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Microsoft Joins FXPA

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Microsoft Joins FXPA The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Microsoft as the newest Advisory Member of the FX trade group. “We look forward to serving as an Advisory Member, helping shape dialogue with a broad spectrum of stakeholders in the industry to maintain a strong FX market,” says Tahreem Kampton, Senior Director, Microsoft.

Hong Kong Dollar Forwards Sink to Weakest Since ’99 on Peg Bets – Bloomberg Hong Kong dollar forwards sank to their weakest level this century, interbank loan rates jumped the most in seven years and the Hang Seng Index tumbled as China’s market turmoil fueled speculation the city’s 32-year-old currency peg will end.

Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop – Bloomberg Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year.

The Weak Spot in China’s $3.3 Trillion Foreign Reserve Stockpile – Bloomberg By almost all measures, China’s $3.3 trillion foreign reserves, the world’s largest, look formidable. Except one. Compared with the amount of yuan sloshing around in the economy, a proxy for potential capital outflows, China’s firepower seems limited.

European Experiment Comes to a Reckoning – Wall Street Journal (subscription) Stagnating growth and multiple crises show member countries’ self-interest trumps the cohesion of the union.

 

 

Regulatory News

Brazil Central Bank Cast Doubt on Rate Hike as Outlook Worsens – Reuters The Brazilian central bank on Tuesday signaled that a worsening recession could force it to abandon plans to aggressively raise interest rates to battle inflation at a 12-year high.

European CCPs Start Publishing Quant Data – Profit & Loss The European Association of CCP Clearing Houses (EACH) today announced that central counterparties (CCPs) are publishing a broad set of quantitative data on their websites in compliance with the international guidance provided by the Committee on Payment and Market Infrastructures and the International Organization of Securities Commissions (CPMI-Iosco).

 

 

Company News

Kraken Acquires Two Rival Bitcoin Exchanges – Profit & Loss San Francisco-based bitcoin exchange, Kraken, is set to acquire two other bitcoin exchanges, Coinsetter and Cavirtex.

 

 

Market Savvy  

Stocks Slide on Oil Rout – Wall Street Journal (subscription) Global stocks resumed their recent selloff as oil prices sank to a 12-year low and resurgent concerns about global growth snapped a brief bout of stabilization in financial markets.

Developed Economies Likely to Benefit While Emerging Economies Likely to Suffer in Fourth Industrial Revolution – UBS UBS today released a white paper titled Extreme automation and connectivity: The global, regional, and investment implications of the Fourth Industrial Revolution at the World Economic Forum Annual Meeting 2016 in Davos, Switzerland.

BoE’s Carney Says Tightening Still Unwarranted – Profit & Loss Bank of England Governor Mark Carney says that current market conditions do not yet warrant a tightening of monetary policy and that recent developments, both domestic and global, suggest that the Bank’s long-held inflation target will take longer to achieve than originally thought.

Saudi Arabia Said to Ban Betting Against Its Currency – Bloomberg Saudi authorities ordered banks to stop allowing cheap bets on a currency devaluation, according to five people with knowledge of the matter.

Ruble Trades at Record Low as Oil Collapse Eclipses Sanctions – Bloomberg The ruble plunged to a record low as the collapse in crude weighed on the world’s biggest energy exporter.

 

 

Press Releases

ITG Names Minder Cheng as Chairman of Board of Directors and Frank Troise Starts as CEO, President and Board Member – ITG ITG, a leading independent broker and financial technology provider, announced that Minder Cheng has been appointed Chairman of its Board of Directors and Frank Troise has joined the company as Chief Executive Officer, President and member of the Board of Directors, effective January 15, 2016.

 

 

Industry Events

 
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FXPA Welcomes Microsoft as Newest Member

The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Microsoft as the newest Advisory Member of the FX trade group. “We look forward to serving as an Advisory Member, helping shape dialogue with a broad spectrum of stakeholders in the industry to maintain a strong FX market,” says Tahreem Kampton, Senior Director, Microsoft. Read More

Audio Events, Webinar0
      FXPA Webinar: Implications of the Recent Last Look Settlement on Your Business - FXPA

Implications of the Recent Last Look Settlement on Your Business

FXPA hosted a webinar on Jan 12, 2016, featuring an overview of the trade association’s recently released educational paper on Last Look, provided by Chip Lowry, Chair of FXPA’s Policy Committee. Following this, Michael Miller and Jason Weinstein, partners at Steptoe & Johnson, which serves as outside counsel to FXPA, shared their insights into what the recent Last Look settlements mean and what you can do to safeguard your business: What are the key takeaways? What are some of the best practices now emerging? Are there public policy implications? .

