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Intercontinental Exchange Announces Record Trading Across Multiple Contracts

September 20, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: Contracts, ICE, trading

ATLANTA & NEW YORK–(BUSINESS WIRE)– Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today noted significant records in trading across multiple contracts on ICE Futures on September 16, 2019.

“When global events foster spikes in uncertainty, ICE’s markets provide open, transparent platforms for participants to trade, manage risk and hedge with our futures and options contracts,” said Ben Jackson, President of Intercontinental Exchange.

New daily volume records set on September 16, 2019 include the following:

Record Total Futures and Options of 12.83 million lots, versus the previous daily volume record of 11.32 million set on May 29, 2018.
Record Total Energy Futures and Options of 6.33 million lots, versus the previous record of 4.89 million on November 14, 2018.
New daily volume record for Brent Futures and Options of 3.12 million, versus the previous daily volume record of 2.12 million set on November 30, 2016.
Record volume in Low Sulphur Gasoil Futures and Options with 904,637 lots traded, versus 896,111 lots on February 7, 2018.
Record volume in ICE WTI Crude with 686,414 lots traded, versus 504,000 lots set on January 28, 2011.
Record daily volume in Three Month Sterling Options with 1.73 million lots traded, versus 1.39 million lots on June 13, 2014. A new open interest record for Sterling Futures and Options was set on September 16, 2019 of 18.26 million.
Record daily volume in ICE’s global MSCI complex of 1.41 million lots, versus 1.33 million lots set on March 11, 2019. This includes a new daily volume record for the MSCI Emerging Markets Index Future, which traded a record 978,680 lots, versus the previous record of 966,563 lots set on December 17, 2018.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key information Documents (KIDS)”.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 7, 2019.

Source: Intercontinental Exchange
ICE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20190918005186/en/

RISK-OFF Start After Weekend Attacks on Saudi Arabia Oil Plants

September 16, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, Brexit, EUR-USD, Forex, FX trading, GBP-USD, monetary policy, trading, USD/JPY

Summary: A drone attack on Saudi Arabia massive oil processing facility over the weekend ignited a risk-off stance in early Sydney today. The Saudi stock market fell by over 2% yesterday as the country battled the effects of attacks on the massive Abqaiq oil processing facility, the heart of its oil production. While fires from the attack were contained within hours, reports suggest that half of the Saudi Arabia’s oil production was halted. Yemen’s Houthi rebels, a proxy for Iran, has been blamed for the attacks. Brent Crude Oil futures skyrocketed as high as 13% to $68.00 from Friday’s $59.60. The Dollar fell 0.35% against the Yen to 107.70 from its 108.10 close in New York. Oil sensitive Canadian Loonie climbed 0.4 % against the Dollar to 1.3235 (1.3285 NY close). The Euro was little changed at 1.1070 from 1.1077 (NY close) and 1.1065 Friday morning. The British Pound soared 1.31% on Friday to 1.2504 before easing in early Sydney to 1.2495. A report in the UK Times that Britain and the EU can agree to a deal to replace the Irish backstop, the main impediment in talks between London and Brussels, sent Sterling soaring to 1.2506 from 1.2335 Friday morning. UK PM Boris Johnson, ahead of his first face-to-face meeting with Chief EU negotiator, Michel Barnier, was confident that he could strike a deal with EU within weeks.

BRENT CRUDE OIL Price Chart – 16 SEPT 2019

Stock futures dropped with the DOW down 0.5% to 27,070 (27,205 Friday). The S&P 500 slipped 0.55% to 2,989 from 3,005. On Friday, global bond yields jumped with the US benchmark 10-year rate up to 1.90%, August 2 highs from 1.77% Friday. On Friday, an avalanche of US government bonds sold saw a lukewarm reception, boosting yields.
US Retail Sales beat forecasts, rising 0.4% against 0.2%. US Core Retail Sales dipped to 0.00% against median expectations of 0.1%.

EUR/USD – The Euro rallied on Friday after the ECB rate reduction to finish 0.11% at 1.1077 in New York. Germany’s 10-year Bund yield was up 7 basis points to -0.45%. Interest rate traders saw the ECB’s stimulus adding moves as it’s last for an indefinite time.
USD/JPY – The risk-off stance in early Sydney saw the safe-haven Yen bought against the Greenback. USD/JPY dipped to 107.46 in thin early Sydney trade before settling at its current 107.77. On Friday the Dollar finished at 108.10 Yen, its highest finish since August 2. Japan’s 10-year JGB yield was up 5 basis points to -0.17%.
GBP/USD – Sterling rocketed to finish at 1.2505, up 1.31% (1.2335 Friday) after the UK Times report suggested a deal on the Irish backstop between London and Brussels could happen. Sterling shorts continued to cover as they realise that Boris Johnson’s chances of delivering a no-deal Brexit can’t happen. GBP/USD dipped to 1.2493 in early Sydney.

On the Lookout: The attacks on Saudi Arabia’s oil industry over the weekend saw a risk-off start to the week. The kingdom’s oil production was cut in half following the drone attacks. Geopolitical risk premium will weigh on markets ahead of the Federal Reserve’s Interest rate policy meeting (early Thursday morning Sydney). The Fed is poised to shave another 25 basis points off interest rates to support the slowing economy with further cuts in the coming months.
Japanese markets are closed today in observance of its Respect for the Aged Day.
Today’s data sees China’s trifecta of primary reports with Industrial Production, Retail Sales and Fixed Asset Investment. China will also report its Unemployment Rate. The US Empire State Manufacturing Index (August) rounds up the day’s reports.

Trading Perspective: Ahead of this week’s Federal Reserve meeting, the Dollar will remain under pressure overall. Geopolitical tensions will favour the safe-haven currencies while firmer oil prices underpin oil resources currencies (Canadian Dollar and Skandinavian currencies). We take a look at the market’s current positioning in tomorrow’s report particularly after a strong upmove in the British Pound. The Dollar Index (USD/DXY) dropped 0.46% to 97.858 on Friday from 98.372. Further downside corrective moves in the Greenback this week are likely, with the EUR/USD pair leading.

EUR/USD – The shared currency lifted to an overnight high at 1.1110 before settling at 1.1077 in New York. The ECB is seen as done with its stimulus efforts for the time being after Thursday’s interest rate cut. EUR/USD has immediate resistance at 1.1110 followed by 1.1140. Immediate support can be found at 1.1060 (overnight low 1.10555). The next support level comes in at 1.1030. With no major Euro area data reports scheduled today, look to trade a likely range of 1.1060-1.1110.

