Deutsche Bank Fails to Dismiss US Currency Rigging Lawsuit
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Deutsche Bank Fails to Dismiss US Currency Rigging Lawsuit – Reuters
A US judge has rejected Deutsche Bank’s bid to dismiss a lawsuit claiming it delayed foreign exchange trades to get a “last look” at how prices were moving, enabling the German bank to extract more profit at customers’ expense. Read More
US Regulator Gives Grace Period for Swaps Collateral Rule
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US Regulator Gives Grace Period for Swaps Collateral Rule – Reuters
The US derivatives regulator gave swaps dealers a six-month grace period to comply with a variation margin rule that becomes effective March 1, saying most companies are unprepared for the change. Read More
Dollar Hits Two-Week High After US-Japan Meeting
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Dollar Hits Two-Week High After US-Japan Meeting – Reuters
The dollar hit a two-week high against the yen with another round of solid gains as investors focused again on the US reflation trade which dominated the aftermath of Donald Trump’s election in November but has stalled this year.
Banks, Brokers Face Post-Brexit Mis-Selling Claims Over FX Options
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Banks, Brokers Face Post-Brexit Mis-Selling Claims Over FX Options – Reuters
Banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain’s vote to leave the European Union, according to court filings and sources familiar with the cases. Read More
Deutsche Bank Walks Away from US Swaps Clearing
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Deutsche Bank Walks Away from US Swaps Clearing – Financial Times (subscription)
Deutsche Bank is closing its US swaps clearing business as it battles to cut costs amid continued questions over its business model. Read More
Political Risk Returns as Driver of Forex Trading
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Political Risk Returns as Driver of Forex Trading – Financial Times (subscription)
Political risk, the market phenomenon of 2016, showed signs of a return, knocking the euro back on investor concerns about the French presidential elections.
CFTC Forces FXCM to Exit US Market, Issues $7m Fine
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CFTC Forces FXCM to Exit US Market, Issues $7m Fine – Profit & Loss
The US Commodity Futures Trading Commission (CFTC) has fined FXCM and its founding partners $7 million and ordered the firm to withdraw from doing business in the US for defrauding retail FX customers.
CFTC Fines RBS Over ISDAfix
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CFTC Fines RBS Over ISDAfix – Profit & Loss
The US Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges against The Royal Bank of Scotland for attempted manipulation of the ISDAfix benchmark.
Trump to Order Review of Dodd-Frank, Halt Obama Fiduciary Rule
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Trump to Order Review of Dodd-Frank, Halt Obama Fiduciary Rule – Bloomberg
President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010.
Pound Holds on to Gains as Parliament Awaits Brexit White Paper
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Pound Holds on to Gains as Parliament Awaits Brexit White Paper – Financial Times (subscription)
The pound is holding steady in early trading, the morning after the country’s MPs approved the first stage of the country’s Article 50 talks to leave the EU. Read More