China Sets Its Sights on Joining the IMF’s Special Currency Club  

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China Sets Its Sights on Joining the IMF’s Special Currency Club – Wall St Journal

Groucho Marx once famously said he didn’t want to belong to any club that would accept him as a member. China clearly holds a different view.

Ruble Whipsaws Top Forecasters Worst Currency Becomes Best – Bloomberg

For one of the toughest jobs in financial markets, try predicting the ruble. As Russia’s currency went from the world’s worst performer to the best in the first three months of this year, it caught out even the most accurate forecasters. Oil’s drop to near a six-year low and cuts in interest rates, previous indicators of a weakening ruble, were swept aside as the cease-fire in Ukraine became the bigger determinant.

Dollar Sputters After Surge – Wall St Journal

The dollar’s record rally, which rattled everything from the oil market to U.S. corporate earnings, is running out of gas.

Big Investor Involvement Could Boost Bitcoin – Wall St Journal

Some of the U.S.’s biggest proprietary traders and investors are testing the waters for a bigger move into bitcoin, giving a potential boost to the fledgling virtual-currency industry.

Once Over $12 Trillion, the World’s Reserves Are Now Shrinking – Bloomberg

The decade-long surge in foreign-currency reserves held by the world’s central banks is coming to an end.

Ringgit Leads Asian Currency Gains as U.S. Data Temper Fed Bets – Bloomberg

Malaysia’s ringgit rose, leading gains in Asia, after weak U.S. jobs data supported the case for the Federal Reserve to hold off from raising interest rates.

Citi Reviews Performance of Hedge Funds in February – DailyAlts

Citi has released its Hedge Fund Industry Snapshot for March 2015, reviewing the performance, assets under management and other trends of hedge funds in February.

Regulatory News

Commexes May be Allowed Trading in Currency Derivatives – The Hindu Business Line

Commodity Exchanges (Commexes) may be allowed to provide trading facility for currency derivatives after the merger of the Forward Markets Commission (FMC) with the Securities and Exchange Board of India (SEBI).

New Rules on Global Banks’ Interest-Rate Risks Face Delays: Sources – Thomson Reuters
Efforts to protect the world’s banks from interest-rate risks are bogged down, with an agreement on new rules likely to be delayed by at least several months, people involved in the discussions said.

China Punishes Six Brokerages for Margin Trading Violations-Regulator – Thomson Reuters

China’s securities regulator has punished six brokerages, including Great Wall Securities Co Ltd and Huatai Securities Co Ltd, for violating rules in their margin trading businesses, a spokesman for the watchdog has said.

Accused Goldman Code Thief Takes On Vance After Defeating U.S. – Bloomberg

The former Goldman Sachs Group Inc. programmer accused of stealing the bank’s “secret sauce” beat back the federal government’s attempt to keep him in jail. Now he’s decided to fight state prosecutors to clear his name.

Company News

High-Speed Trader Virtu Financial to Raise Up to $314 Million in IPO – Reuters

Virtu Financial Inc, an electronic trading firm, said it expects to raise up to $314 million in an initial public offering of its shares.

SGX FX Futures up 22% MoM in March as Singapore Continues to Attract Global Players – Leaprate

Singapore Exchange (SGX) saw strong growth in trading volumes and market activities across securities and derivatives, and a 30% increase in bond listings in March as heavy news events and data releases drove volatility higher in the last month of Q1. For the record, there were 22 trading days in March 2015 compared with 18 days in February 2015 and 21 days in March 2014.

FXCM Japan to Terminate Trading with Five Currency Pairs from Apr 10th – Leaprate

FXCM Japan Securities Co., Ltd, which on April 1, 2015, officially shifted from US retail Forex giant FXCM Inc (NYSE:FXCM) to new owner Rakuten Securities, the brokerage subsidiary of Japanese Internet conglomerate Rakuten Inc (TYO:4755), today announced some changes to its trading instruments offering.

CalPERS Boosts Cash Return Through Repurchase Facility – Pensions & Investments

A repurchase facility announced this month with access to cash from CalPERS to cover the cost of a counterparty default — the first such agreement involving an asset owner — is shining a light on potential roles for asset owners as sources of liquidity.

Market Savvy  

Vexed Questions on Currency Hedging – Financial Times (subscription)

To hedge or not to hedge? That is not the only question regarding the currency risks that come with investing across borders.

Euro’s Slide Reignite Talk of ‘Currency War’ – Arab News

The euro’s slide against the dollar has reignited talk of a “currency war”, with analysts in opposing camps over whether or not countries are consciously playing with their exchange rates.

Industry Events