DLY FX – USD JPY CHART – 16 SEPT 2019

USD/JPY – The Dollar slumped against to Yen to a low this morning of 107.46 as Sydney opened in thin trading conditions. USD/JPY closed at 108.10 in New York on Friday, pretty much unchanged from 108.11. The climb in the US 10-year yield was due to a poor bond auction where there was a deluge of supply. Japan’s 10-year JGB was also up, but to a lesser extent than its US rival. USD/JPY should have seen a short-term top with 108.20/30 as strong resistance. Immediate support lies at 107.50 and a break of this support should see 107.10. Look to sell rallies with a likely range of 107.40-108.10.
GBP/USD – The British currency rocketed to an overnight and 26 July high at 1.2527 before easing to settle at 1.2495 in early Sydney. Sterling saw a low at 1.2475 this morning which is immediate support. The next support level lies at 1.2440 and 1.2380. The British currency has seen speculative shorts run for cover in the past week from a low of 1.2280. Despite renewed optimism with a Brexit deal coming from the British press, much uncertainty still exists under current PM Boris Johnson. Look to sell rallies with a likely range today of 1.2400-1.2500.

Have a good week ahead all, happy trading

Euro Rebounds, ECB Restarts QE, Urges Global Fiscal Boost

September 13, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, Brexit, EUR-USD, financial services, Fintech, FX, FX trading, GBP-USD, Sino-U.S. trade talks, trading, USD/JPY

Summary: It was always going to be about the Euro. The Single Currency had a roller coaster ride after the ECB launched new stimulus measures but failed to match dovish expectations. The ECB cut its deposit rate by 10 basis points to -0.5% (from -0.4%) and restarted bond purchases (QE) by EUR 20 billion/month effective November. The Euro initially plunged to 1.09268, within less than a pip from Sept 3 low at 1.0926, before rebounding to 1.1087, one-week highs. Mario Draghi, in his last ECB meeting chair before handing it over to the incoming Christine Lagarde urged governments to go big on fiscal stimulus. The ECB also announced that it would exempt Eurozone banks from paying penalty charges on idle cash worth 6 times of their mandatory reserves. The Dollar lifted 0.3% against the Yen to 108.10 (107.88) on signs of further trade deal hopes between China and the US. Against other currencies, the Dollar was little changed. Sterling was trading at 1.2335 (1.2330) while the Australian Dollar settled at 0.6865 (0.6867). Emerging Markets gained as risk appetite stayed healthy. Stocks edged up following the ECB’s stimulus measures with the DOW ending up 0.12% (27,195.), while the S&P 500 added 0.3% to 3010.00. Global bond yields rose, the US 10-year rate climbed 3 basis points to 1.77%. Two-year US bond yields were up 5 basis points to 1.72%.

FX STREET – US August Federal Budget Balance Chart – 13 SEPT 2019

Eurozone Industrial Production in August missed forecasts at -0.4% against -0.1%. US Headline CPI (August) matched expectations at 0.1% while Core CPI rose 0.3% against an expected 0.2%. US Weekly Jobless Claims fell to 204,000 which bettered forecasts of 215,000. The US Budget Deficit ballooned to – USD 200 billion against a forecast of -USD 195 billion and July’s -USD 120 billion.

The Trading View – EUR USD 1 M CHART – 13 SEPT 2019

EUR/USD – The Euro closed at 1.1065 up 0.45% from 1.1015 yesterday after falling to 1.09268 and rallying to a one-week high at 1.09268. ECB policymakers announced multiple stimulus steps to boost the Eurozone economy, which initially pressurised the Euro. The ECB move virtually guarantees that the Fed will cut rates next week. Which lifted the Euro. Short market positions moved to cover.
USD/JPY – The positive trade news brought about by the delay and roll-back of tariffs from the US and China saw the Dollar gain versus the Yen. The 10-year US bond yield climbed to 1.77% (1.74% while Japan’s 10-year rate was unchanged. USD/JPY rallied to 108.19, the highest since August 2. The Dollar closed at 108.10, up 0.3%.
AUD/USD – The Aussie finished little changed at 0.6865 (0.6867). AUD/USD traded within a relatively tight 0.68602-0.68945 range overnight. The Battler remains supported on upbeat trade reports and the ECB stimulus moves.

On the Lookout: Markets will continue to monitor trade headlines for clues to the next significant step to any deal between China and the US. Meantime data today sees crucial the US Headline and Core Retail Sales for August, which is expected to have dropped from July.
Other data today are Japan’s Industrial Production and Capacity Utilisation for July. Euro area reports see Germany’s Wholesale Price Index and Eurozone Trade Balance (August). The Eurogroup meetings which involve Eurozone Finance Ministers, the Eurogroup President and the ECB President are occurring today in Brussels. The other US report is its University of Michigan Preliminary Consumer Sentiment Index which finishes off the day’s data releases.

FX FCTRY – US Retail Sales Expectations Chart – 13 Sept 2019

Trading Perspective: The recent trading ranges, wider for some currencies following last night’s Euro move should stay intact until tonight’s US Retail Sales reports. The Eurogroup meetings today following the ECB stimulus measures and Mario Draghi’s call for fiscal stimulus from other countries will be closely watched for comments from other Eurozone leaders.
The Dollar Index (USD/DXY), often a mirror of the EUR/USD slipped 0.29% to 98.372 (98.627). The Federal Reserve meets next week. The ECB move virtually guarantees a Fed rate cut. The question now is to what extent? This should keep a lid on the Dollar unless tonight’s retail sales data outperforms.

