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Top Headlines
HKMA Uncovers Failed Attempts at Currency Manipulation in Probe – Bloomberg
The Hong Kong Monetary Authority said its year-long investigation into the city’s currency market uncovered attempts to manipulate exchange rates, though there was no collusion between banks.
CLS Group Experiences 5.4% Downturn in Settlement and Aggregation in November – LeapRate
“In November, we saw average daily input volumes submitted to CLS dip slightly from October. However, it was still one of our strongest of the year. Input values were also down marginally from October, yet remained above the $5 trillion mark for the third month in a row,” says David Puth, CEO of CLS.
Russian Ruble Rises Slightly – The Wall Street Journal (subscription)
Russia’s ruble strengthened a little early Friday as the oil price steadied and the country’s finance minister said he expected the currency to rebound in early 2015.
Most Asian Currencies Firm on Calmer Nerves; Ringgit Slips – Reuters
Most emerging Asian currencies were steady to slightly higher on Friday, supported by improving risk appetites, with the Indonesian rupiah continuing to stabilise after its selloff early this week.
Slowdown in World Trade Savages EM FX – Euromoney
Weak global trade and increasing import substitution have signalled bad news for emerging market FX in 2014, particularly in those countries that rely on a vibrant export sector to drive their economies. 2015 should provide some respite for manufacturers, but commodity exporters will remain in the line of fire.
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Regulatory News
EU Releases Technical Advice on Mifid Regs – The Financial Times (subscription)
The European Securities and Markets Authority (ESMA) today published more than 1500 pages of complex technical advice for more than 175 new rules contained in the Markets and Financial Instruments Directive (Mifid). It covers better safeguards and transparency in markets for commodities, over-the-counter derivatives, high-frequency trading, emission allowances and introduces trading caps for off-exchange equity venues known as “dark pools”.
ESMA Publishes Draft Implementing Technical Standards Under The Capital Requirements Regulation
ESMA has also submitted its final report along with a draft Implementing Technical Standard (ITS) for specifying main indices and recognised exchanges under an empowerment in the Capital Requirements Regulation to the European Commission.
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Market Savvy
Euro Heads Lower to 28-Month Lows as ECB Inches Towards QE
Reuters
The euro is on track for its biggest weekly loss in more than a year. The currency fell towards recent 28-month lows against the dollar on Friday, as the European Central Bank moved towards a fully-fledged government buying program to kickstart the economy.
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Industry Events
IFM Lifecycle of Derivatives Trades: Uncovering the Middle and Back Office Functions, 22 January in Chicago, IL; 30 January in New York, NY; 12 March in Chicago, IL; 7 May in New York, NY; 14 May in Chicago, IL
Managed Funds Association’s Network 2015, 26-28 January in Miami, FL
ACI World Congress 2015, 3-7 February in Milan
FIA/SIFMA Asset Management Derivatives Forum 2015, 4-6 February in Dana Point, CA
FX Week Australia, 12 February in Sydney, NSW
FX Invest Europe, 24 February, Frankfurt, Germany
AFME 10th Annual European Market Liquidity Conference, 25 February in London
FIA International Futures Conference Boca 2015, 10-13 March in Boca Raton, FL
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