Some of the world’s biggest investors are working with a US law firm to prepare a fresh wave of litigation against banks accused of rigging foreign exchange markets.
Reports of the latest planned class action show we’ve reached the level we all knew we were heading for – the bottom.
The euro retreated from highs hit on centrist Emmanuel Macron’s victory in France’s presidential election, with investors taking profit on a roughly three percent gain for the currency since he won the first round two weeks ago.
- Euro Weakens as Markets Look Past Macron Victory Toward Draghi – Bloomberg
- Euro and Stocks Slip After French Election Result – Financial Times (subscription)
Marine Le Pen’s niece Marion Marechal-Le Pen, a National Front lawmaker, said her aunt’s softening of the party position on the euro came late in the presidential election campaign and was not well understood by French voters.
Currency traders are getting no joy from one of the market’s most crowded trades.
A boost for European markets from France was not enough to drive sterling past $1.30, with the British currency trading in tight ranges as domestic attention focussed on this week’s Bank of England meeting and an accelerating election campaign.
Although Dmitri Galinov, CEO of FastMatch, defends the controversial practice of last look in FX, he also claims that it will be eliminated within the next two years.
The clearing-house business looms much bigger in London than in New York, Chicago or Atlanta.
Second quarter slowdown comes as volatility falls and investors become cautious.
Bankers pour cold water on Trump’s promised bonfire of Obama-era reforms.
Goldman Sachs has emerged as a big beneficiary from US regulators’ decision to grant banks more time to comply with parts of the Volcker rule, which was aimed at forcing them to wind down risky activities.
The lifting of derivatives clearing obligations for smaller financial companies, pensions, and non-financial companies in the European Union could push them into default in times of extreme market stress and increase systemic risk according to consultancy Sapient Global Markets.
Hotspot has revealed that the first anonymous outright deliverable forward FX transaction has been executed on its platform.
Although CTA performance improved relative to the previous month, all Societe Generale (SG) Managed Futures indices fell just short of breaking through into positive territory at the end of April 2017.
Assets from the developing world are starting 2017 on a hot streak the likes of which have been seen just three times this century, and may be on pace to keep strengthening.
Regulatory reporting, data and risk management solutions provider AxiomSL, has appointed Peter Tierney as CEO of the firm’s Asia Pacific region.
Mexico’s peso strengthened in international trading after former banker Emmanuel Macron won the French presidential election.
Emerging equities rose towards a one-week high and Eastern European currencies firmed against the euro in a broad relief rally after centrist candidate Emmanuel Macron’s emphatic victory in the French presidential election.
The Australian dollar was on the back foot following data showing the biggest yearly drop in building approvals in six months.