Top Headlines

China Interest Rate Cut Fuels Fears Over Ailing Economy – The Guardian China fuelled fears that its ailing economy is about to slow further after Beijing cut its main interest rate by 0.25 percentage points.

Yellen, Consensus-Builder, Needs to Send Strong Signal at Fed Meet – Reuters Federal Reserve Chair Janet Yellen, praised as an adept listener and consensus builder, may need to adopt a stronger tone at this week’s policy meeting if she expects to keep a December interest rate rise in play.

China Leaders Meet to Discuss Financial Reforms, Economic Growth – Reuters China’s ruling Communist Party opened a key meeting on Monday that will focus on financial reforms and how to maintain growth of around seven percent and more broadly map out economic and social targets for the next five years.

Norway Central Bank Ready to Fight Recession, Governor Says – Bloomberg Norway’s central bank governor says he’s ready to act to avoid a recession. Though negative rates haven’t been discussed by the bank’s board, the threat to its main forecast is “to the downside.”

Eurozone Crosses Rubicon as Portugal’s Anti-Euro Left Banned from Power – Daily Telegraph Constitutional crisis looms after anti-austerity Left is denied parliamentary prerogative to form a majority government.

IMF Said to Give China Strong Signs of Reserve-Currency Nod – Bloomberg International Monetary Fund representatives have told China that the yuan is likely to join the fund’s basket of reserve currencies soon, according to Chinese officials with knowledge of the matter.

Central Bank Policy on the Move – Profit & Loss Low inflation and weak growth across the time zones are forcing central banks to re-examine their policy stances and urgently address the current situation, as the prospect of the first Federal Reserve rate hike since June 2006 looms on the horizon.



Regulatory News

Unilateral Regulatory Initiatives Undermine G20 Financial Stability Goals – Banking Technology Hasty unilateral moves by individual countries could undermine the ability of financial institutions and markets to benefit from new regulations and weaken efforts to improve financial stability.

EBA’s Enria Concerned About Complexity of EU rules – Risk.Net (subscription) Policymakers should focus on adjusting regulation to fit different banks’ business models, says Andrea Enria, chairman of the European Banking Authority.

MiFID II Sets a New Standard for Best Execution and Surveillance – TabbForum TCA simply isn’t good enough anymore. Under MiFID II both buy- and sell-side firms must now show that they are taking all ‘sufficient’ steps to obtain the best possible results for their clients.



Company News

BAML’s Tan Relocates to Hong Kong – Profit & Loss Ping (Yan-Pheng) Tan has transferred to Bank of America Merrill Lynch (BAML) Hong Kong from London as global head of eFX Liquidity, head of e-FX Asia, sources say.

HSBC Considers Moving Headquarters to US Instead of Asia – Investment Week The bank launched a review of its domicile in April, with the view to potentially move its headquarters back to Hong Kong, as the regulatory climate in the UK becomes increasingly difficult to navigate.

FXCM Speeds up Index Pricing – Profit & Loss FXCM has implemented a new high frequency market making technology on its backend system for indices.

Citi Found Itself Briefly Exposed to $400 Million Hit – Wall Street Journal (subscription) Executives discovered a giant potential loss; money is recovered.



Market Savvy  

Credit Downgrade Lurks as South Africa’s Default Risk Increases – Bloomberg South African Finance Minister Nhlanhla Nene side-stepped an immediate credit downgrade with his budget proposals.

Oil Traders Threaten London Market Exit over EU ‘Position Limits’ – FT.Com (subscription) Some of the world’s largest oil traders are threatening to pull their business from London’s derivative exchanges because of tough new European rules that would place limits on their ability to manage price swings.



Press Releases

Thomson Reuters Reports Third-Quarter 2015 Results – Reuters Thomson Reuters reported results for the third quarter ended September 30, 2015. The company also reaffirmed its full-year 2015 outlook.

Trad-X USD Volumes up Following CCP Move – Profit & Loss Total USD interest rate swaps (IRS) trading volumes since launch on Trad-X has now surpassed $2.5 trillion, with over half of this volume being transacted in 2015, according to the firm.

Hedge Fund General Counsel Kher Sheng Lee joins AIMA – AIMA Mr Lee joins AIMA from Azentus Capital, where he held the position of General Counsel. He will take up the position of AIMA’s Managing Director, Global Deputy Head of Government Affairs and Head of APAC Government Affairs.



Industry Events