Top Headlines

UK Lawmakers Again Fail to Plot Brexit Course – The Wall Street Journal (subscription)

The House of Commons failed for a second time to find a majority for any alternative to the deal British Prime Minister Theresa May negotiated with the European Union, deepening the uncertainty over Brexit less than two weeks before Britain is scheduled to leave the bloc.

FX Trading Activity Ticked Up in March – Profit & Loss

There was an uptick in trading activity in March, as the first platforms to report trading volumes – FXSpotStream, Cboe FX and FastMatch – reported higher month-on-month volumes.

Bank Whistleblowers Say Complaints Not Being ‘Heard’– Financial Times

A review by the Banking Standards Board found that only 63 per cent of staff with concerns chose to report them, and of those that did, only 41 per cent said they were listened to and taken seriously.

Banks Complacent About Fintech Should Remember Airbnb – Financial News (subscription)

The prospect of competition from upstarts should not be discounted as they grow.

Regulatory News

Clash on Brexit Share Trading Rules Could See Further UK-EU Regulatory Divergence – The Trade

Cracks are beginning to emerge between the UK and EU, evidenced by the recent dispute about share trading obligations, in what could be a worrying sign of things to come.

How Brexit Gives FCA a Tech Mountain to Climb – FX Week (subscription)

The Financial Conduct Authority’s international head says the regulator faces huge reporting and data sharing challenges.

EU, Singapore Adopt Decision to Mutually Recognise Derivatives Venues – Regulation Asia

The European Commission recognises Singapore trading venues as MiFIR-compliant while MAS has exempted EU trading facilities from its markets licensing requirements.

‘Flash Crash’ Trader Back in Chicago, on the Witness Stand for the Feds – Chicago Sun Times

British futures trader Navinder Sarao, blamed for the 2010 US stock market drop known as the “Flash Crash,” is taking the witness stand against Jitesh Thakkar, a software executive from Naperville accused of helping Sarao commit his crimes.

FRTB: Singapore’s Banks Eye Internal Models for Forex Desks – (subscription)

Singapore’s largest lenders are looking at using their own models to calculate capital for foreign exchange trading desks, after recent changes to market risk rules alleviated concerns among Asia’s banks over the uncertain capital impact of the new regime.

Crypto News

Bitcoin Jumps Above $5,000 for First Time Since November – Financial Times

Bitcoin jumped above the $5,000 level for the first time in four months with other major cryptocurrencies also climbing.

WFE Responds To FCA’s Guidance On Cryptoassets – MarketsMedia

The World Federation of Exchanges has highlighted the importance of distinguishing between so-called cryptoasset ‘exchanges’ and the regulated, secure and lit markets that real exchanges provide. 

Exchange Volumes May Be Fake, But Bitcoin’s Value Is Real – CoinDesk

One of the key arguments in favor of cryptocurrencies is that by cutting out the many financial intermediaries needed to execute trades in the traditional financial system, this technology achieves impressive efficiency and cost reduction for market participants.

SJMBT Receives First Client Deposit for Digital Asset Services – Profit & Loss

The San Juan Mercantile Bank & Trust International has received its first client deposit and commenced operations following the bank’s receipt last month of its license to operate from Puerto Rico’s Office of the Commission of Financial Institutions.

Company News

Broadway Technology Acquires Barracuda FX – Profit & Loss

The Barracuda FX business will continue to operate on a standalone basis, meaning there will be no reduction in staff. Barracuda CEO Kieran Fitzpatrick and Maurice Curran, COO, will continue to run the business. They will also assume senior roles leading Broadway’s FX business as head of FX and head of FX operations respectively. 

NAB Launches 2019 Superannuation FX Hedging Survey – Profit & Loss

National Australia Bank has launched its biennial 2019 Superannuation FX hedging survey, the ninth such survey that seeks to provide detailed analysis of how Australian super funds manage their currency exposures.

Deutsche Boerse Interested in FX Trading Platform FXall – Handelsblatt – Reuters

German stock exchange operator Deutsche Boerse is interested in buying foreign exchange trading platform FXall, Handelsblatt business daily has reported.

Mizuho Taps smartTrade to Provide New e-FX Platform – FX Week (subscription)

Mizuho Bank, one of Japan’s largest financial services institutions, has signed up to use a customised version of smartTrade Technologies’s LiquidityFX platform.

Freeston, Flowerdew Set to Leave Currenex – Profit & Loss

Damian Freeston and Daniel Flowerdew are set to leave their roles at Currenex, which is owned by State Street. Both based in London, Freeston is currently a managing director and head of sales and relationship management in EMEA, and Flowerdew is a VP of sales and relationship management in EMEA for the platform.

DTCC Wins Approval to Expand Fixed Income Clearing for New Sponsors – The Trade

The DTCC has been granted regulatory approval to expand the range of buy-side firms that can join as sponsored members for its fixed income clearing service.

Market Savvy

Sterling Falls Towards $1.30 as Brexit Deadlock Deepens – Reuters

The pound fell on Tuesday as British Prime Minister Theresa May came under pressure to resolve the Brexit crisis by either calling an election or leaving the European Union without a deal.

Euro Falls Below $1.12 as US Data Outperforms – Reuters

The euro fell to a three-and-a-half week low and stood precariously near its weakest since June 2017 on Tuesday, as investors seized on relatively strong data out of the United States to buy the dollar.

Forex Traders Fret as Sleepy Markets Slow to Calmest in Years – Reuters

The $5.1-trillion-a-day foreign exchange market is suffering more than most from central bank decisions to move in tandem and keep interest rates low for longer.