Worst Day of an Awful Year Leaves No Corner of Market Unscathed
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Worst Day of an Awful Year Leaves No Corner of Market Unscathed – Bloomberg
One of the toughest years for financial markets in half a century got appreciably worse Tuesday, with simmering weakness across assets boiling over to leave investors with virtually nowhere to hide.
Read MoreHow Brexit Will Redraw Europe’s Financial Infrastructure
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How Brexit Will Redraw Europe’s Financial Infrastructure – Financial Times (subscription)
London will continue to have a crucial role, thanks to the happy accident of geography, which places it at the
No Sleep for Traders as UK Sees Most Turmoil Since Brexit Vote
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No Sleep for Traders as UK Sees Most Turmoil Since Brexit Vote – Bloomberg
It’s been a tumultuous week in UK markets, and for traders that’s meant cancelling dinner plans and waking up in the night.
Read MoreUK Regulators Said to Discuss Brexit Turmoil With Bankers
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UK Regulators Said to Discuss Brexit Turmoil With Bankers – Bloomberg
The Bank of England and other regulators discussed
Will the FX Industry Have to Argue the Case for Pre-Hedging in Yet Another Court Room?
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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).
Read MoreA Market Guide to a Brexit Deal, If and When It Finally Happens
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A 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.
Read MoreEuropean FX Lawsuit May Follow Soon
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European FX Lawsuit May Follow Soon, Says Source – FX Week (subscription)
Institutional investors filed a lawsuit in NY against 16 banks on November 7, which could be followed by European complaint.
Read MoreWhy Big Data Matters: Using Smart Data and Artificial Intelligence to Enhance FX Trading
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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 intelligence tools.
Read MoreForex Counsel Awarded $300M in Fees for $2.3B Deal
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Forex 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.
- Forex-Rigging Settlements Yield $300M for Class Counsel – Bloomberg Law (subscription)
- Banks Face New FX Lawsuit – Profit & Loss
Big Investors Sue 16 Banks in US Over Currency Market Rigging
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Big 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.
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