Category Archives: globalFXsource

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Citi to Tighten Rules for Currency Funds after Asia Debacle – Financial Times

Citigroup is tightening its services for currencies hedge funds after facing a loss of as much as $180m when one obscure Asian client’s emerging markets bets soured. The US bank is making it harder for smaller funds to trade using its specialist prime broking services.

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TP Icap Sues over Soured £1.3bn Deal with Nex Group – The Times

The broking giant TP Icap has launched legal action against Nex Group, the trading business built up by the Tory donor Michael Spencer, accusing it of breaching the terms of a £1.3bn deal.

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Hedge Fund Closures Hit $3 Trillion Market as Veterans Surrender – Bloomberg

The number of funds in the $3 trillion market is shrinking as veterans who survived several business cycles throw in the towel. Money-making opportunities have dwindled with the downturn in stocks, while higher barriers to entry from regulation make it harder for new blood to come in.

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CFTC Faces Challenges to Implement SEF Rule Changes – FXPA

The Commodity Futures Trading Commission (CFTC) might struggle to implement recently proposed changes to the Swap Execution Facility (SEF) rules in their current format, said Justin Slaughter, a partner at Mercury Strategies, and counsel to the Foreign Exchange Professionals Association (FXPA) on a webinar hosted by the FX trade association.

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Pound Traders Are Betting on May to Survive – Bloomberg

The pound rallied as the market judged UK Prime Minister Theresa May may survive a threat to her leadership launched Wednesday.

• A Guide to Theresa May’s Leadership Challenge Vote – Bloomberg
• Britain Must Say ‘Sorry’ to the World for Tiresome Brexit Fiasco – Financial News (subscription)
• Pound Rebounds as May Pledges to Fight On, Warns Brexit in Peril – Reuters

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Brexit is a Test Like No Other for Currency Traders – Financial Times (subscription)

This is hardly the first time in the past 30 years that the foreign exchange market has had to deal with potential shocks – bothpositive and negative – for the pound. Unlike the present situation, however,those past periods of uncertainty have tended to emerge around events thatpresented fairly simple sets of alternative outcomes.

• Theresa May to Restart EU Negotiations after Aborting Brexit Vote – Financial Times (subscription)
• EU Said Open to Assurances But Not Renegotiation of Brexit Deal – Bloomberg
• The Five Brexit Gangs of the Square Mile – Financial News (subscription)

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FXPA Webinar: “The CFTC’s SEF Reform Rule: Its Key Aspects and Prognosis” Tuesday,December 11th at 9-10am (ET) – FXPA

Justin Slaughter, former counsel to a CFTC Commissioner and current counsel to the Foreign Exchange Professionals Association (FXPA), will provide a detailed breakdown of the CFTC’s new regulatory proposal to fully overhaul SEFs. Justin will provide a summary of the major changes contemplated, including changes to the made-available-to-trade process, SEF accessibility, and pre-execution communication requirements. Justin will alsodiscuss the timeline for the rule, the motivations underlying it within the CFTC, and its prospects for finalization in its current form.

Pound Traders Glued to Desks as Brexit Vote Meets Witching Hour – Bloomberg

Currency traders are taking no chances as the UK Parliament’s Brexit vote late Tuesday will come during thin liquidity heading into the market’s witching hour.

• Currency Traders Brace for More Brexit Volatility – Financial Times (subscription)
• Sterling Transitions into EM Territory – Financial Times (subscription)
• Sterling Nears Three-Month Low as Investors Prepare for Brexit Vote – Reuters