Top Headlines

Brazil Antitrust Agency Investigating Banks for Suspected Rate Manipulation – Wall Street Journal (subscription)
Brazil’s antitrust agency is investigating banking giants Citigroup, HSBC, Deutsche Bank and a long list of their peers on suspicion of forming a cartel to manipulate the exchange rate of the Brazilian currency, the real.

Commerzbank Sued by Employee Who Says Bank Run Like a ‘Frat’ – Bloomberg
Commerzbank was sued by a director who said she was discriminated against in an environment more akin to a fraternity where she was isolated by discussions held in German, or at bars.

Swiss Intervention Seen Losing Potency as Foreign Reserves Swell – Bloomberg
For the first time since January, Switzerland admitted intervening in currency markets this week to curb the franc, which has been climbing against all its major peers in 2015. Analysts say the nation will have a hard time keeping that up.

Traders Tentative Ahead of Greek Referendum – Financial Times (subscription)
Equity, fixed income and FX markets are struggling to establish clear trends as caution prevails ahead of the Greek “cash for reforms” referendum on Sunday.

The Other Contagion: What If Greece Thrived After Euro Exit? – Bloomberg
It is the scenario few talk of: What if Greece left the euro area and its economy thrived? The reason for the silence may be that it’s too ridiculous a concept to even consider.

FX Data Analytics: Banks’ New Frontier – Euromoney
Banks cannot afford to ignore the potential value of using insights from data analytics to personalise their FX services.

Banks Struggle With Real-Time FX Settlement Challenge – Euromoney
In the absence of an industry-wide consensus on faster settlement, availability of real-time FX conversion is likely to remain patchy – challenging the growth of immediate payments in corporate banking.

Regulatory News

BoE Warns Banks on Derivatives Booking Practices – (subscription)
Dealers must simplify if there is “no coherent rationale” to structures.

China Says Multiple Currencies Can be Used in Cross-Border Fund Scheme – Reuters
Fund investments under a landmark new scheme between China and Hong Kong will be able to be denominated in yuan or other currencies, a Chinese regulator said on Friday, a big step in liberalising its capital account and a major departure from existing schemes.

Company News

Icap’s EBS Daily Volumes Rise 5% MoM in June 2015 – LeapRate
Average daily volumes recorded by Icap’s EBS electronic FX platform amounted to robust $100.8 billion in June 2015, up 5% in monthly terms and up 31% in annual terms.

HSBC’s Currency Strategist Robert Lynch is Said to Leave Bank – Bloomberg
Robert Lynch, head of G-10 currency strategy at HSBC Holdings in New York, has left the bank, according to two people with direct knowledge of the matter.

Market Savvy  

Video: Market is Not Speculating on Euro Breakup
BNP Paribas global head of FX strategy, Steven Saywell, discusses peripheral bond spreads and China’s stock market.

Soft US Jobs Data Weighs on Dollar, Euro Hostage to Greek Vote
The dollar fell against a basket of currencies on Friday, hurt by softer than expected US employment data and with most investors staying on the sidelines before Greece’s referendum on bailout conditions at the weekend.

Mexican Peso Hits Record Low – What Now?
Financial Times
Which way would you play the Mexican peso? The country that is seen by many analysts as one of the few bright spots in the emerging world is also home to one of its worst performing currencies this year.

Press Releases

TAIFEX to Launch RMB FX Futures
Taiwan Futures Exchange plans to launch two RMB FX futures contracts, the USD/CNT FX futures (RTF) and the USD/CNH FX futures  (RHF), by late July.

Industry Events