Top Headlines

US Regulator Demands Trading Data From Bitcoin Exchanges in Manipulation Probe – Wall Street Journal (subscription)

Government investigators have demanded that several bitcoin exchanges hand over comprehensive trading data to assist a probe into whether manipulation is distorting prices in markets linked to the cryptocurrency, according to people familiar with the matter.

Trade Tension Fails to Dim Prospects of a Stronger US Dollar – Financial Times (subscription)

Federal Reserve tightening and robust economy also boost the currency.

Sterling Falls After UK Factory Output Shows Biggest Monthly Drop Since 2012 – Reuters

Sterling slid against the dollar and the euro after UK factory output showed its biggest monthly drop since 2012, underlining that economic momentum in the UK remains fragile and will likely need to improve before interest rates are raised.

Euro Rises Despite G7 Fracas as Investors Look to ECB, Fed – Reuters

The euro rose as traders turned their attention away from a divisive G7 summit towards a European Central Bank (ECB) policy meeting that could signal the beginning of the end of the bloc’s vast economic stimulus.

Italy Euro Exit Is Not on Agenda, Finance Minister Says – Financial Times (subscription)

Italy’s finance minister has said the new government was “clear and unanimous” in its desire to keep the country inside the euro, as he sought to reassure EU officials and investors about Rome’s economic policies.

Germany Backs Call for Shifting Euro Clearing from London After Brexit – Financial Times (subscription)

Germany’s finance minister Olaf Scholz has called for the re-location of London’s euro clearing business after Brexit and suggested it should move to Frankfurt.

Did Trump Go Too Far This Time? – Profit & Loss (subscription)

To have the US president casually and without care tweet out the data early greatly increases the risk of a loss to some market participants.

In the FICC of It – Profit & Loss (podcast)

Colin Lambert and Galen Stops discuss some of the news stories that have hit the headlines over the past week and their thoughts on the first anniversary of the FX Global Code.

Regulatory News

NDF Nightmare: Banks Seek Fix for Benchmark ‘Mess’ – Risk (subscription)

In less than 18 months, European users of non-deliverable forwards (NDFs) face a big problem – three fixings in popular Asian currencies could be deemed off limits by regulators.

Trump’s Bank Regulator Flips Obama’s Script – Wall Street Journal (subscription)

A former banker is now a top US banking regulator and he’s reversing a number of his predecessor’s biggest initiatives.

Volcker Rule Revisions May Complicate Compliance, Experts Warn – Risk (subscription)

US regulators’ efforts to simplify key test of trading intent could ramp up data demands.

Crypto News

Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack – Bloomberg

The 2018 selloff in cryptocurrencies deepened, wiping out $42 billion of market value over the weekend and extending this year’s slump in bitcoin to more than 50 percent.

Blockchain Firm R3 Is Running Out of Money, Sources Say – Fortune

R3, a startup that last year announced it had raised $107 million to bring blockchain services to the financial sector, is floundering and could be out of money by early next year, according to two former employees of the company.

Argo Plans London’s First Cryptocurrency Listing – Financial Times (subscription)

Entrepreneur Jonathan Bixby seeks to ‘democratise’ crypto-mining process.

Company News

Barclays Moves to Brexit-Proof Its Business – Financial News (subscription)

Barclays has embarked on an aggressive hiring programme in continental Europe as the UK banking giant moves to Brexit-proof its business amid concerns it is too exposed to Britain’s impending departure from the European Union.

P&L Talk Series: UBS – Profit & Loss (subscription)

The traditional markets business model in banking is under pressure, Colin Lambert talks to Imed Souki, global head of FRC trading at UBS, and Christopher Purves, recently appointed head of UBS’ Strategic Development Lab for FRC, about how the bank is responding to a such a challenging environment.

Market Savvy

Mexico’s Peso Remains the Bellwether for Emerging Markets – Financial Times (subscription)

In the turmoil that has struck emerging market currencies over the past six weeks the headlines have been grabbed by the Turkish lira, the Argentine peso and, in the past week, the Brazilian real.

Pakistani Currency Drops 4% After Intervention – Financial Times (subscription)

The Pakistani currency dropped almost four per cent against the greenback after what traders said was the third intervention from the country’s central bank since December.