EUR/USD – The strong rebound off the near Sept. 3 low at 1.09268 suggests an interim base for the shared currency. EUR/USD closed at 1.1063, settling currently at 1.1058. Immediate resistance lies at 1.1090 (overnight high 1.10871). The next resistance level is at 1.1120. Immediate support can be found at 1.1040 followed by 1.1010. Germany’s 10-year Bund yield was up 5 basis points to-0.52%. Look for a likely range today of 1.1010-1.1090. Look to trade the range today.
USD/JPY – The Dollar rallied against the Yen as risk appetite remained healthy. A rise in US 10-year yields also supported the currency pair. Tonight’s US Retail Sales report is expected to show a fall in August. A more pronounced drop in the retail sales report and expectations of a Fed rate cut at next week’s meeting could see USD/JPY ease back from current levels. USD/JPY has immediate resistance at 108.20 (this morning’s high was 108.19). The next resistance level can be found at 108.50 (strong) and 108.90. Immediate support lies at 108.00 and 107.70. Look for a likely range today of 107.65-108.25. Prefer to sell rallies.
AUD/USD – The Aussie kept its bid and dipped to an overnight low of 0.68602 before closing little changed at 0.6865. AUD/USD traded to an overnight high at 0.68945. Immediate resistance lies at 0.6900 followed by 0.6930 (strong). Immediate support can be found at 0.6950 and 0.6830. The Australian Dollar will follow the US Dollar’s lead from here. With markets expecting slowdown in US August retail sales, the risk may be for a less pronounced slowdown. Look to trade a likely 0.6840-0.6890 range today with the preference to sell rallies.

Happy Friday and trading all.

Pound, Euro, EM’s Rally; Dollar Extends Drop, Yen Slips

September 5, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, Brexit, EUR-USD, Forex, FX trading, GBP-USD, Retail Fx, trading, trading platform, USD/JPY

Summary: The Dollar extended its losses against its rivals bar the Yen as global tensions eased. Dismal ISM data yesterday depressed US bond yields which triggered further unwinding of bullish Dollar bets. The British Pound rallied anew to 1.2240 (1.2085) on hopes that a hard-Brexit may be avoided. Christine Lagarde, most likely the next ECB President warned about the negative effects of unconventional policies. The Euro rose 0.56% to 1.1032 (1.0995 yesterday) while USD/JPY finished up at 106.40 (105.98). The Dollar Index (USD/DXY), often a mirror of the Euro, fell 0.58% to 98.427 (98.95). In Asia, risk appetite rose as Hongkong’s leaders scrapped the controversial extradition bill that saw months of often violent protests. The Dollar dipped against the offshore Chinese Yuan (USD/CNH) to 7.1470 from 7.1790. The Aussie climbed to 0.6798 (0.6765). Emerging Market currencies were all higher versus the Greenback.
Wall Street stock were up. The Dow finished at 26,370 (26,115) while the S&P 500 gained 1.16% to 2,938. US bond yields were steady near their lows. The 10-year rate closed at 1.47% (1.46%).
Australia’s Q2 GDP matched forecasts at 0.5%. China’s Caixin Services PMI beat forecasts at 51.7, rising to 52.1 in August. Euro area Serviced PMI’s mostly matched expectations. UK Services PMI dipped to 50.6 versus forecasts of 51.0.
The Bank of Canada kept its Overnight rate unchanged at 1.75%.
Fedspeak yesterday was balanced between the hawks (Williams, Rosengren) and doves (Bullard, Kashkari).

EUR/USD – Against the overall weaker US Dollar, the Euro rallied 0.56% to 1.1032 from yesterday’s close at 1.0995. Expectations of ECB measures to stimulate the economy, to be announced next week have weighed on the shared currency.

GBP USD Chart – Daily FX – 05 SEPT 2019

GBP/USD – Sterling extended its rally as more shorts were forced to cover after British lawmakers took another step to block as no-deal Brexit. GBP/USD soared to 1.2240 from its close yesterday at 1.2085.
USD/JPY – The Dollar rose against the Yen to 106.40 (105.98) as risk appetite increased.
AUD/USD – The Aussie extended its gains versus the Greenback to 0.6798 from 0.6765. The Battler has been weighed down by overall bearish sentiment on expectations of a more dovish RBA. The rally in EM currencies and metal prices supported the Aussie.

On the Lookout: After the big moves this week, expect some consolidation today heading into tomorrow’s US Payrolls report. The employment portion of yesterday’s dismal ISM report underwhelmed and could impact tomorrow’s NFP.
Markets will continue to monitor geopolitical developments.
Today’s data starts off with Australia’s Trade Balance. Swiss Q2 GDP kicks off Europe’s reports followed by Germany’s Factory Orders (August). US reports round up today’s data starting with Challenger Job Cuts, ADP Non-Farm Employment Change (Private Sector) report, Weekly Unemployment Claims, Factory Orders, US Final Services PMI and ISM Services PMI.

Trading Perspective: Heading into the US Payrolls number, we look at the current market positioning in FX. The latest Commitment of Traders/CFTC report for the week ended 27 August saw gross speculative USD longs versus 10 IMM currencies reduced further to 14-month lows according to Saxo Bank’s report. The reduction in USD longs were mainly against the Pound, Yen and Swiss Franc. We look at a few of these currencies.

BLOOMBERG, SAXO BANK COT – CFTC Report 05 SEPT 2019

EUR/USD – The Euro has been under heavy pressure this week as speculation mounts on further ECB measures to stimulate the flagging economy. The Euro traded to a low at 1.09687 overnight before rallying to finish above 1.1000 to 1.1035. The turnaround on the US Dollar following yesterday’s dismal ISM Manufacturing report supported the Euro. Italy’s political pressure eased after PM Mario Conte unveiled a new cabinet that united the two main opposing parties. Christine Lagarde, most likely new ECB head put doubt over the scale of any ECB stimulus package next week. Net speculative Euro short bets were little changed at -EUR 38,804 contracts (week ended 27 Aug) from -EUR 37,977. Immediate resistance lies at 1.1040 followed by 1.1070. Immediate support for the shared currency is found at 1.1000 and 1.0970. Look for a likely range today of 1.0995-1.1055. Prefer to buy dips.
USD/JPY – The Dollar rose against the Yen to 106.40 from 105.95 yesterday on a build in the market’s risk appetite. US 10-year bond yields were steady at 1.47% from 1.46% yesterday. The Yen and Canadian Dollar are the only major IMM currencies where speculators are short USD. Net speculative JPY long bets increased to +JPY 33,607 contracts (week ended 27 Aug) from +JPY 31,154 the previous week. Today, immediate resistance in USD/JPY lies at 106.50 (overnight high 106.45) followed by 106.80. Immediate support can be found at 106.10 and 105.80. Prefer to buy dips with a likely range of 105.85-106.55.
GBP/USD – Sterling soared to 1.2240 which is basically near its overnight highs as shorts ran to cover after the UK lawmakers defeated Boris Johnson’s no-deal Brexit plans. The Pound fell to as low as 1.19587 yesterday in Europe before reversing back to 1.2085, and 1.2240. The latest COT/CFTC report saw net speculative GBP shorts pared to -GBP 89,028 contracts from -GBP 92,418. Immediate resistance today lies at 1.2250 followed by 1.2280. Immediate support can be found at 1.2200 and 1.2160. Look for a likely range today of 1.2180-1.2280. Just trade the range shag on this one, stay nimble.

AUD USD Chart – Trading View 3M – 5 SEPT 2019

AUD/USD – The Aussie has also been under heavy pressure this week, falling to a low at 0.66876 yesterday before recovering on broad-based US Dollar weakness. AUD/USD closed at 0.6797. The latest COT/CFTC report (week ended 27 Aug) saw net speculative AUD short bets pared to -AUD 61,032 contracts from the previous week’s -AUD 62,781. Despite the reduction the number of Aussie short bets are still relatively large (83% of the year’s high). AUD/USD has immediate resistance at 0.6820 followed by 0.6850. Immediate support can be found at 0.6770 and 0.6740. Look to buy dips with a likely range today of 0.6775 to 0.6825.

Happy trading all.

Trade Fears Pause, Dollar Ends Flat, Markets Remain Fragile

August 9, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, EUR-USD, Fintech, FOMC, Forex, GBP-USD, Sino-U.S. trade talks, trading, trading platform, USD/JPY

Summary: Trade fears took a breather overnight after the PBOC (Chinese central bank) set the midpoint rate (Fix) for the CNY at 7.0039, stronger than expected. A surprise rise in Chinese exports for July added calm and lifted risk sentiment. For now. Early breaking news in Asia from Bloomberg featured a news report that the US has delayed licenses to do business with Huawei after China halted buying of US crops. The Dollar Index (USD/DXY), a popular gauge of the US currency’s value against a basket of foreign currencies slipped to flat at 97.543 following a higher close at 97.63. The safe-haven Yen rallied against the Dollar to 105.87 from a much unchanged close in New York at 106.05. After outperforming overnight on the return in risk, the Aussie and Kiwi eased to 0.6794 (from 0.6804), and 0.6477 (from 0.6482) respectively. The Euro rose modestly to 1.1187 after falling from 1.1225 to 1.1182. Overnight, Italy’s Deputy Prime Minister Matteo Salvini said that there was no way to patch up differences with the ruling coalition and the only was forward was to hold fresh elections. Bond yields steadied for the second day running. The US 10-year rate closed at 1.72% (1.72% yesterday). The Philippine central bank eased interest rates, following the RBNZ, Bank of India and Bank of Thailand. Wall Street stocks erased about half of their overnight gains. The DOW slipped to 26,209 from 26,399 while the S&P 500 was down to 2,918 from 2,941.

Forex Factory – China US Denominated Trade Balance – 09 AUG 2019

China’s Trade Surplus fell in US Dollar terms to USD 45.6 billion from June’s USD 51 billion. Exports climbed to 3.3% from -1.3%, beating forecasts. Imports also outperformed to -5.6% from -7.3%.
US Weekly Unemployment Claims improved to 209,000 from 217,000 the previous week.

– USD/JPY – The Dollar Yen had a less volatile session trading to an overnight high at 106.30 before slipping to close at 106.05. Early breaking news on the US delay on licenses from companies to do business with Huawei pressured the Dollar to 105.80, where it now sits.

EUR/USD – The Euro slipped off its highs on the overall stronger Dollar and uncertain Italian politics, closing at 1.1182 from 1.1202 yesterday. The Single currency climbed in early Asia to its current level of 1.1187.
AUD/USD – The Aussie outperformed on the back of the better than expected Chinese trade report as well as the stronger PBOC onshore Yuan fix. AUD/USD closed at 0.6805 (0.6760 yesterday). In early Asia, the Aussie Battler eased to 06797.

On the Lookout: Markets remain fragile with the trade dispute between China and the US far from being resolved. Another news agency (One American News Networks – OANN) reported that the White House is considering ending talks with China and imposing other sanctions like halting Chinese student visas and removing Chinese authorities from international agencies if Beijing uses its military to crack down on protests in Hongkong.
RBA Governor Philip Lowe speaks to the House of Representatives Standing Committee on the Economy in Canberra this morning (9.30. am Sydney time).
The RBA releases its Quarterly Monetary Policy Statement at 11.30 am Sydney time today.
Today’s data report sees Chinese CPI and PPI for July. Before that New Zealand’s Visitor Arrivals for July are released. Japan releases its Preliminary Q2 GDP report. European data sees German and Italian Trade Balances and French Industrial Production. The UK releases its GDP (July), Q2 Preliminary GDP, Manufacturing Production, Construction Output and Goods Trade Balance.
Canada’s Employment Report (Employment Change, Jobless Rate) and Housing Starts follow.
The US releases its Headline and Core PPI report (July).

Trading Perspective: Expect further choppy trading given the latest news reports. Traders will keep their eyes on any fresh developments/statements from trade officials (China and the US). Overnight President Trump tweeted that he “is not thrilled with our very strong dollar”.
We could see further short-term US Dollar selling against the Euro and the Yen mainly. The Australian Dollar will be sensitive to the RBA monetary policy statement and Chinese data.

EUR/USD – The overnight range of 1.1180 to 1.1232 should stay intact, albeit in a choppy fashion. EUR/USD had a bid to it after Reuters reported that Germany is considering ditching its balanced budget goal by issuing new debt to finance a costly climate protection package. This u-turn in fiscal policy would arrest falling German interest rates, if implemented. EUR/USD has immediate resistance at 1.1230 followed by 1.1260. Immediate support can be found at 1.1180 and 1.1150. Look to trade a likely range today of 1.1180-1.1230. Prefer to buy dips.

USD/JPY – The Dollar closed little changed versus the Yen in New York at 106.05 before easing this morning on the reports of another build in US-China trade tensions. USD/JPY fell to 105.72 lows in Asia before recovering to settle at 105.84 currently. Immediate support for the Dollar lies at 105.80 followed by 105.50. Immediate resistance lies at 106.00 and 106.30 (overnight high 106.304). Expect Japanese corporates and importers to be on the bid near this morning’s lows. Likely trading range today is 105.70 to 106.70. Prefer to buy dips.

