Eris Launches New Market Data Product – Profit & Loss

Eris Exchange has launched a new market data product, Live Eris Swap Curve, which offers real-time valuations and analytics for Eris Standard Swap Futures.

New Tool Aims to Help FCMs Monitor Risk – Profit & Loss

The Technancial Company (TTC) and Ullink have jointly launched a solution that monitors all Sponsored Direct Market Access (SDMA) trading activity continuously for HFT trading clients on all major exchanges.

Market Savvy

Rupee at Strongest Level Since 2015 After BJP Election Victory – Financial Times (subscription)

The rupee hit its strongest level in more than a year, as traders welcome the governing Bharatiya Janata Party’s victory in state elections over the weekend.

LatAm Currencies Weaken Slightly Ahead of Expected US Rate Hike – Reuters

Most Latin American currencies weakened slightly as traders avoided big bets ahead of a widely expected US interest rate increase on Wednesday.

C$ Weakens as Oil Prices Slide to Three-Month Low – Reuters

The Canadian dollar weakened against its US counterpart as prices of oil, one of Canada’s major exports, fell and the greenback climbed broadly ahead of a widely expected interest rate hike by the US Federal Reserve.