FXPA Elects New Officers, Board Members
WASHINGTON, D.C., February 23, 2017 – The Foreign Exchange Professionals Association (FXPA) is pleased to announce the results of its elections, which took place last week, and resulted in a slate of new Board members, as well as four officers to serve on the FXPA’s Executive Committee (ExCom). Read More
Dollar Falls After Fed Minutes
Top Headlines
Dollar Falls After Fed Minutes – Wall Street Journal (subscription)
The dollar dropped after minutes from the Federal Reserve’s latest meeting disappointed some investors.
Ex-Forex Traders in Singapore Get Jail Time for Cheating Banks
Top Headlines
Ex-Forex Traders in Singapore Get Jail Time for Cheating Banks – Bloomberg
Two former currency traders from Deutsche Bank and HSBC Holdings were sentenced to jail terms of as long as 15 weeks for cheating the banks by making false trades. Read More
South African Watchdog Fines Citi 69.5 Million Rand to Settle Currency Rigging Probe
Top Headlines
South African Watchdog Fines Citi 69.5 Million Rand to Settle Currency Rigging Probe – Reuters
South Africa’s Competition Commission has fined the local arm of Citigroup 69.5 million rand (£4.2 million) for its role in a foreign currency trading cartel, the regulator said. Read More
Traders at BofA to Credit Suisse Named in Rand-Conspiracy Probe
Top Headlines
Traders at BofA to Credit Suisse Named in Rand-Conspiracy Probe – Bloomberg
Dozens of currency traders at some of the world’s biggest banks, from Credit Suisse Group to Bank of America, have been named in a South African probe into an alleged scheme by the dealers to manipulate the value of the rand. Read More
Sterling Drops on Weak UK Retail Sales Under Brexit Shadow
Top Headlines
Sterling Drops on Weak UK Retail Sales Under Brexit Shadow – Reuters
Sterling sank to a 10-day low against the euro after a surprise third monthly fall running in British retail sales pointed to weakening consumer sentiment as the government gets ready to launch talks on leaving the European Union.
South Africa Sues Banks Over FX Collusion
Top Headlines
South Africa Sues Banks Over FX Collusion – Profit & Loss
South Africa’s Competition Commission says it is commencing prosecution proceedings against 14 banks over alleged collusion in ZAR markets.
Deutsche Bank Fails to Dismiss US Currency Rigging Lawsuit
Top Headlines
Deutsche Bank Fails to Dismiss US Currency Rigging Lawsuit – Reuters
A US judge has rejected Deutsche Bank’s bid to dismiss a lawsuit claiming it delayed foreign exchange trades to get a “last look” at how prices were moving, enabling the German bank to extract more profit at customers’ expense. Read More
US Regulator Gives Grace Period for Swaps Collateral Rule
Top Headlines
US Regulator Gives Grace Period for Swaps Collateral Rule – Reuters
The US derivatives regulator gave swaps dealers a six-month grace period to comply with a variation margin rule that becomes effective March 1, saying most companies are unprepared for the change. Read More
Dollar Hits Two-Week High After US-Japan Meeting
Top Headlines
Dollar Hits Two-Week High After US-Japan Meeting – Reuters
The dollar hit a two-week high against the yen with another round of solid gains as investors focused again on the US reflation trade which dominated the aftermath of Donald Trump’s election in November but has stalled this year.