Top Headlines

BOJ Stuns Markets With Negative Interest Rate Surprise – Reuters The Bank of Japan unexpectedly cut a benchmark interest rate below zero on Friday, stunning investors with another bold move to revive the economy as volatile markets and slowing global growth threaten its efforts to beat deflation.

Second Trader Claims Citi Encouraged Traders to Share Information – Profit & Loss  The unfair dismissal hearing of a second former Citi FX trader has been told that the bank encouraged its traders to “build and maintain two way relationships with traders at other banks in order to gain information about market flows and colour”

All Ex-Brokers Cleared in Libor-Rigging Trial in Blow to Fraud Office – Bloomberg Six ex-brokers accused of helping convicted trader Tom Hayes rig Libor were cleared in a London trial this week, with a jury Thursday acquitting a final defendant, former ICAP Plc broker Darrell Read.

The Need for a Tax on Financial Trading – New York Times A financial transaction tax — a per-trade charge on the buying and selling of stocks, bonds and derivatives — is an idea whose time has finally come.



Regulatory News

Taiwan to Punish Nine Banks on Yuan Derivative Business – Reuters Taiwan’s Financial Supervisory Commission (FSC) said it will punish nine banks for inappropriately selling yuan derivative products to clients, in its latest effort to prevent further defaults.

NYSE Calls For Coordination Among Exchanges to Ease Volatility ­– Reuters The New York Stock Exchange on Thursday recommended reforms to the U.S. equities market which it said could improve stability and prevent a repeat of the wild price swings seen on Aug. 24 during a near-unprecedented bout of volatility.

Japan’s Financial Watchdog Queries Brokerages on HFT, Dark Pools – Bloomberg Japan’s financial watchdog has started examining high-frequency trading, algorithms and dark pools, asking brokers for information about the practices.



Company News

Fed Urged to Man the Currency Barricades – Bloomberg The Federal Reserve may be on the brink of a huge mistake if it decides to retreat from the global currency wars.

Frugal in Frankfurt: Can a Penny-Pincher Fix Deutsche Bank? – Bloomberg High in the Deutsche Bank Towers in downtown Frankfurt, a radical plan code-named Model 5 was quickly unraveling.



Market Savvy  

Mexico’s FX Commission Extends Dollar Actions to Support Peso – Reuters Mexico’s currency commission said on Thursday it will maintain a daily dollar auction program, dashing expectations that authorities could increase intervention efforts to prop up the battered peso.



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