Top Headlines 

UK Derivatives Clearers May Get No-Brexit Deal Reprieve – EU Document – Reuters

The European Union might grant temporary permission for clearing houses in Britain to continue serving EU customers if there is a no-deal Brexit next March, an EU document seen by Reuters showed. 

Eurex to Broaden Clearing Battle with UK’s LCH – Financial Times (subscription)

Deutsche Börse’s derivatives exchange is to broaden its battle in clearing with the UK’s LCH by extending its scheme to share profits with users to foreign exchange swaps and repo markets.

Former FX Traders Wait for US Jury Decision Over Collusion Charges – Bloomberg

A Manhattan federal jury is wrestling with whether four guys sitting at their computers manipulated the $5.1 trillion a day global currency market. US prosecutors say yes, they did.

Standard Chartered Trading Chiefs in London Quit – Financial News (subscription)

Neh Thaker, Standard Chartered’s global co-head of foreign exchange, rates and credit, is due to depart next week, according to people with knowledge of the move. Chris Allington, who leads the financial markets business for Europe and the Americas will also leave next month.

Surging Trading Volumes Propel Exchange Industry to Record Revenues: Burton-Taylor – Tabb Forum

Global exchange industry revenue surged in the first half of 2018, totaling $16.9 billion in the period, and are on pace to set an annual record. But the increased regulatory scrutiny on market data fees remains a concern.

Knowledge is Power – Profit & Loss

FX liquidity providers that use technology and data analytical tools are becoming more powerful in FX markets, but liquidity consumers are becoming better informed.

Traders Clash at London Metal Exchange Over Golden Speed Bump – Financial News (subscription)

Some of the world’s fastest trading firms have called on regulators to review the London Metal Exchange’s plans to introduce an intentional trading delay on its venue for precious metals. The call by the super-fast traders escalates a broader row over the role of delays – known as speed bumps – on exchanges. 

Regulatory News 

Exchanges Warn SEC Against Muscling in on Market Data Cost Debate – Financial Times (subscription)

The largest US stock exchanges warned regulators against getting involved in a commercial “Wall Street” fight over market data costs while critics of the system argued that it is prohibitively expensive and anti-competitive.

UK’s Top Regulators Push on with No-Deal Brexit Plans – Financial News (subscription)

UK banks must set aside enough cash to weather a crash-out Brexit, the UK’s top banking regulator warned on Thursday night.

Key South African Rate ‘Bears No Relation’ to Market – (subscription)

Jibar based on product that rarely traded during two-year period, says central bank official. 

Crypto News

Crypto Exchanges Eye Rapid Evolution – Markets Media

Jeanine Hightower-Sellitto, managing director of operations at Gemini Trust Company, discusses how cryptocurrency exchanges are evolving into a new type of market compared to securities exchanges. 

Bakkt Could Get Regulatory Green-Light for its Bitcoin Futures as Soon as Next Week – The Block

Intercontinental Exchange’s Bakkt could get the green-light to launch its bitcoin futures product as soon as next week, according to a source with direct knowledge of the situation.  

Anybody Want Bitcoin Futures? Anybody? – Bloomberg

The contracts that were seen as a step toward bringing crypto to Wall Street remain a tiny market. 

Company News 

Edgewater: Making a Play in LatAm – Profit & Loss

In a nutshell, the central thesis behind Edgewater Market’s Latam strategy is that their technology can be used to convert the NDF market into an NDF trading platform, thereby enabling local market participants to aggregate, consume and distribute FX rates more efficiently.

CME Group Quarterly Profit Rises 33 Pct – Reuters

Exchange operator CME Group reported a 33.4 percent rise in quarterly profit on Thursday as it earned more from providing market data services to clients and reaped the benefits of a tax cut.

Flow Traders to Open London Office – The Trade

High-frequency trading firm Flow Traders has confirmed plans to open a new branch in London as it looks to grow its business in the EMEA region.

Think About What Blockchain Technology Can Do Internally for Your Organisation, Says Digital Asset CEO – The Trade

Blythe Masters also outlines the importance of interoperability between blockchain systems as it is unlikely there will be “a single solution or one approach to DLT”. 

Morgan Stanley Hires Haber and Falkovitch in Sales – FX Week (subscription)

Mark Haber joins in New York while Simon Falkovitch is based in London.

Societe Generale Gains Two in Institutional FX Sales – FX Week (subscription)

Neel Mehta and Susan Henschel join New York office.

Market Savvy

Sterling Stuck at Seven-Week Lows as Brexit Uncertainty Mounts – Reuters

The British pound laboured near seven-week lows against the dollar on Friday and three-week lows versus the euro, as doubt grows about whether the UK and the European Union can clinch a Brexit deal.

Dollar Nears 10-Week High Before US GDP Data – Reuters

The dollar hovered near a 10-week high on Friday as investors waited to see if US economic growth figures do anything to interrupt its months of strength.

Guarding Stability, China Likely to Slow Yuan’s Slide to 7 Per Dollar: Sources – Reuters

China is likely to use its vast currency reserves to stop any precipitous fall through the psychologically important level of 7 yuan per dollar as it could risk triggering speculation and heavy capital outflows, policy insiders said.

Volcker Sees Fed Rate Increases, Strong Regulations as Key to Stable Growth – The Wall Street Journal (subscription)

The strong performance of the US economy supports the Federal Reserve’s policy of gradually lifting interest rates, former Fed Chairman Paul Volcker said.