Top Headlines
US Charges Ex-Barclays NY Forex Head with Front-Running – Bloomberg
The charges against Robert Bogucki relate to the manipulation of foreign-exchange options before a large trade by Hewlett-Packard in 2011, according to a Justice Department statement.
Dollar Drops Further in Asia Trading – Financial Times (subscription)
The dollar put its worst foot forward in Asia morning trade, weakening against a raft of major currencies and extending a fall that has seen it drop 2.1 per cent for the year to date.
Sterling Pauses After Rally as Traders Watch Brexit Developments – Reuters
Sterling edged lower against the dollar after a rally as traders took profits and awaited the latest developments in negotiations over Britain’s departure from the European Union.
Euro Slips After Hitting a Three-Year High on ECB Talk – Reuters
The euro fell after rocketing to a fresh three-year high in early trades above the $1.23 line as some investors ramped up bullish bets about the currency though some concerns from policymakers this week damped broader optimism.
Bitcoin Steadies After Slump Shakes Global Cryptocurrency Market – Bloomberg
Bitcoin steadied in the wake of a 23 percent plunge that rocked the global market for digital assets and sparked deeper questions about its future.
- Bitcoin Jolted by Regulation Worries, Falls Seven Percent on Extended Selloff – Reuters
- Just Another Day for Bitcoin – a 25% Plunge – Wall Street Journal (subscription)
Bitcoin Headed to $100,000 in 2018, Says Analyst Who Predicted Last Year’s Price Rise – CNBC
Kay Van-Petersen, an analyst at Saxo Bank, said in December 2016 that bitcoin would reach $2,000 in 2017, a feat achieved in May.
Regulatory News
ECB Official Warns of Brexit ‘Shock’ to Financial Stability – Financial Times (subscription)
An influential eurozone central bank official has warned that an abrupt British departure from the EU would be a “genuine shock” threatening the stability of Europe’s financial system.
Asian Asset Managers Unaware of BMR Effects: Expert – FOW (subscription)
Like Mifid II, the EU Benchmark Regulation has many extraterritorial effects.
Industry Looks to Post-Trade DLT Standards – Markets Media
Seven central securities depositories and SWIFT, the bank-owned cooperative for secure financial messaging services, are working together to progress standards in distributed ledger technology for post-trade.
- Here’s Where Banks Rank on Blockchain Patents – Bloomberg
- Beyond the Bitcoin Bubble – The New York Times
BitConnect Closes Exchange as States Warn of Unregulated Sales – Bloomberg
BitConnect said it’s closing the company’s cryptocurrency exchange and lending operation after receiving two cease-and-desist letters from state authorities for the unauthorized sale of securities and suffering from denial-of-service attacks.
Company News
Nomura Announces Management Re-Shuffle – Profit & Loss
Nomura has announced a number of changes to its senior management structure that includes a new role for Nigel Khakoo, formerly managing director and global head of FX trading.
SocGen CTA Index Shows Positive Gains for 2017 – Profit & Loss
The Societe Generale Prime Services CTA Index ended 2017 with gains of 2.34%, following a positive last quarter during the year.
McKinley Joins Goldman Sachs in e-FX Sales – FX Week (subscription)
Mike McKinley has joined Goldman Sachs as a vice-president, focusing on e-FX sales.
Spiteri Joins 360T – FX Week (subscription)
Lisa Spiteri started her new role on January 15, switching from Nex-owned EBS, where she worked for more than 13 years.
CME Group Sees Diminishing FX Volumes in December 2017 – Finance Magnates
During December 2017, total FX options averaged 63,068 contracts per day, which represented a rise of only one percent year-on-year from 62,567 contracts per day in December 2016.
Market Savvy
Renminbi Nears Two-Year High Again as Dollar Slips – Financial Times (subscription)
China’s renminbi was once again nearing its strongest level in more than two years as the dollar dipped to its lowest intraday level in more than three years in Asia.
Australian Dollar Climbs After Home Loans Beat Expectations – Financial Times (subscription)
The Australian dollar got a boost from data showing home loans had snapped a two-month run of declines, beating forecasts.
Currency Traders Brace for Possible ‘Hawkish Hold’ by Bank of Canada – Bloomberg
Foreign-exchange traders who had all but priced in a Bank of Canada rate hike are suddenly paying up to hedge against the risk of a letdown at Wednesday’s policy meeting.