Banks Expected to Settle FX Probes for Billions – Wall Street Journal(subscription)
Citigroup, Barclays, JP Morgan Chase and Royal Bank of Scotland Group are expected to plead guilty to rigging foreign currency exchange rates and pay billions in combined penalties.
First Global Code of Conduct for FX Trading May be Within Reach – Reuters
Central banks seeking to quell misconduct in the $5 trillion (£3.28 trillion) a day currency market are hopeful that for the first time they can unify the industry’s disparate codes of conduct into one central document within the next two to four years.
In Numbers…Q1 Comparison of FX Platforms – Profit & Loss (subscription)
Just about everyone you talk to in FX is talking about activity coming back to the market, about more people interested in FX and about how volatility provides opportunities for everyone. One segment that should benefit from this increased interest is the multi-dealer platform industry but, while accepting it is a relatively small snapshot, the data available suggests otherwise.
Greek Banks Are Having Trouble Trading Foreign Currencies – Bloomberg
Greek banks are increasingly being hampered from trading currencies, one of most liquid markets, as international dealers cut back credit lines and costs soar, according to people with knowledge of the trades.
Flash Crash Moves Loom in FX Markets – FX Week (subscription)
Participants are concerned by sharp, sudden moves in currency markets as traders struggle to explain extreme bouts of volatility.
Swiss Central Bank Forex Reserves Fall in April – Dow Jones Business News
The value of Switzerland’s foreign-currency reserves dropped by half a billion Swiss francs in April, data showed Thursday, largely because of the weakness of the dollar, said analysts.
Emerging Market Capital Outflows Eclipse Financial Crisis Levels – Financial Times (subscription)
Emerging markets (EMs) have suffered bigger net capital outflows over the latest three quarters than during the 2008-09 financial crisis, indicating fragile confidence in some of the largest developing economies.
Report: Risks More Entrenched in EU Financial System – Profit & Loss (free story)
While the risks affecting the EU financial system have not changed in substance during the past six months, they have further intensified, according to the European Supervisory Authorities (ESA).