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.
- Eurex Targets OTC FX and Repo Clearing with Expansion of Partnership Profit Scheme – The Trade
- Deutsche Börse’s Eurex Widens Clearing Offensive on London – Financial News (subscription)
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.
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.
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.
FX liquidity providers that use technology and data analytical tools are becoming more powerful in FX markets, but liquidity consumers are becoming better informed.
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.
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.
- Wall Street Fractures Over Stock Exchanges’ Data Sales – The Wall Street Journal (subscription)
- Traders Blast US Exchanges Over ‘Greedy’ Data Fees – Financial Times (subscription)
- Wall Street Giants Fight Over Who Helps Small Investors the Most – Bloomberg
UK banks must set aside enough cash to weather a crash-out Brexit, the UK’s top banking regulator warned on Thursday night.
- FCA Chief: We are Ready for No-Deal Brexit – The Trade
- UK Regulator Seeks EU Equivalence and Cooperation – Inside Reference Data (subscription)
Jibar based on product that rarely traded during two-year period, says central bank official.
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.
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.
The contracts that were seen as a step toward bringing crypto to Wall Street remain a tiny market.
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.
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.
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.
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”.
Mark Haber joins in New York while Simon Falkovitch is based in London.
Neel Mehta and Susan Henschel join New York office.
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.
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.
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.
The strong performance of the US economy supports the Federal Reserve’s policy of gradually lifting interest rates, former Fed Chairman Paul Volcker said.