All posts by Julie Ros

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Join FXPA at FIA Boca
Attending FIA Boca next week? Please join the membership of the Foreign Exchange Professionals Association (FXPA) for a Meet & Greet session at the FIA Boca conference. Representatives from the FXPA will be in the Lounge Area adjacent to Bar Luna from 5:30-6:30 on Tuesday, 10 March. Please rsvp to jros@profit-loss.com

Dollar Revs Up for Jobs Data, Euro Bonds Rally on ECB – Reuters
The dollar hit a new 11-year high against major currencies on Friday as investors bet the monthly US jobs report would add to the chance of rate hikes, even as the European Central Bank embarks on a 1 trillion euro campaign of bond-buying.
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UK Wins Court Case With ECB on Euro Clearing – Wall Street Journal (subscription)
A European Central Bank policy requiring British companies managing trades in euros to relocate to the eurozone will be annulled, Europe’s second-highest court ruled Wednesday, marking a victory for the UK government which had argued such a move was against European law and would push business away from London’s financial centre.
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Bank of England Fired FX Chief for Series of Misjudgements: Carney – Reuters
The Bank of England dismissed its former chief foreign exchange dealer last year because of a series of inappropriate actions including the sharing of a confidential Bank document, BoE Governor Mark Carney said this morning.

• Bank Flags 50 Instances of Possible Market Abuse – BBC News

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Banks Likely to Trim Their Customer Bases – Profit & Loss (subscription)
The capital available to bank FX businesses is much reduced compared to a short time ago; the impact of the Fix fiasco is seeing more players pull back from proprietary risk taking and pushing more towards an agency model; the lessons of the SNB event are still being absorbed; and then there is the “hot” topic of last look being openly debated around FEMR and, possibly, by certain regulatory agencies. All of this is likely to lead to several players doing what some institutions did years ago, and trim their customer bases.
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Clearing Houses Face Privacy Law Concerns – Risk Magazine (subscription)
Non-US clearing houses could face privacy law issues as a result of the trade reporting obligations placed on them by forthcoming US regulations – a clash that already affects some banks and prompted 12 national supervisors to write to the Financial Stability Board last year.
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