UK Regulator to Police Seven More Benchmarks – Financial Times (subscription)
The Financial Conduct Authority is to formally regulate a set of currency, fixed income and commodity benchmarks in the wake of the scandal over attempted manipulation of key rates for bank lending and foreign exchange.
CLS Looks to Expand Third-Party Foreign Exchange Settlement Services in South Korea – Automated Trader
CLS Group has announced its intention to work with settlement members to expand its third-party settlement services in Korea, following the Bank of Korea’s decision to expand the range of FX transactions eligible for CLS payment-versus-payment (PvP) settlement to include those of non-bank financial institutions. The Korean won currently accounts for 1.2% of daily currency turnover globally, and the expansion is an important step towards mitigating settlement risk for a wider pool of counterparties.
Major Changes are Coming Following FX Crackdown – Pensions & Investments
Penalties come as asset owners are paying closer attention to their FX trades, a trend that began after lawsuits in the late 2000s.
Euro Slips After Greece Fails to Elect New President – MarketWatch
The euro moved slightly lower in choppy action on Tuesday after Greece’s parliament failed to agree on a new president in its second ballot.
Ruble Gains Third Day on Report Exporters Ordered to Sell Revenue – Bloomberg
The ruble gained for a third day Tuesday on speculation Russian Prime Minister Dmitry Medvedev ordered companies to sell foreign exchange received from exports.