A Tale of Two Crises – Profit & Loss (free story)
While traders in the western markets remain focused on the twists and turns unfolding in Greece and the Eurozone, a potentially more significant financial crisis is developing on the other side of the world that could have graver implications for the world economy.
Market Structure May be Contributing to Lack of Real Action in the Markets –Profit & Loss (subscription)
It’s been an interesting couple of weeks in the markets, as can be witnessed by my Twitter output going into meltdown over China’s woes (I tried to get #biggerthanGreece trending but failed miserably). Speaking to people in the market, the general sentiment remains surprise that things haven’t been busier and I suspect part of the reason for this may be the changing market structure.
Draghi Said to Doubt Greek Solution as Tsipras Reforms Awaited – Reuters
European Central Bank President Mario Draghi has voiced unprecedented doubts about the chances of rescuing Greece from bankruptcy as Greek Prime Minister Alexis Tsipras was due to put forward last-ditch reform proposals on Thursday.
Emerging Market Currencies in Line of Fire – Financial Times (subscription)
Emerging market currencies were left with no hiding place in the global economy on Wednesday as China’s equities turmoil put concerns about the Greek crisis in the shade.
Survey: Trade Reporting Costs Expected to Continue Rising – Profit & Loss(free story)
A new survey conducted by Sapient Global Markets shows that the costs for managing trade reporting is expected to rise significantly over the next two years.
Foreign Exchange Traders Focus on US and UK Policy Race – Financial Times(subscription)
With a deferential style at which the British excel, the Bank of England has politely allowed its American cousin, the US Federal Reserve, to make all the running on the timing of when to rise interest rates.
Industry Collaborates on Margin Processing Hub – Profit & Loss (free story)
Thirteen major global banks, in collaboration with Icap, Euroclear, DTCC and AcadiaSoft, have launched a margin processing hub for non-cleared OTC derivatives.
ITG Survey Reveals Concerns of Hedge Fund CFOs – Hedgeweek
Changing financial rules and regulations are the most pressing issue on the minds of almost half (47%) of the chief financial officers at US hedge funds, according to a poll by execution broker and research provider ITG.
China’s Market Meddling Makes Yuan Look Like a Poor Reserve Currency –Bloomberg
China’s escalating intervention in its collapsing stock market – after months of quiescence while equities surged – is tarnishing policy makers’ efforts to establish the yuan as an official reserve currency.