Top Headlines

Barclays in $94 Million Euribor Accord, Other Banks Could Follow – Reuters Barclays Plc agreed to pay $94 million to settle U.S. antitrust litigation by investors that accused 11 banks of conspiring to manipulate the benchmark European Interbank Offered Rate (Euribor) and related derivatives.

US Placed Above Cayman Islands in Financial Secrecy Blacklist – Bloomberg The US government’s refusal to take part in a global system for exchanging bank data has moved it above the Cayman Islands in a financial secrecy list compiled by the Tax Justice Network.

China Says Annual Growth No Less Than 6.5 Percent over Next Five Years – Reuters China’s annual economic growth will be no less than 6.5 pct in next five years to realize the goal to double 2010 gross domestic product (GDP) and per capita income by 2020.

Draghi Passes ECB Halfway Mark Still Missing Inflation Goal – Bloomberg Mario Draghi is halfway through his job and, by the strictest measure of his success, still far from his goal.

Higher Risk Appetite Drives Aussie Higher as RBA Stands Pat – Reuters Australia’s dollar gained almost 1 percent on Tuesday in an otherwise subdued currency market, after the country’s central bank declined to cut interest rates further and as investors’ appetite for risk increased.

Regulatory News

Futures Giants Warn of ‘Disappearing’ Hedging Market – Financial News Intercontinental Exchange and Euronext are among those that fear that some markets in exchange-for-physical contracts, or EFPs, could “disappear” as a results of the revised Markets in Financial Instruments Directive.

Governance and the Role of Boards – Speech by Andrew Bailey – Bank of England Thoughts on how at the PRA we are thinking about the role of governance and Boards in the prudential supervision of deposit takers, insurers and major investment firms.

Company News

Standard Chartered Plans Capital Raising, Job Cuts – Wall Street Journal (subscription) Bank intends to raise $5.1 billion in rights issue, cut 15,000 positions by 2018 after swinging to third-quarter loss.

UBS Posts Sharp Rise in Third-Quarter Profit – Wall Street Journal (subscription) UBS Group AG said Tuesday net profit in the third quarter nearly tripled from the same period last year even as its flagship business slowed, after the Swiss bank enjoyed a significant tax benefit.

Market Savvy  

Emerging-Market ETF Flows Break Longest Winning Streak Since May – Bloomberg Investors pulled money out of U.S. exchange-traded funds that invest in emerging markets last week for the first time since early October, ending the longest winning streak for the ETFs since May.

Zambia Raises Benchmark Interest Rate to 15.5% from 12.5% – Bloomberg The Bank of Zambia raised its benchmark interest rate by a record 3% to rein in inflation.

Most Asia FX Slightly up Except Yuan; China Worries Limit Upside – Economic Times Most emerging Asian currencies edged up on Monday with the US dollar broadly weakening, while a sustained contraction in Chinese factory activity underscored concerns over a slowdown in the world’s second-largest economy.

Press Releases

OCC Cleared Contract Volume Declined 26% in October – OCC OCC, the world’s largest equity derivatives clearing organization, announced today that cleared contract volume in October was 367,647,983 contracts, a 26 percent decrease from the October 2014.

ICAP’s 23rd Charity Day — Wednesday 9th December – ICAP

Basel Committee to Stop Banks Gaming Risk Models – Nasdaq The Basel Committee on Banking Supervision will publish proposals to constrain internal risk modeling by banks by the end of the year, its chairman Stefan Ingves said.

NetOTC Appoints Roger Liddell as Chief Executive Officer – NetOTC NetOTC announces that Roger Liddell has been appointed CEO with immediate effect.

FSB Announces Measures to Promote Resolvability, Including Effective Cross-Border Resolution – FSB The Financial Stability Board (FSB) today released two finalised guidance papers and three consultative documents as part of its policy agenda to end “too-big-to-fail.”

Moscow Exchange Trading Volumes in October 2015 – Moscow Exchange Moscow Exchange announces trading volumes for October 2015. The Derivatives Market and FX Market posted the strongest growth, with volumes increasing 61.8% and 41.3% YoY, respectively.

SGX Establishes Connectivity with CME Group Co-Location Facility in Aurora, Illinois – SGX Singapore Exchange (SGX) today announced that it will establish a presence in the CME Group co-location facility based in Aurora, Illinois, to provide direct connectivity for customers between the two facilities.

XTX Goes Live on 360 – Profit & Loss XTX Markets, an electronic trading firm providing liquidity in the FX, commodity, equity and derivatives markets, announces that it has joined 360T’s multi-dealer trading platform as a streaming liquidity provider.

Industry Events

• FIA Expo 2015, 3-5 November, in Chicago, IL
• Profit & Loss Shanghai, 12 November in Shanghai, China
• Profit & Loss Singapore, 19 November in Singapore
• 11th Annual FIA Asia Derivatives Conference, 8-10 December in Singapore