Top Headlines

Asia Stocks, Oil Jump as Dollar Sags After Fed – Reuters

Asian shares edged higher on Friday, oil touched a 2016 high and the U.S. dollar weakened as investors turned more positive on riskier assets after the Federal Reserve’s cautious stance on further interest rate increases.


BOJ Minutes Show No Talk of More QQE Before Minus Rate Vote – Bloomberg

At the January meeting where the Bank of Japan surprised markets by adopting a negative rate, the bank’s staff offered another option – expanding record asset purchases, but the minutes show no discussion of that.

Global Currencies Soar, Defying Central Bankers – Wall Street Journal (subscription)

From Japan to Norway, currencies are rising despite policies aimed at weakening them


Draghi Tells EU to Step Up Reforms; ECB Ready to Use, Add Tools – MNI News

European Central Bank President, Mario Draghi, said Thursday that if the economic outlook of the Eurozone changes, the ECB stands ready to use the appropriate tools and that he expects interest rates to remain at present or lower levels for an extended period of time.

Asia’s Ugliest Currency Finds Fairweather Friends Fueling Rally – Bloomberg

Even investors who’ve been buying Asia’s most battered currency this year say the won’s recent gains are unlikely to last.

Swiss Central Bank Holds Fire on Rates as Inflation Stalls – Reuters

Switzerland’s central bank left interest rates unchanged at record lows, cut its economic outlook and forecast a deeper bout of deflation as cheaper oil and slowing global growth weigh on the economy.

Regulatory News

EU Rejects Mifid II Trading Reforms – Financial Times (subscription)

Calls by banks and asset managers for a swift finalisation of Europe’s controversial trading reforms were dashed after policymakers rejected regulator proposals on commodity position limits and transparency rules in bond markets.

ICE Shakes Up Scandal-Hit Libor – Financial Times (subscription)

The new administrators of Libor are overhauling the way it is calculated, reducing its reliance on banker estimates in an attempt to restore faith in the scandal-hit rate.

Garland Dissent In SEC Case Shows His Deferential Touch – Law360 (subscription)

If D.C. Circuit Chief Judge Merrick Garland makes it on to the U.S. Supreme Court, financial services regulators will find a jurist who’s been willing to defer to their judgment for crafting rules and taking enforcement actions, a stance perhaps best highlighted by a dissent he delivered in 2007 when the D.C. Circuit voted to overturn a controversial U.S. Securities and Exchange Commission rule.

Moex Benchmarks Get Iosco Nod – Profit & Loss

Moscow Exchange’s (Moex) benchmarks for the currency, equity, bond and money market segments have been recognised as compliant with the International Organization of Securities Commission’s principles (Iosco).

Company News

Hedge Fund Closures Return to Crisis Highs – Financial Times (subscription)

More hedge funds closed their doors in 2015 than at any time since the financial crisis, according to new research, as turbulent markets dragged down the industry’s performance.

Wrong-Way Bets on Yen Add to Pain for Japan Stock Buyers Abroad – Bloomberg

One of the world’s biggest exchange-traded funds that invests in Japan is delivering a double dose of pain to foreign investors.

Euronext Looks to Snap Up Assets from Any Deutsche Boerse-LSE Fallout – Reuters

European stock exchange operator Euronext NV (ENX.PA) is considering acquisitions to help it stay competitive after Deutsche Boerse AG (DB1Gn.DE) and London Stock Exchange Group Plc (LSE.L) agreed to merge in a $30 billion deal, according to people familiar with the matter.

Market Savvy

China Adjusts Yuan by Biggest Margin Since November – Wall Street Journal (subscription)

China on Friday set its currency 0.52% stronger against the dollar, in the yuan’s steepest one-day fixing increase since November, reflecting the weakness in the dollar after the U.S. Federal Reserve moved to a more dovish tone.

Hugh Hendry: We’re Going to be in a ‘Mad Max’ World if China Devalues 20% – Business Insider

Global macro hedge fund manager Hugh Hendry, who was once a famous China bear, says the world would be “over” if China devalued its currency by 20%.

Japan 10-Year Yield Drops to Record, Below Negative Deposit Rate – Bloomberg

Japan’s 10-year bond yield dropped to a record minus 0.135 percent, falling below the the negative deposit rate introduced by the Bank of Japan last month, after the central bank’s operation to buy long-term debt met the lowest investor participation on record.

Macquarie Tips Australian Dollar to Hit US80¢ – Sydney Morning Herald

The Australian dollar has extended its rally in the wake of the United States Federal Reserve’s about-face on rate rises, prompting Macquarie to predict the currency will hit US80¢ soon, putting pressure on the Reserve Bank to cut the cash rate again.

Press Releases

ICE Benchmark Administration Publishes Roadmap for ICE LIBOR

Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today that ICE Benchmark Administration (“IBA”) has published its Roadmap for the evolution of ICE LIBOR (“LIBOR”).

Industry Events

FOW: Derivatives World, 12-13 April in Hong Kong

FX Week FX Invest North America, 12 April in Boston, MA

Profit & Loss Forex Network London, 14 April in London, UK

Profit & Loss Latin America, 20 April in Mexico City

ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta

Eurofinance:  Asia Treasury, 18-20 May in Singapore

Profit & Loss Forex Network New York, 26 May, New York City

FIA: IDX 2016, 7-8 June in London, England

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL