FX platforms Halt Ruble Trade as Banks Wary of Capital Controls – Reuters
Retail currency trading platforms halted trading in rubles, citing growing signs of stress among the banks that underpin trade in the battered Russian currency.
BAML Names Co-Heads of Global FICC Trading – The Wall Street Journal (subscription)
Bank of America Merrill Lynch has tapped Bernard Mensah and James DeMare to be the co-heads of global fixed income, currencies and commodities trading. Mensah and DeMare will replace retiring David Sobotka.
Asia: The Promised Land for FICC – Financial News (subscription)
Want a fixed income, currencies and commodities unit which is growing, beats its cost of equity, and has a highly stable client base? Then you’re going to have to look further east than a Canary Wharf trading floor.
Russian Ruble Suffers New Fall But Collapse Slows – Reuters
The dramatic fall in Russia’s ruble slowed on Wednesday, with the government selling foreign currency to prop it up after a 50% fall against the dollar this year.
Russia Central Bank Investigating Possible Manipulation on FX Market – Reuters
Russia’s central bank has started investigating possible manipulation on the foreign currency market, Vladimir Chistyukhin, a deputy governor of the central bank, told reporters on Wednesday.
Contagion Fears Ignited By Ruble Moves – FX Week (subscription)
The trouble in Russia is spreading to other currency pairs in emerging markets and causing bouts of volatility in G10 pairs as traders struggle to get business done. Spreads of other EM currency pairs are widening out and participants warn of a liquidity shortage in traditionally healthy pairs.