Commissioner Wetjen to Step Down from CFTC
Commissioner Mark Wetjen has announced his resignation from the US Commodity Futures Trading Commission, effective August 28, 2015.
China Strengthens Yuan against US Dollar, Ending Three Days of Falls – South China Morning Post
China’s central bank on Friday raised the value of the yuan against the US dollar by 0.05 per cent, the national foreign exchange market said – ending three days of falls after a surprise devaluation.
FX Civil Court Settlements Top $2 Billion – Profit & Loss
The agreement of settlements worth over $2 billion in the civil antitrust litigation case against a number of major banks for FX market abuse was announced in a New York court on Thursday.
A New Fast Lane for Traders Spurs Plan to Thwart Exploiters – Bloomberg
Icap is introducing a speed bump on its EBS currency market that prevents some customers from taking advantage of the rest by using a new, faster fibre-optic cable connecting New York and London. The decision by Icap contrasts with how exchanges have catered to high-speed traders for years.
Corporates Face Paper Structured FX Losses from RMB Slide – Asia Risk (subscription)
A move by the People’s Bank of China (PBoC) to devalue the renminbi by cutting its reference rate by 1.9% has caught corporates by “surprise” and has already pushed up to 15% of structured forward hedges out-of-the-money, with the market fearing the currency could fall further.
Greek Lawmakers Back Rescue Package after All-Night Session – Bloomberg
Greek legislators approved a bailout package that may unlock as much as 86 billion euros and help the nation avoid a default next week when it has to make a payment to the European Central Bank.
ECB Prepared to Tweak QE If Needed as Recovery Disappoints – Bloomberg
The European Central Bank is ready to adjust its quantitative-easing program to respond to any market turbulence amid “unusually low” inflation and “disappointing” economic growth in the euro area.
Currency-Hedged ETFs Soften Blow of Dollar’s Rise – Financial News (subscription)
Investors are pouring billions of dollars into a fashionable corner of one of the fastest-growing areas on Wall Street: exchange-traded funds that aim to protect investors against the return-crimping impact of a rising dollar.
US Banks Extend Lead Over European Counterparts – Financial Times (subscription)
US banks are stretching away from their European rivals in global investment banking, taking advantage of strategic upheavals and concerns over capital to pile on market share.
Aggressive HFT Stable in Major Currencies – FX Week (subscription)
High-frequency trading in FX remains below the levels seen in equities, according to research from AbleMarkets.