Top Headlines

CME Group to Close New York Trading Floor at Year-End

As declining open outcry options volume on CME Group’s New York trading floor now represents just 0.3 percent of the company’s overall energy and metals trading volumes, CME Group will close its New York trading floor at year-end, subject to CFTC review.

Singapore Surprise Spurs Asia-Wide Currency Rout; Kiwi Slides 1% – Bloomberg

Singapore’s dollar fell the most since November, dragging down other Asia-Pacific currencies, as a surprise easing by the central bank fueled speculation other policy makers in the region will follow suit.

Nigeria Agrees $6bn Loan and Currency Swap Deal with China – Financial Times

Muhammadu Buhari, Nigeria’s president, has negotiated a $6bn loan and a currency swap deal with China, as he continues to search for ways to revive an economy buckling under pressure from dwindling oil revenues.

ECB’s Constancio Says There Are Limits on Negative Rates – Thomson Reuters

There is a limit on applying charges on banks for parking money with the European Central Bank, the ECB’s vice president said on Wednesday.

Canadian Dollar Declines After Poloz Cites Currency’s Strength – Bloomberg

The Canadian dollar fell from near its strongest level in nine months after Bank of Canada Governor Stephen Poloz cited the currency’s recent strength and said he might have been inclined to cut interest rates if not for the federal government’s fiscal stimulus.

US Investors UTurn on Currency Hedges – Markit

Once lured by currency hedged exposure to foreign equity markets, US ETF investors are withdrawing funds as the recovery in equities loses steam and dollar weakness erodes hedging incentives.

Thomson Reuters Introduces Randomisation for FX Spot Matching – Profit & Loss

Thomson Reuters is introducing a randomisation mechanism on its spot FX venue, Matching. The service is planned to launch in production for an initial three currency pairs in June.

Regulatory News

Sonia Gets a Makeover – Profit & Loss

The Bank of England (BoE) has announced it will become the administrator of the Sterling Overnight Index Average (Sonia) interest rate benchmark on April 25.

Expert: Bitcoin Will Never Become a Reserve Currency – NewsBTC

According to Pavel Kravchenko of DistributedLabs, Bitcoin is not going to be a reserve currency anytime soon. It is mainly due to the hesitation of the banking sector to recognize bitcoin as a currency.

Dodd-Frank in Retreat – Wall Street Journal

It’s been a rough few weeks for President Obama’s signature reform of American finance. Across Washington deep cracks are appearing in the foundations of the Dodd-Frank law Mr. Obama enacted in 2010.

Company News

Hopkins Appointed at Mahi – Profit & Loss

Guy Hopkins has joined Mahi FX in a newly created role as head of sales for MFX Vector – the firm’s new product aimed at helping buy side firms retain spread through market making.

The City Against MND Network – Profit & Loss

A new initiative is being set up to encourage financial market participants to raise funds for, and awareness of, the pernicious effects of Motor Neurone Disease (MND).

ASX Profit Lifted by Capital Raisings – The Australian

ASX Ltd has stepped up efforts to find a new chief as the share market operator delivers a rise in profit underpinned by robust trading activity.

Market Savvy

IMF Warns of Possible ‘Spiral’ of Waning Growth, Escalating Debt – Bloomberg

Global policy makers need to guard against a self-reinforcing “spiral” of weakening growth and rising debt that could require a coordinated response by the world’s major economies, according to the IMF’s top fiscal watchdog.

Traders Are Starting to Bet Big on Emerging Markets – CNBC

If you’re following the money, its starting to look like emerging markets are back.

China’s Yuan-Based Gold Fix To Include Two International Banks – Forbes

Two international banks will join the proposed Chinese yuan gold fix, which is expected to be launched in less than a week, according to media reports.

Press Releases

ISDA Publishes Margin-Rule-Compliant Collateral Document

The International Swaps and Derivatives Association, Inc. (ISDA) has today published the first in a series of documents to help market participants comply with new margining requirements for non-cleared derivatives.

Industry Events

Profit & Loss Latin America, 20 April in Mexico City

ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta

Eurofinance:  Asia Treasury, 18-20 May in Singapore

Profit & Loss Forex Network New York, 26 May, New York City

FIA: IDX 2016, 7-8 June in London, England

Profit & Loss Forex Toronto, 9 June, Toronto

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL