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Tsipras Resigns, Paving Way for Snap Greek Election – Reuters
Prime Minister Alexis Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece’s creditors for a better bailout deal but had to cave in. Government officials said the aim was to hold the election on Sept. 20, with Tsipras seeking to crush a rebellion in his leftist Syriza party and seal public support for the bailout program, Greece’s third since 2010, that he negotiated.

• Greece Pays Back Loan to ECB after Bailout – Deutsche Welle

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‘Flash’ Events Hurt Market Liquidity for Days: NY Fed Blog – Reuters
Excessive price moves and reversals in a span of minutes, also known as “flash” events, have hurt liquidity in the stock, bond and currency markets for days, according to a New York Federal Reserve blog released on Tuesday.
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Former FX Traders Challenge Citi over Dismissal – Financial Times (subscription)
Four former Citigroup traders look set to be the first of the dozens of people fired over the FX-rigging scandal to challenge their dismissals in court. Carly McWilliams, Perry Stimpson, David Madaras and Robert Hoodless have filed unfair dismissal claims at the East London Employment Tribunal. Hearings are scheduled in the four cases between next week and November.
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Banks Face Huge Rigging Claims after US Payouts – The Times (subscription)
The High Court will become the battleground for billions of pounds in new rigging claims against some of the world’s biggest banks after lawyers in the United States won $2.1 billion in settlements for manipulation of the global currency market.
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Commissioner Wetjen to Step Down from CFTC
Commissioner Mark Wetjen has announced his resignation from the US Commodity Futures Trading Commission, effective August 28, 2015.

• Statement of Chairman Timothy Massad on the Resignation of Commissioner Mark Wetjen
• Commissioner Wetjen to Retire from CFTC – Profit & Loss

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What China’s Yuan Move Means for the Fed’s Liftoff – Wall Street Journal (subscription)
China’s tumult hasn’t dissuaded Wall Street of its view that liftoff could come this September…at least not yet.

• China’s Currency Could Fall Another 5% – Reuters
• Asian Markets Stage Relief Rally – Wall Street Journal (subscription)
• China C. Bank Says Halts “Regular” Yuan Intervention, Will Manage Volatility – Reuters

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China Cuts Yuan Rate Against US Dollar for Second Day – AFP
China cut the yuan’s value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.

• Asia FX Haunted as China Devaluation Sparks Currency War Fears – Reuters
• Renminbi Falls to 4-Year Low After Devaluation – Financial Times (subscription)
• Market Takes Stock of China’s Currency Devaluation – Profit & Loss (subscription)

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Surprise China Devaluation Marks Escalation of Currency War – Financial Times (subscription)
Beijing has launched the latest attack in a growing currency war by devaluing its currency by almost 2% on Tuesday morning. The one-day move, done in a bid to boost failing exports, was the biggest since 1993 and may, analysts warn, be hard to reverse.

• China Moves to Devalue Yuan – Wall Street Journal (subscription)
• Currencies in Asia Tumble on Devaluation of Chinese Yuan – Wall Street Journal (subscription)
• China’s Yuan Devaluation Is Great News for US Dollar – Bloomberg

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