Bonuses of 18 RBS Employees on Hold Due to FX Review – Profit & Loss (subscription)
The Royal Bank of Scotland (RBS) has suspended the bonuses of 18 individuals pending the outcome of its review into the failings of its foreign exchange business, as per the UK regulatory watchdog’s instruction.
Yen’s Slump Seen Longest Since Gold Standard Ended: Currencies – Bloomberg
If your New Year’s wish is for more yen weakness, get ready to celebrate. After sliding more than 36% since the end of 2011, the median estimate of economists and strategists surveyed by Bloomberg is for an additional drop of almost 4% through the end of 2015 from 120.33 per dollar today in Tokyo.
Dollar Dominance to Push Currency Towards Parity With Euro – Telegraph
The dollar will continue to strengthen in 2015, pushing it close to parity with the euro for the first time in more than a decade, experts believe.
FX Industry Group Pushes Agenda – Markets Media
As the foreign exchange landscape transforms from an amorphous, largely phone-based market into one that mirrors other asset classes such as equities and fixed income, including electronic and algorithmic trading, and mandatory clearing of OTC derivatives, the global FX industry has launched a unified trade association, the Foreign Exchange Professionals Association (FXPA), with a cross-section of market participants.
China Extends Forwards, Swaps Trading to Three More Currencies – Bloomberg
China will allow trading in forwards and swaps between the yuan and three more currencies in an effort to reduce foreign exchange risks amid increased volatility in emerging markets.
Russia Says Ruble Crisis Over as Reserves Dive, Inflation Climbs – Reuters
Russia said on Thursday its currency crisis was over even though its forex reserves have plunged and annual inflation has climbed above 10%, adding to the problems facing the government as it fights its worst economic crisis since 1998.
Coming Soon, Easier Norms for Currency Derivatives Trading – Hindu Business Line
Market regulator Securities & Exchange Board of India (SEBI), in consultation with the Reserve Bank of India, is set to relax norms in the currency derivative market.