Australian Banks Sanctioned by Regulator Over FX Conduct – Bloomberg
Two of Australia’s largest banks vowed to toughen oversight of their foreign-exchange practices and each pay A$2.5 million ($1.8 million) to the nation’s financial literacy fund after a regulator found inappropriate conduct in their currency trading divisions.
- ASIC Acts on Banks’ Forex ‘Inadequacies’ – The Australian
- CBA and NAB Admit Impropriety in Foreign Exchange Trading – Financial Review
- Two Large Australian Tier 1 Banks Hit for Risk Management Issues on Wholesale spot FX Operations – Finance Feeds
Seven Banks Fined in Swiss Probes of Rate-Rigging Cartels – Bloomberg
Switzerland handed out about $100 million in antitrust fines against seven US and European banks for participating in cartels to manipulate widely used financial benchmarks.
Dollar Retreats from 14-Year High, Euro Regains $1.04 Mark – Reuters
The dollar eased back from the 14-year high reached the previous day, taking a breather in a run that has seen it chalk up its entire gains for the year since the November 8 US presidential election.
Record Capital Outflows Push Euro Toward Parity with Dollar – Wall Street Journal (subscription)
Higher interest rates in the US are drawing money out of the eurozone.
Sterling Edges Close to One-Month Lows vs Dollar – Reuters
Sterling edged close to a one-month low against the dollar, kept under pressure by uncertainty over Brexit negotiations and by a greenback buoyed by expectations for faster US monetary tightening than previously forecast.
Singapore Dollar Hits Weakest in More Than Seven Years – CNBC
The Singapore dollar tumbled to its weakest since 2009, during the global financial crisis, and it may have further to go.
What’s Going on with the Offshore Yuan, in One Chart – Wall Street Journal (subscription)
Because the yuan can move more freely offshore, you would expect its value there to be weaker than onshore.
Ringgit Ends Lower Against US Dollar at Close – The Sun Daily
The ringgit closed at its lowest level against the US dollar since 1998, in tandem with other emerging market currencies due to external factors, a dealer said.
Transaction Cost Analysis Makes Leap to Bonds, Foreign Exchange – Institutional Investor
With regulatory changes driving the shift, market participants need better data and benchmarks, firms in annual TCA ranking say.
Time for Asia to Take Risks in 2017 – The Star
Will 2017 mark the outbreak of another severe financial crisis, particularly in the emerging markets?
UK Watchdog Consults on Last Elements of MiFID II – Law 360
Britain’s financial watchdog published its final consultation outlining how it intends to implement new sprawling European Union rules governing the financial services sector.
European Buy-Side Firms Face Clearing Crunch – Risk (subscription)
Large buy-side firms will be subject to Europe’s clearing mandate from December 21, but their smaller peers risk being left behind.
‘CBN Seeking End to Spread Between Interbank, Parallel FX Rates’ – Nigeria Today
The Central Bank of Nigeria (CBN) will try to eliminate the spread between the official and black market exchange rate against the dollar, the Minister of Finance, Kemi Adeosun said.
Thailand Holds Rate as Fed Hike Pressures Asian Currencies – Bloomberg
Thailand held its key interest rate near a record low for a 13th straight meeting, opting for stability as the prospect of higher US borrowing costs weighs on Asian currencies and clouds the outlook for growth.
SEC Ramps Up Blockchain Efforts – The Hill
The US Securities and Exchange Commission appears to be broadening its efforts to understand blockchain technology and its implications for the securities industry.
Philippines Mulling Bitcoin Regulation as Remittance Use Surges – Bloomberg
The Philippines is considering regulations for digital currencies as the government seeks to bolster protection for the increasing number of overseas Filipinos using bitcoin and its counterparts to send money home.
CME Targets Q1 2017 for Buy-Side Clearing Membership Launch – The Trade
The new membership category will allow buy-side clients to directly deposit cash collateral with the CCP.
Barclays Concentrating on Last Look Execution as Core Business Activity as War on Retail Banking Customers Continues – Finance Feeds
With Barclays ditching a further 7000 traditional bank customers and shedding entire continental retail branch operations, a sole focus on interbank FX dealing on its BARX platform – along with last look execution – could dominate.
Digital Currency Sales Take Off, But with No Regulation Questions Abound – Reuters
A small, but rapidly growing number of digital technology start-ups is raising cash by creating and selling their own currencies in offerings that bypass banks or venture capital firms as intermediaries and are outside the reach of financial regulators.
Won, Baht Hit Multi-Month Lows on Worry Over Fed Rate Hike Pace – Reuters
The South Korean won and the Thai baht hit multi-month lows against the dollar, weighed down by expectations of a faster pace of US interest rate increases after Donald Trump becomes president on January 20.
Zloty Firms Ahead of PM News Conference Amid Political Standoff – Reuters
The zloty tested five-week highs against the euro and Polish stocks touched an eight-month high ahead of a news conference by top ruling party leaders likely to address the political crisis over the rule of law in Poland.
Rupee Recovers 11 Paise in Early Trade – Financial Express
The rupee recovered by 11 paise to 67.92 against the US dollar in opening trade at the interbank foreign exchange on fresh selling of the American currency by exporters and banks amidst higher opening in the domestic equity market.