Daily FX AUD USD Hourly Chart – 09 AUG 2019

AUD/USD – The Aussie was best performing currency against the US Dollar overnight. The strong climb in Chinese exports and the lower USD/CNH lifted the Australian Dollar to an overnight high at 0.68219 before easing at the close to 0.6805. Asian trading saw the Aussie push down to 0.6778 before rallying to its current 0.6810. Immediate resistance can be found at 0.6820 and 0.6850. Immediate support lies at 0.6780 and 0.6750. Look to buy dips in a likely trading range of 0.6785-0.6815 today.

Happy Friday and trading all.

RBNZ Chops Rates 0.5%, Bond Yields Dive Then Climb

August 8, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, CFTC, EUR-USD, FOMC, FX, FX trading, GBP-USD, Sino-U.S. trade talks, trading, trading platform, USD/JPY

Summary: The RBNZ started the ball rolling and cut its Official Cash Rate by 0.5%, more than expected, to an all-time low of 1.0%. The Bank of Thailand and Bank of India cut rates, raising concerns about the weak global economy. US President Trump called on the Federal Reserve to cut interest rates more in a tweet. Global bond yields plunged then pulled back at the last hour in New York, reversing sharp falls as dealers squared up. Market volumes were lower amidst choppy trade due to the northern hemisphere summer holidays. The benchmark US 10-year bond yield made an impressive comeback to 1.73% (1.72% yesterday) after plummeting to 1.595%, late 2016 lows.

CNBC US 10-Year Bond Yield Chart – 08 AUG 19

New Zealand’s Dollar, known by traders as the Kiwi, nosedived to 0.6377 from 0.6525, 3.1/2-year lows before settling at 0.6445. While the Dollar Index (USD/DXY) was little changed at 97.630, it was mixed versus it’s Rivals. The Greenback was lower against the safe-haven Yen (106.22 vs 106.45) and Swiss Franc (0.9755 vs 0.9765). The Euro ended flat at 1.1204 despite weaker German Industrial Production data. The Australian Dollar rebounded to close at 0.6760 (0.6758) after slumping to 0.6677 on the back of the Kiwi’s fall. Yesterday the Dollar gained against the Offshore Chinese Yuan (CNH) to 7.0800 (7.0555).
Wall Street stocks reversed losses to close with modest gains after an initial tumble. The S&P 500 finished at 2,882 (2,878 yesterday) after slumping to 2,824.
The RBNZ cut its Official Cash Rate by 0.5% to 1.00% from 1.50%. Most analysts forecast a 0.25% trim. RBNZ Governor Graeme Orr kept a bearish stance, stating to Parliament that “negative rates are a possibility”. Australian Home Loans slipped -0.9% in July, lower than expected. Germany’s Industrial Production fell to -1.5% in June, much worse than the -0.5% forecast. Germany’s 10-year Bund yield plunged to an all-time low at -0.6% before settling at -0.59%.

EUR/USD – The Euro ended little changed at 1.1204 after a choppy session. The Single currency fell to an overnight low at 1.11793 on the dismal German Industrial Production report. EUR/USD jumped to a high at 1.1242 after the initial drop in US bond rates.
USD/JPY – The Dollar plunged to 105.494, fresh 2019 lows before settling at 106.24 on the bounce back in the US 10-year yield.
AUD/USD – The Australian Dollar had another volatile session, slumping to 0.66768, its lowest since early 2009 after the RBNZ’s move to chop rates. The Aussie then jumped in true Battler fashion on the rebound in risk assets. AUD/USD closed at 0.6760, touching an overnight high at 0.6783.

Daily FX – NZD USD Chart – 08 AUG 2019

NZD/USD – The RBNZ shot the already flightless Bird down after the interest rate chop to 0.63774, near-November 2015 lows. NZD/USD had been sitting at 0.6525 before the move. The Kiwi then rallied with risk to finish at 0.6445, down 1.3%.

On the Lookout: Traders and investors alike will keep their focus on today’s release of China’s Trade data (no scheduled time, normally in early Asian afternoon). Analysts expect China’s July Trade Surplus to narrow to a median CNY 300 billion from June’s CNY 345 billion. In US terms, a surplus of USD 41 billion from USD 50.98 billion. China’s Annual Imports are forecast to have dropped -8.3% from -7.3% in June. Exports are expected at -2.0% from -1.8%.
Japanese Bank Lending, Current Account and Trade Balance as well as Foreign Investment in Japanese stocks and Japanese investment in Foreign Bonds are release prior to the Chinese reports (9.50 am Sydney time).
Euro area sees the release of the ECB’s Economic Bulletin. US Weekly Unemployment Claims and Final Wholesale Inventories round up today’s economic reports.

Trading Perspective: The rebound in stocks and bond yields occurred in thin trading. Easing moves from the RBNZ, Bank of Thailand and Bank of India fed market concerns about the weak global economy. This saw equities and bond yields plummet before mounting a strong comeback. Currencies followed suit and the Dollar Index (USD/DXY) closed much unchanged at 97.63. Expect more volatility as the trade war between China and the US continues to escalate. Traders will also watch the PBOC and their actions today particularly at the CNY Fix. Ranges are being established, albeit wider due to the choppy trade. Which is ideal for FX traders.

EUR/USD – The Euro ended flat at 1.1204 after trading an overnight range between 1.11793 and 1.12419. Immediate resistance lies at 1.1220 followed by 1.1250. Immediate support can be found at 1.1180 and 1.1150. Euro traders await the release of the ECB’s Economic Bulletin, which will provide insight into the ECB Board’s latest thinking on the economy and interest rates. The Economic Bulletin (previously known as the ECB Monthly Bulletin) is published two weeks after the latest Governing Council meeting. Look to trade a likely range today of 1.1190-1.1260.
USD/JPY – The Dollar slumped to 105.494, lows not seen since the flash crash in January this year. The fall in the US 10-year yield to 1.595% weighed heavily on this currency pair. The subsequent bounce saw USD/JPY back up above 106, closing at 106.24. The Yen will continue to attract due to its haven status in the current environment. On the bid side of the Dollar, Japanese corporate (importers) buying on dips and a vigilant BOJ will provide support. Immediate support lies at 106.00 followed by 105.70. Immediate resistance can be found at 106.50 and 106.80. Look to trade in a 105.85-106.85 range. Prefer to buy dips

RBA AUD TWI CHART – 08 AUG 2019

AUD/USD – the Australian Dollar had a good bounce after plunging on the back of the Kiwi. The Australian Dollar remains oversold despite the heavy feel about it. In typical Aussie Battler fashion, the currency always feels heaviest when its at or near lows. The opposite applies when it’s bid. We highlighted two factors yesterday. That on a Trade Weighted Index, the Aussie is near decade lows as well. While the RBA has advocated a low currency, the Aussie has reached its lower limits. Speculative short Aussie bets are still at near 12-month highs (-AUD 53,442 contracts as at 30 July). Immediate support for the Aussie lies at 0.6730 and .6700. Strong support can be found at 0.6680. Immediate resistance can be found at 0.6780 followed by 0.6800. Look to buy dips in a 0.6740-0.6790 range.

