Chinese Securities Regulator Is Out, but Little May Change – The New York Times (subscription)
As China’s economic woes intensified, the nation’s top securities regulator appeared to have the support of the Communist Party leadership, even when his efforts to stabilize the stock markets faltered and in some cases made matters worse. Just weeks ago, he issued a lengthy defense of his record and the securities agency aggressively denied reports he had offered to resign.
Pound Traders Brace for Months of Swings as EU Vote Called – Bloomberg
Pound traders are expecting little respite from the currency’s volatility after U.K. Prime Minister David Cameron called a referendum on the nation’s European Union membership for June 23.
China’s Central Bank Redacts Sensitive Foreign Exchange Data – Financial Times (subscription)
China’s central bank has removed a closely watched foreign exchange data series from its website in a move likely to provoke suspicion that the government is attempting to conceal the extent of capital outflow.
Wildest Currency Swings Since 2011 Curtail Options Strategies – Bloomberg
The highest currency-market volatility in more than four years is depriving investors of a cheap way to protect against risks in financial markets — including Britain’s referendum on its membership of the European Union.
FX Algo Trends: Trading in a Multi-Asset Class World – Finance Magnates
The more FX markets move to electronic trading, the more algos are deployed. And while any discussions of algorithmic trading continue to be dominated by latency, at this point speed has become mostly commoditized.
Banks Keep Cutting Currency Traders as Volatility No Job Saver – Bloomberg
As banks around the world cut sales and trading jobs in an effort to reduce costs, the bloodletting in foreign exchange is proving to be among the deepest and most painful.
Egypt to ‘Think’ About Floating Pound When FX Reserves Hit $25bn –Bloomberg
Egypt’s central bank will consider floating the country’s currency when foreign reserves are almost double their current level, the bank’s governor said in a televised interview.