Codes of Best Market Practice and Shared Global Principles (press release)
The eight foreign exchange committees in the major financial centres have released a revised “Global Preamble: Codes of Best Market Practice and Shared Global Principles” document, which was approved and endorsed by the eight committees at the annual global foreign exchange committees meeting, held in Tokyo on 23 March, and which updates the original version published in 2013.
Franc Fallout Sparks Prime Broking Shake-Out – Reuters
Losses from the Swiss franc’s surge in January have triggered a shake-up in the “prime broking” services that currency trading banks offer clients, raising costs and leaving some smaller players struggling to find feasible relationships.
Euro Hurt by Greek Uncertainty, Dollar Helped by Rate Outlook – Reuters
The euro fell on Monday, hurt by uncertainty over whether Greece and its international creditors will be able to strike a deal that will help Athens secure funding before it runs out of money by 20 April 20.
How Will the Machines Deal With a More ‘Event’ Ridden Environment? – Profit & Loss (subscription)
It’s going to be a very interesting few months in foreign exchange circles I suspect, not least for some management teams and particularly for the voice fraternity in our business.
Dollar Watchers Look to IMF – Wall Street Journal (subscription)
A roaring dollar rally could get a boost this coming week with the release of data that many investors expect to provide fresh evidence that central banks are embracing the greenback.
Japan PM, BOJ Chief Say Monetary Policy Not Targeting FX Market – Reuters
Japanese Prime Minister Shinzo Abe said on Monday that the government and the Bank of Japan are not conducting policy to target the currency market but are pursuing quantitative easing to achieve price stability.
CHF Cap Was ‘No Longer Sustainable’: SNB – Profit & Loss (free story)
The Swiss National Bank’s decision to pull its three-year old EUR/CHF peg on 15 January was because it was “no longer sustainable” against a backdrop of growing divergence between the US and the euro area, according to a senior representative of the bank.
Yuan Rises as PBOC’s Zhou Signals Room for Easing Amid Slowdown –Bloomberg
The yuan rose the most in almost a week amid speculation Chinese authorities will step up efforts to spur expansion in Asia’s largest economy.
Chile Well Positioned for US Rates Hike, Say Economists – Profit & Loss (free story)
Economists in Chile claim that the country is in a stronger position than some of the other emerging market nations to protect itself against the rising value of the dollar ahead of the US Federal Reserve’s expected interest rate increase later this year.
India’s New Venue-Based FX Dealing Systems Set to Launch on 6 April –LeapRate
India is preparing to invoke a new version of its national venue-based foreign exchange dealing systems, namely FX-Clear and FX-Swap platforms, which will operate with the Clearing Corporation of India (CCIL) as counterparty from the point of trade, concluded in the order matching mode.
Technology Accelerating FX Market Development in Mexico – Profit & Loss(free story)
Speakers at Profit & Loss’ “FX Growth Markets Mexico” conference emphasised the importance of technology as an enabler that will help accelerate the development of the local foreign exchange market.
Currency Traders’ Mobile Phones Under Scrutiny – The Times (subscription)
Police are studying the mobile phones of staff at a foreign exchange trading firm at the centre of a fraud and money laundering investigation