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China’s Markets Close Down amid Widespread Market Volatility

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China’s Markets Close Down amid Widespread Market Volatility – New York Times
Volatility continued to dominate global markets on Wednesday, with whipsaw trading across Asia. Shares in Shanghai swung between sharp gains and losses, showing no sign that China’s cut in interest rates late Tuesday would lead to a broader rally. The main index fell nearly 4%, rallied to gain more than 4%, then fizzled, ending the day down 1.3%.
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Biggest Day in Years for Currencies as Investors Flee Risk

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Biggest Day in Years for Currencies as Investors Flee Risk – Bloomberg
Traders in the foreign exchange market were busy Monday. New Zealand’s dollar plunged as much as 8.3%, the most in 30 years, pacing declines by currencies of resource-producing nations amid a global market selloff. On the flip side, haven currencies surged on concern China’s slowing economy will damp global growth, with the yen climbing the most since 2010.

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US Banks Moved Billions of Dollars in Trades Beyond Washington’s Reach

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US Banks Moved Billions of Dollars in Trades Beyond Washington’s Reach – Reuters
This spring, traders and analysts working deep in the global swaps markets began picking up peculiar readings: Hundreds of billions of dollars of trades by US banks had seemingly vanished. “We saw strange things in the data,” said Chris Barnes, a former swaps trader now with ClarusFT, a London-based data firm. Read More
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Tsipras Resigns, Paving Way for Snap Greek Election

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Tsipras Resigns, Paving Way for Snap Greek Election – Reuters
Prime Minister Alexis Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece’s creditors for a better bailout deal but had to cave in. Government officials said the aim was to hold the election on Sept. 20, with Tsipras seeking to crush a rebellion in his leftist Syriza party and seal public support for the bailout program, Greece’s third since 2010, that he negotiated.

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Former FX Traders Challenge Citi over Dismissal

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Former FX Traders Challenge Citi over Dismissal – Financial Times (subscription)
Four former Citigroup traders look set to be the first of the dozens of people fired over the FX-rigging scandal to challenge their dismissals in court. Carly McWilliams, Perry Stimpson, David Madaras and Robert Hoodless have filed unfair dismissal claims at the East London Employment Tribunal. Hearings are scheduled in the four cases between next week and November.
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