Sterling Volatility Hits New Heights
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Sterling Volatility Hits New Heights after Polls – fastFT (subscription)
Sterling volatility has surged to new heights, breaking levels not seen since the financial crisis as new opinion polls support evidence seen last week that the ‘Leave’ camp is nudging ahead in the Brexit referendum campaign.
- Don’t Be Confused Now, Wait for June 21 Before Deciding on “Brexit” – Profit & Loss
- Pound Tumbles, Volatility Jumps After Polls Show Brexit Momentum – Bloomberg
- MPs ‘Considering Using Majority’ to Keep UK in Single Market – BBC
- AEP: ‘Irritation and Anger’ May Lead to Brexit, Says Influential Psychologist – Daily Telegraph
EBS Cracks China
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EBS Cracks China – Profit & Loss
Icap looks to have secured a deal full of (Far) Eastern promise. The company has extended its association with the China Foreign Exchange Trade System (CFETS) by announcing the latter has chosen its EBS BrokerTec technology for electronic execution services in mainland China.
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The Death of the Boozy Business Lunch
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The Death of the Boozy Business Lunch – The Daily Telegraph
The glory days of boozy business lunches are long gone because of the time restraints and financial pressures placed on British workers, a new report has claimed.
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Sterling Volatility Rockets
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Sterling Volatility Rockets after Poll Shows Brexit ‘Leave’ Lead – fastFT (subscription)
Implied volatility on sterling, a measure of expected stress, has rocketed to the highest level since February 2009 after a referendum poll published yesterday showed an abrupt swing in voter preference towards leaving the EU.
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China Stocks Jump Over 3% on MSCI Speculation
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China Stocks Jump Over 3% on MSCI Speculation – fastFT (subscription)
Chinese stocks carved out their biggest gain in two months amid speculation that A-shares could be included in MSCI’s global benchmarks.
The Wait is Over
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The Wait is Over: Code of Conduct (Stage One) Unveiled – Profit & Loss
The FX Working Group (FXWG), put together by the Bank for International Settlements, has today released the first stage of the new Global Code of Conduct.
FXPA Comment on Release of the Global Code
The Foreign Exchange Professionals Association (FXPA) is in full support of the first phase of the Global Code of Conduct for the Foreign Exchange Market, which was published this morning following a meeting of the Global Foreign Exchange Committees in New York.
“The Foreign Exchange Professionals Association (FXPA) praises the global coordination and work of the Bank for International Settlements’ Foreign Exchange Working Group in strengthening global standards for those operating in the FX market. This has been an enormous undertaking, done at a tremendous pace, and FXPA welcomes today’s release of the Global Code and will support the adoption of its principles,” says FXPA in a statement.
According to the Bank for International Settlements (BIS), the Foreign Exchange Working Group (FXWG) was established to strengthen code of conduct standards and principles in FX markets. The working group, which operates under the auspices of the Markets Committee, is headed by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee.
Abe Warns on Lehman-Era Crisis Signals
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Abe Warns on Lehman-Era Crisis Signals – fastFT (subscription)
Japanese Prime Minister Shinzo Abe warned leaders at the G7 summit that several indicators–namely commodities prices and the growth rate of emerging markets–are at levels seen before the financial crisis in 2008, the Nikkei website reported Thursday.
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China Weakens Yuan Fixing to Lowest Since 2011
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China Weakens Yuan Fixing to Lowest Since 2011 as Dollar Climbs – Bloomberg
China’s central bank weakened its currency fixing to the lowest since March 2011 as the dollar strengthened.
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Lawsuit Accusing 16 Big Banks of Libor Manipulation Reinstated
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Lawsuit Accusing 16 Big Banks of Libor Manipulation Reinstated – The Guardian
A US appeals court on Monday reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned.