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DoJ Pushes for Foreign Exchange Deal with Five Banks in May – Financial Times (subscription)

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DoJ Pushes for Foreign Exchange Deal with Five Banks in May – Financial Times (subscription)
The US Department of Justice is pushing for five banks, including JP Morgan Chase and Barclays, to resolve allegations they manipulated the foreign exchange markets in one mega settlement scheduled for mid-May, according to people familiar with the case.
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Swiss Franc Antics Threaten Banks’ Grip on Currency Trading

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Swiss Franc Antics Threaten Banks’ Grip on Currency Trading – Bloomberg
The grip of the world’s biggest banks on the $5.3-trillion-a-day currency market is under attack. After the Swiss National Bank stunned the world in January by abandoning its price cap on the franc, some banks sought to reduce their losses by trying to renege on transactions. Dealers including Bank of America, Barclays and Goldman Sachs approached customers about changing some trades, according to people familiar with the discussions.

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Fed Digs Into Clearinghouse Risks After JP Morgan Raises Alarms – Bloomberg

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Fed Digs Into Clearinghouse Risks After JP Morgan Raises Alarms – Bloomberg
Federal Reserve Governor Daniel Tarullo is quizzing Wall Street after big lenders and asset managers said clearinghouses pose their own threats, said three people with knowledge of the discussions. Among the concerns raised by financial firms: Relying on clearinghouses shifts risk to just a handful of entities, and the collapse of one could lead to uncapped losses for banks.
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globalFXsource0

Robot Trades Inflamed Then Soothed Markets After Franc Shock

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Robot Trades Inflamed Then Soothed Markets After Franc Shock – Bloomberg

High-frequency traders may have at first exacerbated currency swings after the Swiss National Bank’s surprise decision to drop its euro cap, before helping to calm the market faster than would otherwise have been the case according to central bankers attending the Global Meeting of Foreign Exchange Committees in Tokyo.

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