How will sterling fare in (yet another) big week for Brexit? As always with Brexit and the pound, the sensible answer here is “nobody knows”. But some lively moves in the pound on Friday provided some clues.
- The Pound’s Most-Accurate Forecaster Says It Will Slip Another 3% – Bloomberg
- Theresa May to Warn no Brexit More Likely Than No-Deal EU Divorce – Financial Times
- Leading Brexit Donors Say Britain Will Reverse Decision to Leave EU – Reuters
What can be done to avert more flash events, especially in the Australasian window before the mainland Asia open? I actually think the question should be, ‘What, if anything, should be done?’ because I remain unconvinced that what happened last week requires a radical rethink of how the FX market operates.
The January 3 flash event in FX markets continues to fuel the news cycle and this week’s podcast looks at the real impact of algos – widely cited as a major factor in the event – in markets. Our podcasters also turn their attention to what for many was the surprise move of Chris Concannon from Cboe to MarketAxess, and the latest moves in global attempts to establish a regulatory framework for crypto markets.
Fourth-quarter trading revenue is expected to be roughly flat, collectively, with a year ago at Bank of America, Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley, according to data from market-data firm Autonomous Research.
The Euromoney 25: Class of 2018 – Euromoney
Which bank chief executives are raising a glass to a successful 12 months? How are the newcomers to the party settling in? Who’s hiding in the corner, drowning their sorrows? And will 2019 be a year of feast or famine?
Goldman Sachs, JP Morgan and Morgan Stanley are among those that have spent an average of £100m each trying to make their operations Brexit-ready.
A survey conducted by JCRA, an independent financial risk management consultancy, and law firm Travers Smith, has found that a large majority of firms with exposure to Libor are yet to start making preparations for its discontinuation.
Some digital assets may qualify as transferable securities or other types of financial instrument under the Markets in Financial Instruments Directive (Mifid), says the European Securities and Markets Authority in an advice paper on initial coin offerings and crypto assets.
to Publish Mifid II Review Findings – Euromoney
The UK’s Financial Conduct Authority (FCA) is hoping to publish the long-awaited conclusions of its review into the implementation of the EU’s Markets in Financial Instruments Directive (Mifid II) requirements within the next two weeks, Euromoney understands.
Carney Tackles Crypto, Brexit in Marathon Online Q&A Session – Bloomberg
Bank of England Governor Mark Carney experimented with a new form of outreach as he spent more than a hour answering questions on the Internet on Wednesday.
Overlooked amid a resumptionn of digital-asset market volatility is a resurgence of activity by anonymous owners of long-dormant Bitcoin accounts that suggests more dramatic price swings lie ahead.
Soto introduced a bipartisan bill last month to exclude crypto from standard securities law.
The crypto markets are in a slump but Tyler and Cameron Winklevoss aren’t discouraged. The twin brothers, who are longtime fixtures in the Bitcoin world, believe digital currency has a bright future – so long as we have banking-style regulations that will help people trust it.
Spotex, a developer of technology systems for the FX markets and ECN operator, has hired John Miesner as executive managing director, global head of sales and distribution.
Profit & Loss understands that David Schulz has left exchange group Cboe, where he was a director in the firm’s global markets group most latterly focused on its bitcoin futures offering.
Research suggests the buy-side is slightly ahead in terms of AI technology adoption compared to sell-side firms and exchanges.
BrokerTec, the biggest electronic trading platform for Treasury securities, shut down for more than an hour on Friday because of a technical malfunction, an outage that several traders said caused a market-wide slowdown in one of the world’s biggest assets.
An industry initiative to start a new US exchange promises much, but it may struggle to deliver without a clearer purpose.
A trader who wants BNP Paribas SA to pay him 163 million euros ($188 million) over a “fat-finger” mistake is betting that Paris judges will help him avoid having to give up most of the claim.
The UK’s City watchdog has begun a full-blown investigation into the working culture at Royal Bank of Canada in London after dozens of former employees complained over their treatment.
The pound stalled near seven-week highs on Monday as Prime Minister Theresa May made last-ditch efforts to garner MPs’ support for her Brexit divorce deal, which looks almost certain to fail when it is put to vote on Tuesday.
It’s a measure of how the climate has changed so quickly for emerging markets that this week’s interest rate decision in Turkey, an event that would have had traders on tenterhooks six months ago, is being anticipated with a virtual shrug.
The Japanese yen strengthened and the Australian dollar and oil prices fell after Chinese exports came in weaker than expected in December.
UBS Global Wealth Management predicts the Federal Reserve will raise interest rates twice this year despite markets pricing in little chance of that happening.