The Bank of England and other regulators discussed
- Brexit Agreement Prolongs Uncertainty for the City – Financial News (subscription)
- A Guide to Every Possible Brexit Outcome – The Wall Street Journal (subscription)
- IMF Warns No-Deal Brexit Would Cause ‘Widespread Disruptions’- Financial Times (subscription)
Hedge Funds gave up 3.06% in October according to the Barclay Hedge Fund Index compiled by BarclayHedge, versus a 6.84% decrease in the S&P 500 Total Return Index. Year to date, the Barclay Hedge Fund Index is down 1.90%, while the S&P has gained 3.01%.
Executives at British and international companies are bracing for heightened currency volatility triggered by fresh uncertainty surrounding the UK’s departure from the European Union.
Authorities must ensure that CCPs do not become a source of systemic risk, the Financial Stability Board says.
- FSB Publishes 2018 Resolution Report and Publicly Consults on Financial Resources to Support CCP Resolution – FSB
- Financial Resources to Support CCP Resolution and the Treatment of CCP Equity in Resolution – FSB
This document reports on progress made in implementing the recommendations of the Financial Stability Board report Reforming Major Interest Rate Benchmarks (2014 Report), as well as in an additional stream of work launched by the FSB in 2016 to improve contractual robustness to the risk of major interest rate benchmarks’ discontinuation.
The Federal Reserve will launch a sweeping assessment of its monetary policy tools and the way in which it communicates its decisions in 2019 – a new effort by chairman Jay Powell to boost the transparency and effectiveness of the US central bank.
The majority of firms do not plan to use their MiFID II best execution reports internally according to a survey.
The CFTC has launched a new task force on spoofing and manipulative trading as well as three others that target virtual currency, insider trading, and Bank Secrecy Act concerns.
‘Hybrid’ cryptocurrencies are often pegged to real assets, including fiat currencies.
Benoit Coeure has a bone to pick with Bitcoin. “Bitcoinwas an extremely clever idea. Sadly, not every clever idea is a good idea,
With hundreds of cryptocurrencies being issued every month, countries face a choice: ban them, leave them unregulated, or come up with rules to tame them.
There is a debate about whether assets such as bitcoin should be regulated by industry or market regulators – but perhaps it should be a partnership.
Although institutional interest in cryptocurrency trading has grown, the development of the custody space, in particular, is crucial for its next phase of evolution.
Refinitiv has signed an agreement with Nordic investment management firm E. Öhman J: or Fonder (Öhman) to deliver an end-to-end workflow solution for its investment management business.
The dismissals could start as soon as this year and help the bank achieve its 2019 expense targets. The bank’s International Wealth Management business and Swiss Universal Bank may be among the businesses affected by the cuts.
Singapore’s status as a top fintech hub has been boosted by the news that Bank of China and Deutsche Bank have both opened innovation labs on the island.
LCH has received approval for an extension to its clearing licence from the Japanese Financial Services Agency. The licence extension was granted on 31 October 2018 and enables LCH’s ForexClear service to clear NDFs on behalf of banks and clients based in Japan.
Initially a race between two rival groups, a third firm – margin utility AcadiaSoft – has now thrown its hat in the ring. All three are trying to avert a documentation crunch in 2020, when an estimated 1,000 firms will be caught by the swaps market’s new margining regime for non-cleared trades.
The pound rebounded slightly on Friday on reports that a leading eurosceptic minister would not follow other Brexiteers in quitting the British government and as Prime Minister Theresa May struck a defiant tone despite strong opposition to her Brexit deal.
“We believe the USD has reached its peak at around current levels,” Morgan Stanley’s global head of FX strategy Hans Redeker wrote in a note. “The USD may weaken as credit spreads widen, equity prices fall, and sovereign bond yields also begin falling amid disinflationary pressure and falling oil prices.”
Central European currencies reversed early gains on Friday as sterling and the euro retreated after a report that British lawmakers planned to bring a vote of no confidence in Prime Minister Theresa May. That overshadowed speculation that Polish central bank (NBP) Governor Adam Glapinski might quit.