Fired Barclays Trader Sues to Win Back Job Lost in FX Probe
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Fired Barclays Trader Sues to Win Back Job Lost in FX Probe – Bloomberg
David Fotheringhame, who is suing for unfair dismissal, was sacked after a $150 million settlement between Barclays and the Department of Financial Services, New York’s banking regulator. Read More
China Changes the Way It Manages Yuan After Currency’s Jump
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China Changes the Way It Manages Yuan After Currency’s Jump – Bloomberg
China’s central bank has made a change to the regime used to manage the yuan, effectively removing a component used by banks to calculate their submissions to the currency’s daily reference rate, according to people familiar with the matter.
Dollar Edges Up from 3½ Month Lows; Euro Pauses After Rally
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Dollar Edges Up from 3½ Month Lows; Euro Pauses After Rally – Reuters
The dollar inched higher against a basket of major peers as data showing slower US jobs growth did little to dent expectations for further Federal Reserve interest rate increases this year.
US Derivatives Regulator to Review Bitcoin Futures Risks
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US Derivatives Regulator to Review Bitcoin Futures Risks – Reuters
The US derivatives regulator will hold two meetings to discuss the procedure and operational controls for listing and trading digital currency futures it said, amid rising concerns over the risks bitcoin poses to the financial system.
BNY Mellon Facing Further FX Class Action
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BNY Mellon Facing Further FX Class Action – Profit & Loss
BNY Mellon is facing further legal action over activities in its FX business as a class action suit has been filed in New York claiming it “charged excessive rates and mark ups” on ADR conversions. Read More
MiFID Shake-Up Gets Real as Wary Traders See Volumes Dry Up
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MiFID Shake-Up Gets Real as Wary Traders See Volumes Dry Up – Bloomberg
Trading volumes slumped ahead of the changes, according to two brokers with knowledge of the matter, with client business at one major brokerage in Europe almost non-existent as the rules were poised to take effect.
Euro Testing Three-Year Highs in Buoyant Start to 2018
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Euro Testing Three-Year Highs in Buoyant Start to 2018 – Financial Times (subscription)
The opening trading hours of 2018 are proving to be very rosy for the euro, which is tickling a three-year high at $1.2079.
Bitcoin Plunges Below $13,000, Heads for Worst Week Since 2013
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Bitcoin Plunges Below $13,000, Heads for Worst Week Since 2013 – Reuters
Bitcoin plunged below $13,000 (£10,970) after losing around a third of its value in just five days, with the digital currency on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on Sunday.
Regulators Give Fresh Sign They’ll Go Easy on MiFID Rules
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Regulators Give Fresh Sign They’ll Go Easy on MiFID Rules – Bloomberg
Regulators will grant financial firms a six-month delay in implementing part of the sweeping MiFID II overhaul of rules that’s set to take effect on January 3, as both companies and countries struggle to meet the deadline.
GFXC Unveils Principle 17 Re-Write
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GFXC Unveils Principle 17 Re-Write – Profit & Loss
The Global Foreign Exchange Committee (GFXC) has published an updated FX Global Code incorporating revised guidance on trading in the last look window, known as Principle 17.