United Kingdom (UK)
Boost for deal contingent hedging as M&As face waiting game
With M&As subject to regulatory delays, banks see renewed demand for deal contingent hedging
Synthetic Libor gets cautious approval as swaps fix
‘Tough legacy’ solution could mop up $2.7trn-equivalent of non-cleared sterling and yen derivatives
Opt in or opt out: an FX class action decision worth millions
Six banks accused of manipulation may see 40% reduction in damages if UK lawsuit proceeds along ‘opt-out’ route
Quantum trading and the search for the perfect clock
Government push to overhaul satellite technology could improve time-stamping accuracy for trading firms – and for regulators
BIS to operate sterling liquidity facility backed by BoE
Move echoes twentieth-century arrangements when BIS acted as intermediary in swaps network
BoE and Treasury launch CBDC task force
Central bank also forms new division to lead “internal exploration” of digital currency
All roads lead to Bergamo: Euronext eyes new home for its tech
Market participants fear a “horrible” relocation project and more room for latency arbitrage
Digital Vega, Spark deal hints at wider shake-up for platforms
Two trading tech firms seek point of difference as dealers cull vendor relationships in cost-cutting drive
BoE needs ‘better handle’ on control of UK currency
Lawmakers highlight the UK’s disjointed cash management, which could put consumers at risk, they say
UK’s FCA bans crypto derivatives for retail investors
FCA says retail crypto assets have no reliable valuation basis and could increase financial crime
Brexit, Hong Kong tensions revive FX options market
Political wrangles have helped boost FX options volumes in Hong Kong dollar and sterling
Spot FX shies away from regulatory yoke
As Europe weighs Aussie-style rules for spot trading, some see benefits – but many fear the burden
Ion’s wrists slapped in probe of Broadway deal
Competition watchdog extends initial investigation, after Ion failed to comply with call for info
Statisticians grapple with inflation impact of Covid-19
Collecting reliable inflation figures during lockdown is not straightforward
How carbon-cutting Drax manages currencies and credit
Interview: UK power giant uses option selling – and other tactics – to create hedging headroom
Major economies already engaging in ‘currency wars’ – former IMF chief
De Larosière floats new commodity-based exchange rate regime; says “trust” is key to avoiding “beggar-thy-neighbour” policies
For FX vol, think globally, but act locally
Country-specific stories are where to look for volatility, writes Fenics
FMSB appoints Rich as general counsel
The lawyer has worked with BNP Paribas, Deutsche Bank and RBS
Westpac: Johnson’s rhetoric over EU trade hits sterling
Cable has less upside than before the “go it alone” talk resumed after Brexit
Former EBS e-FX specialist Myers joins social media platform
Moving from a money market sales position at CME, she becomes CCO at All of Us
Christopher Purves promoted at UBS London
After a decade at the bank, Purves becomes co-head of execution and platform, as well as co-head of digital
Schmidt heads Emea EMFX and rates trading at Credit Agricole
Markus Schmidt was formerly head of financial markets trading at Bankhaus Lampe in Germany
Westpac: UK election results blow sterling cap
The pound regained its lustre on the news UK prime minister Boris Johnson secured a majority
Franz appointed CIO at State Street
Hire supports continued development of State Street Alpha platform