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Swiss National Bank Abandons Currency Ceiling

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Swiss National Bank Abandons Currency Ceiling – Financial Times(subscription)
Switzerland’s central bank is discontinuing its currency “ceiling” of CHF 1.2 per euro, introduced in the middle of the eurozone crisis, and has significantly lowered interest rates to -0.75%.

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FXCM Reports $225 Million Hit; Fears for Retail Sector After SNB Move – Profit & Loss

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FXCM Reports $225 Million Hit; Fears for Retail Sector After SNB Move – Profit & Loss (subscription) The unprecedented move in CHF that followed the Swiss National Bank’s decision to abandon the euro peg has raised fears of a series of bankruptcies in the hedge fund and small institutional community, as well as pressured several retail brokers. FXCM has stated that its clients suffered “heavy losses” in the move and that the firm was owed $225 million and “could be” in breach of some regulatory capital requirements.

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Join FXPA by Feb 1 to Qualify for Time-Limited Membership Category

The special founding member category of the Foreign Exchange Professionals Association (FXPA) will close on February 1. Join today to be part of the first wave of founding members that enjoy the distinct benefits that this class offers.
FXPA recently crossed the critical threshold of 15 members, triggering elections for the first permanent Board of Directors and Officers. FXPA’s Board will include 50% representation by Founding Members that join prior to the February 1 deadline. Read More

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European Banks Face $52 Billion in Litigation Costs: Morgan Stanley – Reuters

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European Banks Face $52 Billion in Litigation Costs: Morgan Stanley – Reuters
Royal Bank of Scotland and Barclays may have to pay some of the biggest bills from an estimated $52 billion in fines and other litigation costs facing Europe’s banks in the next two years, Morgan Stanley analysts said. European banks have paid out about $104 billion so far and the $52 billion they still have to pay, much of it related to foreign exchange trading, could restrain how much they pay in dividends.

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FXPA – A new force for advancing the interests of the FX Industry – By Adam Cooper, Chair, FXPA

The FX market stands at a critical juncture as technological innovation, new competitive forces, and an evolving market structure and regulatory framework redefine the FX landscape. While financial market regulatory reforms introduced in the wake of the financial crisis generally did not encompass the FX market, new requirements have and will be applied to certain FX activities.
More recently, investigations and settlements related to the alleged manipulation of benchmark FX rates have heightened public scrutiny of the FX marketplace. Against this collective backdrop, the Foreign Exchange Professionals Association (FXPA) was formed by a diverse group of FX market participants to provide a unique contribution to the public dialogue.
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EU Lawmakers Eye Compromise for US on Benchmarks – Reuters

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EU Lawmakers Eye Compromise for US on Benchmarks – Reuters

European Union lawmakers look set to ease the international impact of rules to stop market benchmarks being rigged, addressing US concerns that global investors could lose out. The bloc is approving a law to directly regulate benchmarks such as those based on currencies and interest rates that banks have been fined billions of dollars for attempting to manipulate.
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