Top Headlines

China Economy Grows 6.9 Percent in Third Quarter, Weakest Since 2009 –  Reuters China posted its weakest quarterly economic growth since the global financial crisis on Monday, raising pressure on policymakers to cut interest rates further and roll out other support measures to avert a sharper slowdown.

•  China’s GDP Growth Beats Forecasts as Stimulus Supports Spending – Bloomberg

ECB Board’s Coeuré Urges Prioritization of Banking Integration – Wall Street Journal (subscription) Measure apparently sidelined at recent EU leaders’ meeting.

UK Banks May Face Stress Tests Tuned to Economic Boom and Bust – Bloomberg The Bank of England will lay out its approach to stress testing banks next week, bringing in its most recent thinking about the way the financial system interacts with the business cycle and how to smooth peaks and troughs in lending.

Iran Urges OPEC to Cut Oil Output to Lift Prices to $70-$80 – Bloomberg OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said.

Euro Steadies as Investors Eye ECB meeting – Reuters The euro traded near a 10-day low against the dollar on Monday, as investors eyed a ECB meeting later in the week at which further stimulus could be announced to boost inflation in the euro zone.

Regulatory News

SEC Chair Scolds Hedge Funds for ‘Cracks in Bulwark’ of Investor Protection – Wall Street Journal (subscription) Tighter registration and reporting requirements for hedge funds have given regulators better visibility on the potential risks such funds pose to the broader financial system.

FCA Formally Bans Adoboli – Profit & Loss The UK’s Financial Conduct Authority has formally banned Kweku Adoboli, the trader found guilty of rogue trading when at UBS, resulting in losses of $2.25 billion.

ESMA Delays EU Clearing of Nordic Currency Swaps – Risk.Net (subscription) European regulators have suspended plans to introduce mandatory clearing for interest rate derivatives in six Nordic currencies. Lawyers suggest the delay was prompted by fears that European Union banks would lose customers in non-EU member Norway.

Coming to Grips with Best Execution Under MiFID 2 – TABBForum (subscription) Unfortunately, what constitutes best execution, and when the rules apply, aren’t clear. As a result, there are 5 tasks investment firms must tackle before MiFID 2 becomes effective at the end of 2016.

Company News

LMAX Exchange Publishes Survey Results – Profit & Loss Following a survey it conducted, LMAX Exchange has issued the results, claiming they “highlight a worrying lack of awareness among market participants about FX trading practices open to abuse and confirms the need for greater transparency in the industry and makes recommendations for change.”

ITG Launches Market Compass – Profit & Loss The new application is based on predictive models that indicate market opening direction, model-based forecasts, and ten-day results history for key markets.

Deutsche Bank Restructures Business, Removes Top Executives – Reuters Deutsche Bank is restructuring its business, splitting its investment bank in two and parting ways with some of its top bankers as the new chief executive of Germany’s biggest bank sets out its most “fundamental” overhaul.

Credit Suisse Overhaul Could Mirror Local Rival, UBS – eFinancialNews (subscription) Clues about how Credit Suisse Chief Executive Tidjane Thiam plans to overhaul the bank may lie just down the road at its biggest rival, UBS.

Market Savvy  

Major Currencies May See Upheaval in 2016 – South China Morning Post If benign US inflationary pressures curtail the length of the Fed’s tightening cycle, next year might see the euro end up stronger against both the dollar and the yen.

Templeton’s Hasenstab Sees Diamonds in Emerging-Market Rough – Wall Street Journal (subscription) Perma-contrarian fund manager Michael Hasenstab says that recent “investor panic” is creating a rare for investors in some beleaguered emerging markets.

Goldman Fund Manager Bets on Pound as Market Too Dovish on Rates – Bloomberg Goldman Sachs Asset Management says the pound is set to strengthen against the dollar as the Bank of England is poised to raise interest rates sooner than the market predicts.

Press Releases

CME Group to Offer Physical London Delivery of CNH Futures – Profit & Loss CME Group is now able to offer offshore Chinese renminbi (CNH) futures contracts with physical delivery in London for the first time, via CME Europe, supported by China Construction Bank (CCB).

Industry Events

SEFCON VI, 26 October in New York, NY

Forex Magnates’ London Summit, 2-3 November in London, UK

FIA Expo 2015, 3-5 November, in Chicago, IL

Profit & Loss Shanghai, 12 November in Shanghai, China

Profit & Loss Singapore, 19 November in Singapore

11th Annual FIA Asia Derivatives Conference, 8-10 December in Singapore