Will the FX Industry Have to Argue the Case
for Pre-Hedging in Yet Another Court Room? – Profit & Loss
Re-reading documents filed by the latest class action
over market manipulation, my conclusion is that the FX industry is going to
have to argue the case for pre-hedging in yet another court room (actually
court rooms – as we reported almost two weeks ago when the news broke, a
European lawsuit is also planned).
Market Guide to a Brexit Deal, If and When It Finally Happens – Bloomberg
UK negotiators have secured a deal with the
European Union to exit the bloc, and today Prime Minister Theresa May will try
to win over her Cabinet and later, Parliament. For investors, a done deal would
remove one of the biggest overhangs in European markets since the 2016 vote.
FX Lawsuit May Follow Soon, Says Source – FX
Institutional investors filed a lawsuit in NY against 16
banks on November 7, which could be followed by European complaint.
Big Data Matters: Using Smart Data and Artificial Intelligence to Enhance FX
Trading – Tabb Forum
The fragmented nature of the FX market has hindered the
availability of sufficient and quality data for market participants to realize
the benefits of big data and sophisticated analytics. But this is changing,
says CLS, with the emergence of new services offering smart data and artificial
Counsel Awarded $300M in Fees for $2.3B Deal – Law360 (subscription)
A New York federal judge on Thursday awarded more than
$300 million in attorneys’ fees to Scott + Scott and Hausfeld, the firms representing
an investor class in securing $2.3 billion in settlements over claims that 15
banks colluded to rig benchmark exchange rates in the foreign exchange markets.
Investors Sue 16 Banks in US Over Currency Market Rigging – Reuters
A group of large
institutional investors including BlackRock and Allianz SE’s Pacific Investment
Management Co. has sued 16 major banks, accusing them of rigging prices in the
roughly $5.1 trillion-a-day foreign exchange market.
Congress Divided: Analysts Explain What it Means for Wall Street – Financial Times (subscription)
Analysts are wrestling with the split result in US
congressional elections, which hands control of the House of Representatives to
Democrats but gives Republicans an increased majority in the Senate.
Street Plays Defense in Attempt to Dodge Midterm Punches – Bloomberg
The midterms come at a time when ballots globally – from
Brazil to Italy to the UK – are reshaping the course of policy and fueling
major shifts in market sentiment.
Ends Winning Streak Before Elections – Reuters
The dollar dipped on Monday after three consecutive weeks
of gains as investors took profits before US midterm elections this week that
may fuel a new bout of volatility for global markets.
the Global Code of Conduct in Trouble Already? – Profit & Loss
The opening panel discussion of this year’s Profit & Loss Forex Network Chicagoconference featured an unusually frank and honest discussion about thechallenges associated with implementing the FX Global Code of Conduct.