BGC Partners to Buy Rival Brokerage GFI – Wall Street Journal (subscription)
BGC Partners has agreed to pay about $778 million for rival brokerage firm GFI Group, according to people familiar with the matter, ending a months-long hostile takeover effort.
Banking Sector Plays Down Need for Radical Change from UK Review – Reuters
The financial sector needs to do more to root out and register “bad apples” but it would be difficult to license wholesale banking as a profession and unclear if doing so would prevent further abuses, the banking industry said in submissions to a British review of capital markets.
Major Banks’ Fixed Income Revenues Fell Last Year to Half 2009 Levels – Reuters
The 10 biggest investment banks’ revenue from fixed income, currencies and commodities fell 7% last year, a consultancy says, citing lower client activity and a challenging economic backdrop.
Sef Chief Sees Rapid Consolidation in 2015 – FOW (subscription)
The chief executive of a fast-growing US swap trading platform has predicted this year rapid consolidation in a market that has proliferated in the past two years.
Greece, Euro Zone Close to a Deal Before Friday’s Eurogroup: Greek Official – Reuters
Greece and the euro zone are close to a deal on a financing-for-reforms package, a senior Greek official said ahead of a crucial meeting of euro zone finance ministers later on Friday.
Did the Fed Just Enter the Currency Wars? – Bloomberg
The minutes from the Federal Reserve’s meeting last month have foreign exchange traders wondering whether Janet Yellen has joined the currency wars.
RMB: Banks Staff Up to Match Rise of Chinese Currency – Euromoney
The need of banks to raise awareness and staffing levels around the renminbi within their own organisations looks set to be key as the battle for business heats up.