Regulation
China FX reserves rise for ninth consecutive month
PBoC figures show $700 million increase, bringing total reserves stockpile to 12-month high
Market participants start testing Mifid II systems
But they do not feel fully ready for the sweeping changes taking effect on January 3
Trump nominates Jay Powell as Fed chairman
Powell has voted in line with Yellen’s agenda and is not expected to shift away from current policy
BoE hikes rates for first time in 10 years
Pound falls more than 1% against dollar and euro following long-awaited decision on interest rates
US Treasury declines to brand China a currency manipulator
In its second report on FX policies since Donald Trump took office, the US Treasury only criticises China, despite campaign promise
Renminbi payments lag Canadian dollar
China's currency loses fifth place as overall share shrinks again – Swift
China’s party congress hints at new PBoC chief
Contest narrows to Guo Shuqing and Jiang Chaoliang
FCA fines Merrill Lynch £34.5m for Emir reporting failures
First penalty issued by FCA for breaching Emir reporting requirements
Guilty verdict returned in Johnson case
Jury finds Mark Johnson guilty of conspiracy and eight counts of wire fraud
EU and US regulators agree on margin equivalence
As the regulators take a common approach, Mifid II-regulated venues look set to be exempt from Sef registration requirements
China FX reserves rise for eighth month running as yuan fortifies
PBoC figures show $17bn increase, bringing total stockpile of reserves to 11-month high
Nex lowers Optimisation margins for first half of the year
Operating profit margins for the Nex Optimisation business division in the six months to September 30 are set to be 20% rather than 29% as previously forecast
XTX to become equities SI under Mifid II
The non-bank market-maker will opt into the regime for European equities, regardless of its share of the OTC market
Fed fines HSBC $175m for unsafe FX practices
Bank ordered to improve practices
Deutsche settles FX rigging case for $190m
Credit Suisse now the only holdout defendant in the case that involves 16 major banks
ACI joins voices calling for changes to Principle 17
ACI finds “no firm evidence or specific situations” where there is any likely benefit to clients from trading in the last look window
FMSB warns of Ficc market vulnerabilities
In its annual report, the body representing the global Ficc market, highlighted areas of concern still needing attention
Cürex launches pre-trade time-stamping
The new capability will allow Cürex’s customers to prove their compliance with Mifid II
FCA: Mifid II enforcement will be proportional
While enforcement may not be immediate, participants need to show they have taken sufficient steps to meet requirements
Last look consultation closes, outcome uncertain
Responses to GFXC’s consultation on last look will be published before the body meets on November 14
PBoC scraps reserve requirements as capital flows ease
Renminbi slides against dollar as Chinese central bank reversed two measures it put in place to fight speculation
Employees get deposition stay in FX antitrust case
Depositions and interviews with bank staff in benchmark rigging case delayed until December 8
Integral’s OCX to operate as MTF
Market participants using OCX will be able to comply with Mifid II, including banks under the systematic internaliser regime
R3 unveils DLT regulatory reporting prototype
Technology provider works with Financial Conduct Authority and RBS to build continuous regulatory reporting solution