Happy trading all.

PBOC Fix Lifts Yuan, Risk, Dollar, Stocks, Yields Stabilise

August 7, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, EUR-USD, Fintech, monetary policy, trading, trading platform, USD/JPY

Summary: China’s central bank, the PBOC, took steps yesterday to strengthen the Yuan after it weakened through the psychological 7 per Dollar level. The People’s Bank of China fixed the official daily reference to 6.9683, below the key 7 rate. The Dollar had rocketed against the Chinese currency to a 7.1390, its highest since 2008, on worsening trade relations with the US. Which sparked widespread risk aversion and a spike in currency volatility. Traditional havens, the Yen and Swiss Franc soared while the Australian Dollar, Risk and Emerging Market currencies (Russian Rouble, SA Rand) tumbled. The stronger Chinese Yuan saw a reversal of most of yesterday’s moves. USD/JPY reversed higher, finishing at 106.47 (106.05 yesterday) while USD/CHF was up 0.41% to 0.9765. The Dollar Index (USD/DXY) lifted to 97.571 from 97.380 while the Euro slipped 0.37% to 1.1205 (1.1225). The Australian Dollarsteadied to 0.6760 (0.6758). Sterling edged up to 1.2167 (1.2140). The New Zealand Dollar dipped to 0.6525 (0.6535) ahead of today’s RBNZ policy meeting where the Kiwi central bank is widely expected to trim its Overnight Cash Rate by 0.25%.

Forex Factory – Australian Trade Balance – 07 August 2019

The rise in risk appetite lifted Wall Street. The DOW gained 1.6% to 25,972 (25,540). The S&P 500 finished 1.83% higher at 2.877. (2,825). US Treasury yields steadied with the benchmark 10-year rate at 7.0 % after it briefly broke through to 1.67%, its lowest since late 2016.
Brent Crude Oil prices slid 1.96% to US$ 58.55 on the ongoing trade tensions.
The RBA kept interest rates on hold as expected. Traders see another RBA rate cut at year-end.
Data releases yesterday saw Australia’s Trade Surplus climb to AUD 8.04 billion, beating forecasts of AUD 6.05 billion. Japanese Household Spending outperformed rising 2.7% in July versus forecast of 1.3%. Germany’s July Factory Orders gained 2.5% beating expectations of 0.5%.

USD/JPY – The Dollar rebounded to close at 106.45, off yesterday morning’s early lows at 105.52. The rally in risk appetite, steady US bond yields and Japanese corporate buying all combined to lift the Greenback against the haven-sought Yen.
EUR/USD – The Single currency lost 0.37% to 1.1205 after opening at 1.1225 and trading to a high at 1.12496. Ten-year German Bund Yields slipped 2 basis points to -0.54%, which weighed on the Single Currency.
AUD/USD – The Australian Battler rallied off it’s base at .6748 to 0.68008 after the PBOC Yuan fix lifted risk appetite. The RBA kept interest rates on hold as was widely expected. The rally in the US Dollar pushed the AUD/USD back down to close little changed at 0.6760.

On the Lookout: The recovery in risk remains languid and it will take more measures to keep it alive. Watch for the PBOC’s Yuan Fix today as well as comments from Chinese and US officials. St Louis Fed President and FOMC member James Bullard said yesterday that monetary policy cannot react to day-to-day trade headlines. Yesterday’s rapid deterioration in risk had traders forecasting a 0.5% Fed rate cut next month. The US Treasury Department announced that China had manipulated its currency, the first time since 1994. Markets will remain cautious with no end to the escalating trade conflict.
The RBNZ is widely expected to trim its Official Cash Rate to 1.25% from 1.5% at the conclusion of its policy meeting today (12.30 pm Sydney time). The New Zealand central bank has its rate statement and press conference shortly after.
Data releases today begin with the Euro area. Germany’s Industrial Production for July is followed by the French Trade Balance. The UK releases its Halifax House Price Index (July). US Consumer Credit report rounds up the day’s data releases. FOMC member and Chicago Fed President Charles Evans speaks at a function in Chicago.

Trading Perspective: Currency volatility is back. Traders would hope so. All eyes in Asia will be on the People’s Bank of China and where they fix the Yuan today.
Meantime, the latest Commitment of Traders/CFTC report saw traders increase net US Dollar longs against the Pound, Euro, Aussie, Swiss and Canadian Dollar. The Yen was the only major currency where Dollar longs were trimmed. The Dollar still has room to trade lower.

BLOOMBERG – SAXO BANK COT CFTC REPORT – 07 August 2019

EUR/USD – The Euro closed around 1.1205 after trading to 1.12496 overnight and 3-week highs. The Single currency plummeted to 1.1027 on Friday last week. Expect consolidation at current levels with immediate resistance at 1.1250 to hold. Immediate support can be found at 1.1190 followed by 1.1150. The latest COT/CFTC report (week ended 30 July) saw net speculative Euro short bets increase to -EUR 53,983 contracts from the previous week’s
-EUR 39,004. Look to trade a likely range of 1.1185-1.1255 today.
GBP/USD – Sterling steadied to finish at 1.2168 from 1.2140 yesterday. Brexit fears were pushed aside with the focus on the China-US trade conflict. Last week the British currency was dumped by traders to 1.2080. Sterling traded to an overnight and one week high at 1.2210 before easing lower. GBP/USD has immediate resistance at 1.2200 and 1.2240. Immediate support lies at 1.2130 and 1.2100. The latest COT/CFTC report saw net speculative GBP shorts increase to -GBP 90,150 contracts from the previous -GBP 78,583. Total net shorts are now at multi-year highs. Look for a likely trading range today of 1.2140-1.2240. Prefer to buy dips.

