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Citi, Barclays Close to Settling FX Lawsuit With Private Investors

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Citi, Barclays Close to Settling FX Lawsuit With Private Investors – Wall Street Journal (subscription)
Citi and Barclays are expected to pay as much as $800 million combined to settle a lawsuit with investors who say the banks manipulated foreign exchange rates, according to people close to the situation. The payments are likely to be more than double those made by JP Morgan and UBS, which have already settled their parts of the same suit.
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Hopes Quashed of Two-Year Delay for New Swaps Rules – Financial Times

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Hopes Quashed of Two-Year Delay for New Swaps Rules – Financial Times (subscription)
The world’s largest swap dealers may have only a few extra months to comply with new rules for swaps that cannot be processed through clearing houses, disappointing banks’ hopes of a two year delay, the top US derivatives regulator said. The CFTC is in the process of formalising rules regarding margin for the estimated $170tn in notional value of uncleared trades that are still expected to be left in the market, including cross-currency swaps, swaptions and inflation swaps.
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Investors to Pause FX Litigation Amid US Government Probe – Reuters

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Investors to Pause FX Litigation Amid US Government Probe – Reuters
Lawyers pursuing an antitrust lawsuit by investors accusing 12 major banks of rigging prices in the FX market agreed to put most of the litigation on hold amid a related criminal probe by the US Department of Justice. In a letter filed in Manhattan federal court, the Justice Department said the plaintiffs agreed to a six-month stay, with a few exceptions, on depositions and document exchanges.
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Euro Falls Further Towards Dollar Parity

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Join FXPA Today at FIA Boca
Attending FIA Boca today? Please join the membership of the Foreign Exchange Professionals Association (FXPA) for a Meet & Greet session at the FIA Boca conference. Representatives from the FXPA will be in the Lounge Area adjacent to Bar Luna from 5:30pm-6:30pm today. Please rsvp to jros@profit-loss.com

Euro Falls Further Towards Dollar Parity – Financial Times
The euro is under $1.08 for the first time in almost 12 years and European stocks are slipping as momentum from a rebound in US indices continues to fade, while eurozone sovereign borrowing costs are also falling.
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Jobs Report Deepens Emerging Market Rout

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Join FXPA at FIA Boca
Attending FIA Boca this week? Please join the membership of the Foreign Exchange Professionals Association (FXPA) for a Meet & Greet session at the FIA Boca conference. Representatives from the FXPA will be in the Lounge Area adjacent to Bar Luna from 5:30-6:30 on Tuesday, 10 March. Please rsvp to jros@profit-loss.com

Jobs Report Deepens Emerging Market Rout – Financial Times (subscription)
The rout in emerging market currencies accelerated after Friday’s better than expected US jobs report sent the US dollar higher and supported investors’ view that the US Federal Reserve could raise interest rates sooner rather than later this year.

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globalFXsource0

Dollar Revs Up for Jobs Data

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Join FXPA at FIA Boca
Attending FIA Boca next week? Please join the membership of the Foreign Exchange Professionals Association (FXPA) for a Meet & Greet session at the FIA Boca conference. Representatives from the FXPA will be in the Lounge Area adjacent to Bar Luna from 5:30-6:30 on Tuesday, 10 March. Please rsvp to jros@profit-loss.com

Dollar Revs Up for Jobs Data, Euro Bonds Rally on ECB – Reuters
The dollar hit a new 11-year high against major currencies on Friday as investors bet the monthly US jobs report would add to the chance of rate hikes, even as the European Central Bank embarks on a 1 trillion euro campaign of bond-buying.
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