Top Headlines

Yen Dives as Risk Appetite Roars; Euro Subdued – Reuters

The dollar jumped half a percent against the yen as hopes of a breakthrough in the North Korean nuclear standoff rose and after the Japanese central bank reaffirmed its decision to stick to its ultra easy policy stance in the coming months.

What Analysts in Asia Are Saying About Kim-Trump Summit, Tariffs – Bloomberg

Investor sentiment has been buoyed in Asia by the proposed meeting between US President Donald Trump and North Korean leader Kim Jong Un, though doubts remain on its outcome.

Euro Falls Against Dollar Following ECB Monetary Policy Meeting – Wall Street Journal (subscription)

The euro dropped against the dollar as some investors locked in profits on the currency after the European Central Bank held its monetary policy meeting.

Wall Street Gains After ECB, Tariff Announcement – Financial Times (subscription)

The dollar index, a measure of the US currency against a weighted basket of global peers, was up 0.6 per cent at 90.131 in afternoon trade.

Sterling Treads Water as Industrial Numbers Fail to Impress – Reuters

Sterling struggled to make headway after official data showed British industry kicked off 2018 in low gear and traders waited to get more clarity on Britain’s Brexit negotiations with the European Union.

Last-Look Guidance Felt as Market Prepares for FX Code Deadline – Euromoney

Traders are having to manage a surge in the number of prices they handle, as counterparties implement FX code of conduct guidelines.

A Brexit Financial Services Deal and the 12 Tasks of Hammond – Risk (subscription)

UK call for turbo-charged equivalence with the EU faces big hurdles.

Coincheck to Start Paying Back Victims of $500 Million Heist – Bloomberg

Coincheck said it will start compensating users who had their cryptocurrency stolen beginning as soon as next week, as the Japanese exchange seeks to resume more of its operations.

‘10% Rule’ Revamp and Disclosure Harmonisation: Industry Eyes Key Areas for ‘MiFID III’ Overhaul – Investment Week (subscription)

After a rocky start to the implementation of MiFID II, the investment industry has already begun to consider what the next iteration of the landmark directive could mean for their businesses and the regulation of European markets, with a number of key issues yet to be resolved.

Regulatory News

Wall Street Denied in Latest Rewrite of Senate Banking Bill – Bloomberg

Wall Street banks don’t have much to celebrate in what’s probably the final version of a bill easing financial rules that is headed for a US Senate vote.

A Top Regulator’s Close Ties to Wall Street Damage One of Its Most Crucial Functions Ten Years After the Crisis – Business Insider

The Federal Reserve is supposed to be a public institution, yet every president of the Federal Reserve Bank of New York has worked for Wall Street before or after his tenure at the regional central bank.

European Commission Targets FinTech Global Hub Status with Action Plan – The Trade

The European Commission has unveiled a new FinTech action plan targeting technologies such as blockchain, artificial intelligence and cloud services.

‘Regulation Can Add to Credibility’ of Crypto Market: CFTC Commissioner – CNBC

Commodity Futures Trading Commissioner Brian Quintenz said some type of regulation in the crypto market is good.

Reformist PBoC Governor Signs Off After 15 Years at Helm – Financial Times (subscription)

China’s longest-serving central bank governor quietly exited the global stage, offering assurances that Beijing was getting to grips with high debt levels and predicting a gradual relaxation of capital controls imposed in late 2016.

Company News

CTAs Struggle Amid Equities, USD Reversals – Profit & Loss

Following a strong start to the year, February was a challenging month for CTAs, with all of the Societe Generale CTA Indices in negative territory for the month.

Swift Says Blockchain Not Ready for Mainstream Use – Financial Times (subscription)

Blockchain technology needs to make more progress before it can handle the billions of dollars of daily cross-border payments between the world’s banks, Swift has concluded after testing the new system on its interbank messaging network.

Cboe Gets Green Light for Benchmark Administrator Position in Europe – The Trade

Cboe Global Markets has gained regulatory approval to act as a benchmark administrator under EU regulation.

Oanda Upgrades Informational Spot FX API – Profit & Loss

Oanda has released a new version of its Exchange Rates API, which has been updated to include what the firm calls “real-time” currency rates.

Market Savvy

Improving Mood Faces Test from US Jobs Report – Financial Times (subscription)

South Korea stocks and won gain on news of Trump-Kim meeting.

Bitcoin Sinks Below $9,000 in Cryptocurrency Swoon – Financial Times (subscription)

This week’s sell-off has sent bitcoin swooning from $11,100 to $8,741, according to Reuters data tracking the bitstamp trading venue.

Why Is the Hong Kong Dollar Probing the Weak End of Its Band? – Reuters

The Hong Kong dollar has been losing ground steadily to the US dollar since the start of 2017 and is near its weakest in 33 years, a milestone it has now touched for six consecutive sessions.