Yen Climbs on New Trade Tensions – Wall Street Journal (subscription)
The yen rose against the dollar, as investors sought the haven currency amid concerns of an intensifying trade conflict between the US and China.
Dollar Holds Near One-Week Lows as Trade War Concerns Rise – Reuters
The dollar held near a one-week low against a basket of currencies as investors retreated to the sidelines while concerns grew about an intensifying conflict between the United States and its trade partners, particularly China.
Sterling Weakens After Incoming Rate-Setter BoE’s Haskel’s Comments – Reuters
The pound fell versus the dollar after traders saw as dovish comments from incoming Bank of England rate-setter John Haskel about the uncertainty of the impact of Brexit on the economy.
Weakening FX Better Than Selling US Debt for China: Goldman Sachs – Reuters
China would be better off weakening its currency rather than selling its vast holdings of US government debt in response to a growing trade conflict between the world’s two biggest economies, according to simulations by Goldman Sachs strategists.
Ex-HSBC Trader Will Have to Put Up More Money to Get Out of Jail – Bloomberg
Former HSBC currency boss Mark Johnson won’t be walking out of prison until he puts up more money to ensure his return to the US.
Associations Publish Global Benchmark Report – Profit & Loss
The report, which was based on a survey of 150 banks, end users, infrastructures and law firms in 24 countries, shows a gap between high levels of awareness of benchmark reform and concrete steps being taken to transition from the IBORs to alternative RFRs.
Banks’ Plans for Hard Brexit Are ‘Inadequate’, Says EU Watchdog – Financial Times (subscription)
The EU’s top banking regulator has sounded the alarm over lenders’ “inadequate” level of planning for a hard Brexit, in a move likely to put it at odds with British supervisors.
- German Asset Managers Demand ‘Unhindered Access’ to City of London in Boost for Brexit Britain – The Telegraph
Esma Clarifies Certain CCP Liquidity Risk Assessments – FOW (subscription)
The European regulator said CCPs should test the failure of clearing members in all capacities, given some act as liquidity providers.
The European Reforms Putting Wall Street Jobs at Risk – Financial News (subscription)
Investors believe the unbundling of corporate access fees is set to cross the Atlantic, posing a major threat to a $2bn industry.
Steer Clear of Diluting the Volcker Rule and Repeating Mistakes – Financial Times (subscription)
The ban on proprietary trading by big banks helps keep the markets safe.
Andreessen Horowitz Raises Fund Dedicated to Cryptocurrencies – Financial Times (subscription)
Andreessen Horowitz has become the first venture capital firm to raise a large fund focused on cryptocurrencies, as start-up investors search for ways to join a boom that has threatened to pass the traditional VC world by.
Institutions Need “Better” Market Structure for Crypto: Bcause – FOW (subscription)
Appetite for a new clearing model based on an ownership structure is high, according to the president of crypto firm Bcause.
Jack Ma Slams Bitcoin Speculation While Launching Remittance Service Built on Blockchain – Wall Street Journal (subscription)
Chinese billionaire Jack Ma criticized people who have been speculating on bitcoin, pledging to avoid the asset class and saying the blockchain technology underpinning it should be instead used to solve social problems.
- Big Changes May Be Coming to Robinhood’s Crypto Platform and Market Experts Say Coinbase Should Be Worried – Business Insider
Goldman Sachs Has Created a New Team to Take on High-Speed Traders Like Virtu and Citadel at Their Own Game – Business Insider
The new team will be in charge of just about every technology function that touches a trade, from the moment it comes into the firm to the final stages of clearing and settling.
IS Prime Adds to Agency Execution Offering – Profit & Loss
IS Prime, part of ISAM Capital Markets, is launching an NDF and forward execution facility within its agency desk.
People’s Bank of China Must Face Awkward Reality Over Renminbi – Financial Times (subscription)
Markets may not respond to policy measures in the way policymakers hope.
It’s the Bleakest Monday for Emerging-Market Traders Since 2016 – Bloomberg
MSCI’s index of developing-nation currencies is down 0.5 percent, its worst performance on a Monday since August 2016.