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Reasons to Fear a ‘Triple Taper Tantrum’

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Reasons to Fear a ‘Triple Taper Tantrum’ – Financial Times (subscription)
Why are we worried not just about a taper tantrum but a “triple taper tantrum”? Because central banks do not have a contingency plan for success. Even partial success – stabilisation of growth rather than an outright revival – could be enough to derail their best-laid plans for a smooth exit from excessive monetary accommodation.

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UK to Unveil Financial Market Reforms

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UK to Unveil Financial Market Reforms – Wall Street Journal (subscription)
The UK will unveil a suite of reforms Wednesday aimed at cleaning up British financial markets after a series of scandals. The yearlong Fair and Effective Markets Review – a joint effort between the Bank of England, the UK Treasury and Britain’s Financial Conduct Authority – will zero in on practices such as “front-running” and “last-look,” controversial strategies that can be used by traders in a way that can disadvantage their clients, according to participants in the consultation and the bodies’ initial review document.

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globalFXsource0

Bank Malpractice and FEMR on the Agenda for Mansion House Speech

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Bank Malpractice and FEMR on the Agenda for Mansion House Speech – Profit & Loss (free story)
Malpractice within the banking system and outcome of the Fair and Effective Markets Review (FEMR) are likely to be the key themes in the Mansion House speech delivered on Wednesday, according to one market source with knowledge of the matter.

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globalFXsource0

How Regulators Can Keep Bankers Honest

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How Regulators Can Keep Bankers Honest – Wall Street Journal (subscription)
Banks have shelled out more than $10 billion in fines for trying to rig the foreign-exchange markets, including fines of $5.6 billion handed down by US authorities last month in a deal that saw five banks plead guilty to criminal offenses. Yet so far, no individual has been charged with a crime, while the share prices of the banks even rose on the day the fines were announced. Results of a UK review are due next week and could lead to recommendations to more easily punish bank employees.

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globalFXsource1

Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

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Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols – Profit & Loss (free story)
Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms.

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