Top Headlines

The Cartel: How BP Used a Secret Chat Room for Insider Tips – Bloomberg
Traders at BP regularly received valuable information from counterparts at some of the world’s biggest banks – including tips about forthcoming trades, details of confidential client business and discussions of stop-losses, the trigger points for a flurry of buying or selling – according to four traders with direct knowledge of the practice.

No Relief in Sight for Battered Currencies – Financial Times (subscription)
Commodity currencies suffered in 2014 as the oil price fell and the US dollar strengthened, yet few are predicting a rebound in 2015.

Ditching US Dollar: China, Russia Launch Financial Tools in Local Currencies – RT
China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.

Euro, Global Stock Gains Suggest No Greek Contagion – Financial Times (subscription)
Gains for the euro and global stocks indicated little risk of market contagion from a government crisis in Athens that hammered Greek assets.

Here’s How Banking Pay Will Evolve in 2015 – eFinancialCareers
The history of banking pay is like the history of homo sapiens. Having failed to evolve for a long, long time, there have been some recent dramatic changes. And there may be more changes to come. Here’s what to expect in 2015.

How Trading Jobs Stopped Being Sexy – eFinancialCareers
Trading never offered a brilliant career path, but at least there was a route to glory. In the past, top traders could expect to be given bigger books and broader risk limits. If they performed within these parameters, they could even get out of banking and move to a hedge fund.



Regulatory News

Putin Signs the Forex Law, Russia’s FX Industry Finally Gets Regulated – LeapRate
Russia’s Forex law today cleared the final step before coming into force with the document having been signed by the country’s president Vladimir Putin, before being officially published.

CFTC Extends Time-Limited No-Action Relief for FCMs From Requirement to Obtain an Acknowledgement Letter From Certain Depositories
The US Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced an extension of previous no-action relief where DSIO provided additional time for futures commission merchants (FCMs) to comply with Commission regulations requiring FCMs to obtain acknowledgement letters from certain depositories. DSIO is extending this no-action relief until 30 April 2015.



Company News

ICE Bans ‘Disruptive Trading’ Strategies – Financial Times (subscription)
Intercontinental Exchange has explicitly banned an array of market strategies – from flooding its systems with data to tricking others by cancelling orders – in a tougher stance towards electronic trading groups.



Market Savvy  

Euro Extends Declines, Oil Lower, SPX500 Higher
The economic calendar remains exceptionally light on the second last day of the year, with market conditions also razor thin in the lead up to 2015. Still, markets continue to move, with EURUSD extending 2014 lows, closing in on the 2012 base at 1.2040, oil contemplating a test of and the SPX500 flirting with another record at 2100.



Industry Events