Daily FX – AUD USD Chart – 07 August 2019

AUD/USD – The Aussie Battler has been battered of late. Australia’s trade relationship with China has weighed heavily on the currency as has the 2 RBA rate cuts in a row the past two months. The currency is now poised for a strong rally if the US Dollar continues to head south. Immediate resistance lies at 0.6800 and 0.6850. There is immediate support found at 0.6740 and 0.6710. The latest COT/CFTC report (week ended 30 July) saw speculative Aussie short bets increase to -AUD 53,442 contracts from -AUD 47,980. Look to buy dips with a likely range of 0.6740 to 0.6840. With the Aussie near lows against the US Dollar and on a Trade Weighted Basis, it’s a buy on dips. Australian data is also on the improve.
USD/JPY – The Dollar slid against the Yen to a fresh 2019 low at 105.52 yesterday. The strong bounce and verbal intervention by the BOJ suggest that the 105.00 level will be supported for the time being by Japan Inc. USD/JPY rallied back to 107.087 overnight as some good old volatility came back to USD/JPY trading. The latest COT/CFTC report saw net speculative JPY trimmed to -JPY 4,218 contracts from -JPY 9,377. Which is the only major currency that saw a reduction. JPY shorts are at their smallest in a year. Immediate support today lies at 106.10 followed by 105.70. Immediate resistance can be found at 107.00 and 107.50. Look to buy dips with a likely range of 106.20-107.20.

Happy trading all.

DGCX Records Best Ever Month in its 14-Year History

August 7, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: DGCX, DGCX Records, trading

The Dubai Gold and Commodities Exchange (DGCX) has registered its best ever month in its 14-year history, DGCX Records volume of 2.382 million lots valued at over USD 39.2 billion in July, breaking the Exchange’s previous single month trading record of 2.16 million set in May 2018.

The stand-out performing contract in July was the Indian Rupee Quanto futures, which recorded its best month since inception with a total of 1,106,309 contracts traded, up 192% year-on-year (Y-O-Y). DGCX’s flagship Gold Futures product also underpinned last month’s trading, building on its strong performance in June on the back of global instability, trading 61,764 contracts, up 209% Y-O-Y.

DGCX Records Best Ever Month in its 14-Year History

Les Male, CEO of DGCX, commented: “Trading and clearing more than 2.38 million contracts in a single month is a remarkable feat for the DGCX, and demonstrates our strong momentum and increasing appeal to investors and traders. July’s record trading numbers were driven by continued geopolitical tension and uncertainty, with the UK welcoming a new Prime Minister at a critical moment during the Brexit process, increased tensions between the US and UK with Iran, and a trade deal between the US and China showing few signs of progress.

“INR trading this month was particularly noteworthy, with trading of our INR Quanto futures product surpassing the 1 million mark in a month for the first time ever. The new record was set as investors looked for new hedging tools to match their increasingly complex needs, and turned to markets like the DGCX to fulfill these requirements.”

Euro Futures also performed strongly last month, recording its second highest Average Open Interest of 3,683. Open Interest is the total number of outstanding futures contracts held by market participants and is regarded as a leading performance indicator in the industry.

“Let the Currency Wars Begin” – China Hits Back, Weakens Yuan

August 6, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, CBOE, CFTC, EUR-USD, Fintech, FX, FX trading, GBP-USD, Sino-U.S. trade talks, trading, USD/JPY

Summary: China chose to use their currency as a weapon of choice to retaliate in their trade war with the US. Yesterday morning, the offshore Chinese Yuan (CNH) plummeted beyond the USD 7.00 level for the first time since 2008, trading up to 7.1083 before settling at 7.0980. The Chinese government also asked state-owned companies to suspend imports of US agricultural products. Currency volatility, dormant for some time, sprang to life while global asset markets plummeted.

Daily FX – USD CNH Chart – 06 August 2019

US President Trump accused China of “currency manipulation” in one of his tweets, adding that he would like the Federal Reserve to act as a counter. In breaking news this morning, the US Treasury designated China as a currency manipulator. Traditional havens, Yen and Swiss Franc soared against the US Dollar. The Dollar hit a 7-month low against the Yen trading to 105.53 in early Sydney trade. The Swiss Franc surged to 0.9715 (0.9825 yesterday) against the Greenback. The Euro rallied 1% to 1.1215 from 1.1105 as US bond yields extended their slump. The Dollar Index (USD/DXY) fell 0.75% to 97.380. The Australian Dollar slumped, going against the trend of the weaker Greenback, to 0.6760 (0.6800). Fears of an all-out trade war involving China, Australia’s largest customer has weighed on the Battler. Emerging Market currencies plunged. The Russian Rouble lost 3.6%%, trading to 65.80 from 65.10 yesterday.
US Treasury prices soared while yields slumped. The 10-year US bond yield closed at 1.72% from 1.85% yesterday. Stock markets plunged in response with the DOW losing 3.5%, the S&P down 3.7%.
Euro area Services PMI’s mostly matched forecast. The US ISM Non-Manufacturing PMI for July plunged to 53.7, missing forecasts of 55.5 and its lowest since October 2016.

USD/JPY – The traditional haven darling Yen did not disappoint soaring past the 106.00 USD level to 105.523 in early Sydney, the Greenback’s lowest since the flash crash in January this year. USD/JPY opened at 106.60 yesterday. Japan’s top currency diplomat, Yoshiki Takeuchi warned that Tokyo was ready to intervene if Yen gains threatened the export reliant economy.

RBA – Australian Dollar Trade Weighted Index Chart – 06 AUG 2019

AUD/USD – The Australian Dollar slumped to 0.67481, 7-month lows as the trade clash involving China, the country’s largest customer weighed on the currency. The RBA monetary policy meeting today will keep traders cautious. The Australian Dollar has also plummeted against other currencies with the Trade Weighted Index down to a low of 59. From 65.7 in January 2018. The RBA will keep rates unchanged at their meeting with the AUD TWI so low.
EUR/USD – The Euro rallied against the Dollar to 1.1226 highs in early Sydney this morning. The slump in the US 10-year bond yield to 1.72%, from 1.85% was not matched by Germany’s 10-year Bund yield, down 2 basis points to -0.52%. The narrowing rate differential has seen traders covering Euro shorts.

