Will the FX Industry Have to Argue the Case for Pre-Hedging in Yet Another Court Room?
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Re-reading documents filed by the latest class action over market manipulation, my conclusion is that the FX industry is going to have to argue the case for pre-hedging in yet another court room (actually court rooms – as we reported almost two weeks ago when the news broke, a European lawsuit is also planned).
Read MoreA Market Guide to a Brexit Deal, If and When It Finally Happens
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A Market Guide to a Brexit Deal, If and When It Finally Happens – Bloomberg
UK negotiators have secured a deal with the European Union to exit the bloc, and today Prime Minister Theresa May will try to win over her Cabinet and later, Parliament. For investors, a done deal would remove one of the biggest overhangs in European markets since the 2016 vote.
Read MoreEuropean FX Lawsuit May Follow Soon
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European FX Lawsuit May Follow Soon, Says Source – FX Week (subscription)
Institutional investors filed a lawsuit in NY against 16 banks on November 7, which could be followed by European complaint.
Read MoreWhy Big Data Matters: Using Smart Data and Artificial Intelligence to Enhance FX Trading
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The fragmented nature of the FX market has hindered the availability of sufficient and quality data for market participants to realize the benefits of big data and sophisticated analytics. But this is changing, says CLS, with the emergence of new services offering smart data and artificial intelligence tools.
Read MoreForex Counsel Awarded $300M in Fees for $2.3B Deal
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Forex Counsel Awarded $300M in Fees for $2.3B Deal – Law360 (subscription)
A New York federal judge on Thursday awarded more than $300 million in attorneys’ fees to Scott + Scott and Hausfeld, the firms representing an investor class in securing $2.3 billion in settlements over claims that 15 banks colluded to rig benchmark exchange rates in the foreign exchange markets.
- Forex-Rigging Settlements Yield $300M for Class Counsel – Bloomberg Law (subscription)
- Banks Face New FX Lawsuit – Profit & Loss
Big Investors Sue 16 Banks in US Over Currency Market Rigging
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Big Investors Sue 16 Banks in US Over Currency Market Rigging – Reuters
A group of large institutional investors including BlackRock and Allianz SE’s Pacific Investment Management Co. has sued 16 major banks, accusing them of rigging prices in the roughly $5.1 trillion-a-day foreign exchange market.
Read MoreA Congress Divided: Analysts Explain What it Means for Wall Street
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A Congress Divided: Analysts Explain What it Means for Wall Street – Financial Times (subscription)
Analysts are wrestling with the split result in US congressional elections, which hands control of the House of Representatives to Democrats but gives Republicans an increased majority in the Senate.
- Investor Reaction after Democrats Capture US House Majority – Reuters
- Congressional Gridlock? Financial Markets are Fine with It – Financial Times (subscription)
- Dollar’s Losses Gather Steam as US Stimulus Hopes Fade – Reuters
- Dollar Weakness Helps Emerging Market Currencies after Midterms – Financial Times (subscription)
- A Divided Congress Could Put the Dollar’s Bull Run at Risk – Bloomberg
Wall Street Plays Defense in Attempt to Dodge Midterm Punches
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Wall Street Plays Defense in Attempt to Dodge Midterm Punches – Bloomberg
The midterms come at a time when ballots globally – from Brazil to Italy to the UK – are reshaping the course of policy and fueling major shifts in market sentiment.
Read MoreDollar Ends Winning Streak Before Elections
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Dollar Ends Winning Streak Before Elections – Reuters
The dollar dipped on Monday after three consecutive weeks of gains as investors took profits before US midterm elections this week that may fuel a new bout of volatility for global markets.
- Dollar Set for Pullback After Mid-Term Vote, JPMorgan Asset Says – Bloomberg
- Fidelity Makes Gloomy Forecast for US Elections – Financial News
- Investors Expect No Relief on the Other Side of US Midterms – Bloomberg
- Do Financial Markets Care About a Blue Wave, Red Wall or Gridlock? – Financial Times (subscription)
Is the Global Code of Conduct in Trouble Already?
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Is the Global Code of Conduct in Trouble Already? – Profit & Loss
The opening panel discussion of this year’s Profit & Loss Forex Network Chicagoconference featured an unusually frank and honest discussion about thechallenges associated with implementing the FX Global Code of Conduct.
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