Top Headlines

Citibank Seen as Target for Plea in U.S. Currency Case – Bloomberg

The U.S. Department of Justice is pressing for Citigroup Inc.’s main banking subsidiary to plead guilty to a felony tied to the rigging of foreign exchange markets, according to two people briefed on the matter.

Greece Considering Nationalising its Banks and Issuing New Currency, Sources Claim – The Independent

Greece’s government is prepared to nationalise the country’s banks and could create a new currency to pay its bills unless the eurozone nations back down over austerity, sources have reportedly said.

Dollar Slips as U.S. Jobs Report Erodes Outlook for Higher Rates – Bloomberg

The dollar fell after a US labor report eroded confidence that the Federal Reserve is moving closer to raising interest rates. The U.S. currency slid against most of its major peers as the release showed companies added 126,000 jobs in March. The median forecast in a Bloomberg survey called for a 245,000 increase. The unemployment rate held steady at 5.5 percent.

FX Activity Rebounds After Sluggish February – Profit & Loss (free story)

Initial FX volume reports for March show an uptick in activity compared to the previous month, with both Hotspot and CME Group reporting a marked upturn.

Emerging markets: The Great Unravelling – Financial Times (Subcription)

Faced with recession, decade- high inflation, a fiscal crisis and water rationing, more than 1m Brazilians took to the streets last month to protest against corruption and mismanagement in their government. In China, growth is slowing as property prices fall, propelling more than 1,000 iron ore mines toward financial collapse. The patriotic citizens of Russia, meanwhile, are deserting their nation’s banks, switching savings into US dollars.

Yuan Forwards Completes Biggest Weekly Gain Since 2011 on PMIs – Bloomberg

Yuan forwards posted the biggest weekly advance in more than three years after the economy showed signs of picking up and on speculation China wants a stable exchange rate as it pushes ahead with reforms.

RMB’s World Payments Ranking Drops Two Places in February – Profit & Loss (free story)

In February the Chinese renminbi (RMB) fell back to seventh place from fifth in the world payments currency rankings, according to Swift.

Regulatory News

Market Participants Call for Anonymous SEF Trading – Profit & Loss (free story)

Market participants argued that Swap Execution Facilities (SEFs) should be required to provide anonymous central limit order book trading on their platform at the Commodity Futures Trading Commission’s (CFTCs) Market Risk Advisory Committee meeting yesterday.

CCP Risk Questions Left Unanswered at CFTC Meeting – Profit & Loss (free story)

In the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee meeting yesterday, some of the most interesting questions regarding CCP risk went unanswered.

ESMA Embarks on Centralised Data Projects for MiFIR and EMIR – Profit & Loss (free story)

The European Securities and Markets Authority (ESMA) has launched two major data centralisation projects for the Markets in Financial Instruments Regulation and European Market Infrastructure Regulation (EMIR).

Company News

Sears Departs State Street – Profit & Loss (free story)

Profit & Loss understands that Russell Sears has resigned from his position as global head of Currenex sales and senior managing director at State Street Global Exchange.

Playtech Forays into FX Trading Market with $224 mln Buy – Reuters

Gambling technology company Playtech is set to enter the forex trading market after agreeing a deal to buy a majority stake in TradeFX for 208 million euros ($224 million).

Market Savvy  

Dollar Up in Asia as Investors Eye Iran, US Jobs in Thin Trade – Nasdaq

The dollar edged mostly higher in Asia on Friday in holiday-thinned trade with the Iran nuclear deal and U.S. jobs data dominating investor views.

Industry Events

FX Invest North America, 14 April in Chicago, IL

ISDA 30th Annual General Meeting, 21-23 April in Montreal, Canada

Profit & Loss Forex Network London, 23 April in London, UK

ASIFMA’s 5th Offshore RMB Markets Conference, 28 April, in Hong Kong

AFME 8th Annual European Post-Trade Conference, 6 May in London, UK

IFM Lifecycle of Derivatives Trades: Uncovering the Middle and Back Office Functions, 7 May in New York, NY; 14 May in Chicago, IL

Profit & Loss Forex Network New York, 28 May in New York, NY

Profit & Loss Toronto, 3 June in Toronto, Canada

FIA/FIA Europe International Derivatives Expo, 9-10 June in London, UK

Forex Magnates’ Tokyo Summit, 29 July in Tokyo, Japan

Profit & Loss Forex Network Chicago, 24-25 September in Chicago, IL

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