On the Lookout: Indeed, the currency wars have begun, get ready for some good old-fashioned currency volatility. THE CBOE VIX Volatility Index soared 39.6% to 24.6 from 18 yesterday and 12.16 on July 26.
Today sees first tier economic data and while they will have less of an impact in current markets, they should not be ignored. New Zealand’s Q2 Employment beat forecasts to 0.8% against a median forecast of 0.3% and Q1’s -0.2%. The Unemployment Rate improved to 3.9% from 4.2% while Labour Costs climbed to 0.8% from 0.3%. The New Zealand Dollar popped to 0.6565 from 0.6535 on the release. Japan releases its Household Spending and Averaged Cash Earnings report for July. Australian data released today are the July Trade Balance as well as ANZ Bank’s Job Ads.

YAHOO FINANCE CBOE VIX Volatility Chart – 06 Aug 2019

The RBA is expected to maintain its cash rate at 1.00% and keep policy unchanged at its meeting later today (2.30 pm Sydney time). With the AUD Twi so low, authorities will not want any further sustained weakness.
Other data released today are Germany’s July Factory Orders and US JOLTS Job Openings. FOMC member and St Louis Fed President James Bullard speaks at a function in Washington, DC.

Trading Perspective: The Dollar Index (USD/DXY), which basically mirrors the Euro lost ground as US bond yields extended their slump. Other global bond rates slipped but not to the extent of those in the US. This will continue to weigh on the US Dollar against the Majors. Net currency market positioning is still long of US Dollars, which will continue to correct itself in the current environment. The Emerging Market currencies will continue to trade in tandem with the Chinese Yuan. We can expect a reaction today from the Chinese monetary authorities. The People’s Bank of China could fix the currency higher (ie USD/CNH lower) in order to put some stability back into the markets.
Traders will watch for verbal intervention from other Asian and regional central banks led by the Bank of Japan.

DAILY FX USD JPY CHART – 06 AUG 2019

USD/JPY – The Dollar continued to stay under pressure against the haven darling Yen. In the Asian time zone, we can expect further Japanese verbal support for the Dollar given the speed and extent of the Yen appreciation. The Yen has also appreciated against the Australian Dollar and its Asian counterparts. All of which are to the detriment of Japanese exports. Japanese corporations, mainly importers will look for ideal levels to buy USD/JPY. The slump in the US 10-year bond yield will keep a top to USD/JPY. The Dollar has immediate support at 105.50 followed by 105.00. Immediate resistance lies at 106.00 and 106.50. A prominent US Investment Bank has issued a call for USD/JPY to hit 103.00. This is often a good reverse indicator in this writer’s trading experience. Look to buy dips in a likely 105.40-106.40 range today. Expect a volatile ride.
AUD/USD – The Australian Dollar has continued its slide since the Battler broke though 0.69 cents on July 31. Early this morning, the currency traded to a 7-month low at 0.67481 before settling at 0.6763 currently. The slide in the Yuan above the USD 7 mark and weaker EM currencies has weighed on the Aussie. The Aussie has also fallen against its Rivals and the Australian Dollar Trade Weighted Index is at its lowest since the GFC in 2008. While the RBA has desired a lower currency, the speed and extent of the TWI fall is not ideal. And the RBA will not ease interest rates in this environment. Immediate support can be found at 0.6750 and 0.6720. Immediate resistance lies at 0.6780 and 0.6820. Look to buy dips in a likely 0.7650-0.6850 range.
EUR/USD – The Euro grinded its way up against the US Dollar which weakened against all of its Major Rivals. EUR/USD closed up 1% at 1.1210 further climbing to 1.1245 high in early Sydney. The Single currency recorded its largest daily advance against the Greenback since January 2019. The slump in US bond yields has boosted the Single Currency which has seen a massive bout of short covering in the past 24 hours. EUR/USD has immediate resistance at 1.1250 and 1.1270. Immediate support can be found at 1.1200 and 1.1170. Markets have ignored the ECB for now. Look to sell rallies with a likely range today of 1.1190-1.1250 today.

Tin helmets on, we are in for a ride. Enjoy. Happy trading all.

Emily Westerberg Russell Named Chief Counsel of Division of Trading and Markets

July 26, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: Emily Westerberg Russell, SEC, trading

Washington D.C., July 23, 2019 — The Securities and Exchange Commission today announced that Emily Westerberg Russell has been named Chief Counsel of the Division of Trading and Markets.

Ms. Russell has been a member of the division’s Office of Chief Counsel for a decade, and since 2011 has served as a Senior Special Counsel in the Office of Sales Practices. Ms. Russell has worked on a broad range of broker-dealer regulatory matters and was responsible for, among other things, developing and drafting key components of the Commission’s recently adopted package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers. In particular, Ms. Russell led the development and drafting of Regulation Best Interest. Ms. Russell has also provided legal and policy advice on a variety of anti-money laundering issues, and represented the Division of Trading and Markets in senior-level interagency and international meetings on these matters.

Jay Clayton, SEC Chairman

“Emily has consistently demonstrated tremendous leadership and legal judgment, and she has earned the respect of her peers across the SEC,” said Chairman Jay Clayton. “I know that my colleagues and I look forward to continuing to work with Emily in her new role for the benefit of investors and our capital markets.”

“Emily is an extremely talented lawyer who has made remarkable contributions to the SEC, our markets, and our investors,” added Brett Redfearn, Director of the Division of Trading and Markets. “I’m delighted we will have the benefit of her leadership and experience as Chief Counsel. Investors will be well-served by her dedication to the SEC’s mission and wide-ranging knowledge of the diverse and important markets we regulate.”

“Working with my incredible colleagues in the Office of Chief Counsel has been the highlight of my professional career,” said Ms. Russell. “I am truly honored and excited to continue working with this outstanding team in my new role, and I look forward to helping support the many dedicated and talented staff in the Division of Trading and Markets and across the Commission who are carrying out tremendous responsibilities every day for the benefit of our capital markets and investors.”

Before joining the SEC in 2009, Ms. Russell worked in the Financial Institutions Group at Wilmer Cutler Pickering Hale and Dorr LLP, where she advised broker-dealers and other financial institutions regarding compliance with a wide range of securities and banking laws, rules and regulations as well as anti-money laundering requirements.

Ms. Russell received her B.A., summa cum laude, in Economics and International Relations from Colgate University. She earned her J.D. from the Columbia University School of Law, where she was a James Kent Scholar and a Harlan Fiske Stone Scholar and served as Executive Editor of the Columbia Journal of Transnational Law.

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