China Stocks Enter Bear Market as State-Fueled Rally Evaporates – Bloomberg Chinese stocks fell into a bear market for the second time in seven months, wiping out gains from an unprecedented state rescue campaign as investors lose confidence in government efforts to manage the country’s markets and economy.
FTT Slips Off EU Agenda – E Financial News The financial transaction tax is notable by its absence from the topics due for political agreement under the leadership of the new Dutch six-month presidency of the European Council.
Riksbank Seen Cutting Rates as Swedish Inflation Disappoints – Bloomberg Scandinavia’s biggest bank expects Sweden to cut rates next month after December inflation came in below its forecast.
Banks Face More Unfair Dismissal Cases in London – Profit & Loss Barclays is the latest bank to face an unfair dismissal case brought by a former FX trader – the case will be heard just days after the second case brought by a dismissed Citi FX trader.
Sacked Traders Sue ANZ for Unfair Dismissal – Australian Financial Review (subscription) Two traders are suing ANZ Bank for unfair dismissal, claiming managers in the Global Markets division condoned bad behaviour on the trading floor.
Citi and Allied Irish Settle Rusnak Claims – Profit & Loss The long running saga resulting from the activities of rogue FX trader John Rusnak that were uncovered in 2002 appears to have come to an end with news Citigroup has settled a litigation case with Allied Irish Banks.
Asset Managers and FX Best Execution – TABBForum There was a time when best execution to some on the buy side merely meant calling three or four banks on the telephone, asking each for the same price and hitting the best bid or offer.