Re-reading documents filed by the latest class action over market manipulation, my conclusion is that the FX industry is going to have to argue the case for pre-hedging in yet another court room (actually court rooms – as we reported almost two weeks ago when the news broke, a European lawsuit is also planned).
The United Kingdom and the European Union have agreed a deal that will give London’s vast financial centre only a basic level of access to the bloc’s markets after Brexit.
- City of London Is Far From Finishing Brexit Obstacle Course – Bloomberg
- What Bankers and Fund Managers are Saying about the Brexit Deal – Financial News
- Theresa May Braced for Backlash after Ferocious Brexit Battle – Financial Times (subscription)
- May’s Brexit Plan in Chaos after Quickfire Cabinet Resignations – Bloomberg
The pound plunged against both the euro and the dollar on Thursday after British Brexit minister Dominic Raab resigned in protest at Prime Minister Theresa May’s draft deal for leaving the European Union.
- Pound Tumbles and Gilts Rally on Fears for Brexit Deal – Financial Times (subscription)
- British Brexit Turmoil Spooks Investors, Boosts Dollar, Yen – Reuters
Two former Deutsche Bank traders have accused US prosecutors of a “cynical” attempt to reframe spoofing charges against them as a way to avoid evidence helpful to their case.
It is one thing to develop alternative benchmarks to Libor, but, even as the clock is ticking, it is quite another to get issuers to use them.
The US Commodity Futures Trading Commission broke new ground in its enforcement this past year, with the largest number of market manipulation cases ever brought.
The aim of the pre-defined sandbox is to enable firms to embark on experiments more quickly, says MAS, without needing to go through the existing bespoke sandbox application and approval process.
As more prop traders go bilateral, what does it say about – and mean for – market liquidity?
Bitcoin slipped to a 13-month low, falling below the $6,000-level and posting its largest drop since March with other cryptocurrencies also heading south.
Over the second half of 2017, Binance became the largest crypto exchange in the world and is on track to bring in $500 million in profit this year.
Mint Exchange has licensed the Integral platform to power the first institutional grade cryptocurrency exchange.
A trader was sentenced to 15 months in prison for misappropriating $1.1 million in Bitcoin and Litecoin. Prosecutors say Joseph Kim stole $600,000 in the cryptocurrency from his firm, Consolidated Trading, to cover personal losses trading crypto futures on foreign exchanges.
Fincross International is seeking to raise $12 million to fuel growth.
Katherine Woodrow will replace John Edwards as EMEA COO for BNY Mellon’s Markets unit.
The exchange has proposed axing six board director seats elected by traders, but its old guard objects to the move.
The ITG deal, valued at about $1 billion, has caused some to worry that Virtu, one of modern finance’s most successful traders, will snoop on its soon-to-be clients’ orders, leveraging that knowledge to place winning trades before they do.
Lee Olesky and his rivals have helped move fixed income trading away from the phone but there is ample room for growth.
Nomura and Deutsche Bank were the first to enter a swaption trade into SwapAgent.
As financial markets enter a more challenging phase, investors and analysts are looking for signs that can indicate financial stress. Here are some of the main contenders.
Investors in emerging market bonds sold in local currencies take risks their dollar bond-favouring peers prefer to avoid.
The Australian dollar jumped on Thursday after data showed the number of full-time hires in October had more than doubled from the previous month.