South African Watchdog Fines Citi 69.5 Million Rand to Settle Currency Rigging Probe
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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
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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
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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
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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
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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
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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
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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.
Banks, Brokers Face Post-Brexit Mis-Selling Claims Over FX Options
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Banks, Brokers Face Post-Brexit Mis-Selling Claims Over FX Options – Reuters
Banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain’s vote to leave the European Union, according to court filings and sources familiar with the cases. Read More
Deutsche Bank Walks Away from US Swaps Clearing
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Deutsche Bank Walks Away from US Swaps Clearing – Financial Times (subscription)
Deutsche Bank is closing its US swaps clearing business as it battles to cut costs amid continued questions over its business model. Read More
Political Risk Returns as Driver of Forex Trading
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Political Risk Returns as Driver of Forex Trading – Financial Times (subscription)
Political risk, the market phenomenon of 2016, showed signs of a return, knocking the euro back on investor concerns about the French presidential elections.