The US Securities and Exchange Commission said that many online trading platforms for cryptocurrencies should be registered with the regulator and subject to additional rules, in a further sign regulators are cracking down on the digital currency sector.
The US dollar edged higher as investors remained uncertain about what effect President Donald Trump’s tariff proposals would have on the direction of the currency.
The US dollar’s nosedive over the last year – only exacerbated by the recent threat of trade wars – is rekindling concerns that the greenback’s standing as the premier global reserve currency is at risk, but data compiled by Reuters suggests such fears are overblown.
The euro hovered near $1.24 as the dollar recovered after the White House said some countries could be exempted from planned US import tariffs, while traders awaited the outcome of a European Central Bank meeting later in the day.
Sterling edged lower as concern increased that disagreement over the European Union’s draft guidelines for a trade pact with Britain would prevent a transition deal being reached at a summit later this month.
Hong Kong’s central bank will probably take steps to tighten liquidity in the financial system, a survey of analysts showed, as the city’s currency approaches the weak end of its peg against the greenback.
The yuan has gained 3% against the dollar this year, picking up where it left off in 2017 – but trading volume is down 23%
The dollar has been weakening against a basket of leading currencies since the beginning of last year, while EM currencies, on average, have been appreciating.
Banks and insurers lined up to back the British government’s demand that a future trade deal with the European Union must include financial services, putting them on a collision course with Brussels.
Goldman Sachs is starting to move some senior bankers to Frankfurt in preparation for Britain’s exit from the European Union, the investment bank’s co-chief for Germany said.
Japan’s financial regulator will slap administrative punishment notices on several cryptocurrency exchanges this week and plans to force some to suspend their business, people with direct knowledge of the matter said.
One of the world’s leading market-making firms has decided that trading in bitcoin and other cryptocurrencies is too risky, underlining the assets’ struggle for acceptance in mainstream finance.
Securities and commodities regulators have long said harmonizing postcrisis swap rules was a priority.
Although there are one or two instances, the history of electronic FX tells us that it is very difficult taking volume away from an incumbent.
Gary Cohn’s resignation as White House economic adviser stoke trade war fears.
- Wall Street Should Be Afraid of What Trump Does Next After Cohn’s Departure – CNBC
- Cohn’s Exit Leaves Big Economic Policy Shoes to Fill – Wall Street Journal (subscription)
Senators expanded a bipartisan bill aimed at rolling back postcrisis rules, adding a provision aimed at limiting regulators’ ability to restrict commercial-real-estate lending and clarifying US regulators can tightly oversee foreign banks with significant US operations.
The International Organisation of Securities Commissions (IOSCO) set out draft recommendations for public consultation to stop big market moves becoming disorderly.
LCR and NSFR could produce $1 trillion shortfall in plans for balance-sheet ‘normalisation’.
Regulator’s budget has been flat for four years; chairman says filling key jobs could become a problem.
Leah Mallas has been promoted to global head of FX prime brokerage at JP Morgan.
Aston Capital Management is bucking the trend in the foreign-exchange market, growing as other parts of the industry struggle.
Zekis joined the bank as a director of FX sales and trading in 2016.
Fortex, a multi-asset trading platform, is launching a local ECN matching engine in the LD5 data centre in London.
The currencies of Mexico and Canada received a much needed reprieve after the White House suggested the two countries could be exempted from its proposed steel and aluminium tariffs on national security grounds.
Prices for bitcoin and other cryptocurrencies fell sharply after reports emerged about a major bitcoin exchange having problems executing orders.
The Australian dollar was up 0.1 per cent on the day against the US dollar at $0.7828.