Regulation
ECB: Libra a “black hole” of legal certainty
But current global standards fit for purpose to underpin digital assets
AML deadline prompts FCA to warn crypto firms
Regulator says firms must not mislead customers about regulatory status
Cambodia extends blockchain payment system pilot
Central bank lengthens trial to end of year and explores including cross-border transactions
Expanding European market abuse regime to FX spot considered problematic
Lawyers and industry group say move would overlap with Global FX Code and create costly record-keeping and reporting burdens
Fed can now keep rates on hold, senior official says
Recent cuts have provided greater assurance Fed will hit inflation target, Charles Evans says
CFTC fines BGC, GFI $25 million for FX options fraud
Regulator says emerging markets FX options brokers used fake bids and offers to induce clients to trade
More global custodians approved as FX settlement banks by China
But list of eligible Bond Connect entities incomplete and some global custodians unable to provide CNY funding
Central banks urged to adopt DLT-based CBDC
Industry figures argue central bank money needed for token-based securities settlement, but central bankers sceptical
IMF officials call for ‘far-sighted’ digital currency regulation
Stablecoins could put weaker currencies at risk and increase illicit activities
Fed provides update on future RTGS system
FedNow cross-border payments could be considered in future, US central bank says
Trade reject codes lack clarity – BoE official
Schroders and BoE criticise mish-mash of codes, as Investment Association presses for standardisation
Algo fears spark hunt for neutral checks on FX Code compliance
Banks seek third-party quantitative methods for confirming activities done in their names are aligned with the principles
LCH and StanChart tout rival routes to cheaper margin
Panellists at FX Week Asia conference say participants should start thinking about margin optimisation sooner rather than later
Argentina opens IMF talks as crisis deepens
Government extends debt maturity and pledges reserves will not be used to repay international investors
US senator calls for hearings on Fed’s role in 2020 elections
Republican accuses former NY Fed chair Dudley of trying “sabotage” Trump’s trade talks
Buy side continues with IM prep despite delays
Firms looking at custodian types, docs and trading strategies to optimise margin
Argentine central bank tries to halt peso’s slide
Peso falls after primary election results come as blow for President Macri
China discloses FX portfolio for first time
Report shows ratio of US dollar-denominated assets declined to 58% in 2014, from 79% in 1995
Shekel’s strength clouds Bank of Israel’s inflation outlook
Economists ponder whether central bank actions contribute to lower prices and what priorities it should consider in the near future
Central banks need better crypto asset data – ECB research
Links between crypto assets and regulated financial sector may increase and challenge regulatory frameworks
Thai central bank to work with HKMA on cross-border blockchain
Central banks to work on technology to transfer funds across borders