 

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China Stocks Enter Bear Market as State-Fuelled Rally Evaporates

Top Headlines

China Stocks Enter Bear Market as State-Fueled Rally Evaporates – Bloomberg Chinese stocks fell into a bear market for the second time in seven months, wiping out gains from an unprecedented state rescue campaign as investors lose confidence in government efforts to manage the country’s markets and economy.

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FXPA Welcomes FXSpotStream as New Member

Top Headlines

FXPA Welcomes FXSpotStream as New Member – FXPA The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of FXSpotStream as the latest member of the FX trade group. FXSpotStream joins FXPA as an Associate Member.

UK to Close Loophole in Bank Bonus Clawbacks – E Financial News Bank traders and executives won’t be able to leave their past behind them under new proposals to let banks recoup ill-gotten bonuses from former staff.

Ex-Barclays, Citi FX Traders Sue for Unfair Dismissal in London – Reuters Two former foreign exchange traders will this month sue their former employers Barclays and Citigroup for unfair dismissal at a London court.

Six Ex-Barclays, Deutsche Bank Traders to Stand Trial in 2017 – Bloomberg Six defendants accused of conspiring to manipulate a key interest-rate benchmark while working at Deutsche Bank AG and Barclays Plc will stand trial in September 2017 in a London court.

 

 

Regulatory News

Buy-side Blames Policymakers for Chinese Volatility – The Trade Buy-siders have wagged their fingers at Chinese regulators for creating widespread volatility to equity and currency markets since the beginning of the year.

Cartel Fines in US and China Rise to Record Levels – Financial Times Antitrust fines in the US and China surged last year to record levels, but could not buoy the rest of world, which saw global cartel penalties drop.

 

 

Company News

Morgan Stanley Analysts Put Hard Hats on For Latest Forecast – E Financial News Morgan Stanley’s European financials research team, led by Huw van Steenis, is braced for a year in which equities trading will gain further ground on fixed Income, currencies and commodities and the investment banking industry will be dominated by shareholders’ willingness to show patience around banks’ restructuring efforts.

Goldman Plans to Cut Up to 10% of Fixed-Income Traders, Salespeople – Wall Street Journal (subscription) Cuts in debt, currencies and commodities could affect up to 250 people.

 

 

Market Savvy  

2016 – A Goldilocks Year? – Profit & Loss A Goldilocks Year, not too hot, not too cold is our central scenario for 2016, and it would look something like this.

China, Oil Show Peril of Faulty Assumptions – Wall Street Journal (subscription) When investors, policy makers and businesses see only upside, the downside can be a rude awakening.

Is Another Swiss Franc Shock Around the Corner? – GAM – Profit & Loss A year ago investors were caught on the wrong-foot when the Swiss National Bank (SNB) unexpectedly lifted the cap on its currency, prompting one of the biggest moves in the foreign exchange markets seen for decades.

Stocks Resume Slide on Oil Concerns – Wall Street Journal (subscription) Stoxx Europe 600 drops 2.8% after sharp decline on Wall Street.

Hong Kong Dollar Drops Most Since ’03 as Bets Mount on Peg’s End – Bloomberg The Hong Kong dollar sank by the most in more than a decade and speculation mounted in the options market that the city’s 32-year-old currency peg will end as investors lose confidence in Chinese assets.

 

 

Press Releases

FXCM Volumes Fall in December – Profit & Loss FXCM has reported average institutional trading volume was $1.6 billion per day in December 2015, 20% lower than the $2 billion in November 2015 and 54% lower than the $3.5 billion in December 2014.

 

 

Industry Events
News0

FXPA Welcomes FXSpotStream as New Member

The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of FXSpotStream as the latest member of the FX trade group. FXSpotStream joins FXPA as an Associate Member.
“As a bank-owned consortium bringing greater transparency and efficiencies to the FX market, FXSpotStream is pleased to join the Foreign Exchange Professionals Association and support its goals of ensuring a sound, transparent and competitive marketplace,” says Alan Schwarz, CEO, FXSpotStream.
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