Top Headlines

Deutsche Bank Announces $7 Billion Yearly Loss as Legal Issues Weigh on Results – The New York Times In a surprise earnings announcement, Deutsche Bank on Wednesday reported a huge yearly loss of 6.7 billion euros ($7.3 billion) as the cost of past wrongdoing continued to weigh on its earnings.

Barclays Cuts Asian Cash Equities as Axe Swings in Global Cull – Financial Times (subscription) Barclays is preparing to announce more than 1,000 job cuts across its investment bank, hitting its Asian operations particularly hard, as new chief executive Jes Staley makes his first big strategic move.

Ruble Tumbles to Record as Oil Slump Hinders Russia’s Recovery – Bloomberg The ruble slumped to an all-time low as oil’s retreat choked revenue of the world’s largest energy exporter and restricted Russia’s ability to lift its economy out of a recession.

Last Look to Remain Hot Topic in FX – MarketsMedia ParFX, the wholesale spot foreign exchange electronic trading platform, said the practice of last look was one of the most topical issues of last year and will likely remain so in 2016.

ECB Finds Global Market Turmoil Blunting QE Weapon – Wall Street Journal (subscription) Market slump could force bank to increase bond-buying or cut interest rates further.

Fears of Global Liquidity Crunch Haunt Davos Elites – Daily Telegraph Rising Fed interest rates means “liquidity could drop dramatically, and that scares everyone”, warns IMF deputy.

British Funds Body Warns Brexit Would Bring ‘Massive Disruption’ – Reuters Leaving the European Union would bring “massive disruption” to Britain’s 5.5 trillion pound ($8 trillion) mutual funds sector, which could lose market access without gaining regulatory freedom, a top industry official said.

Argentina’s New Leadership Is Kicking Evita Off Its Currency – Bloomberg So far, Argentina’s new president has jettisoned currency controls and dumped the old consumer price index. But really, ditching Evita for a four-legged animal?

FXPA Strengthens Composition, Adding Microsoft as Advisory Member – Finance Magnates The Washington-based organization representing the interests of the broader FX industry has added Microsoft to its diverse membership.

China Mulls Answer to Bitcoin With Digital Currency Study – Bloomberg China’s central bank said it is studying the prospects of issuing its own digital currency and aiming to roll out a product as soon as possible, contending that alternative payment systems can improve the efficiency of global transactions.

China Pledges to Maintain Stable Currency – Financial Times (subscription) China’s securities regulator committed Beijing to maintaining a stable currency and resisting depreciation on Thursday.



Regulatory News

New IMF Staff Paper Looks at How to Reap the Benefits and Curtail the Risks of Virtual Currencies – MondoVisione Virtual currencies (VCs) and especially their underlying technologies are a potentially important advance for the financial sector that could increase efficiency and financial inclusion, but can also serve as vehicles for money laundering, terrorism financing, and tax evasion.



Company News

JPM’s Dimon sees PB Pricing Levelling Out – The Trade The bank is eyeing an aggressive growth strategy in the prime brokerage market.

Bloomberg Launches FIGI Products – Profit & Loss Bloomberg announces the launch of and the OpenFIGI API to provide exchanges, data providers, custodians and other organisations direct access to multiple tools for identifying, mapping and requesting the Financial Instrument Global Identifier (FIGI).

R3 Tests Cloud-Based Private Distributed Ledger – Profit & Loss Financial technology company R3 CEV announces the completion of its first successful test of a cloud-based private distributed ledger, enabling 11 of the world’s biggest banks to simulate trading with each other.



Market Savvy  

Stocks Steady in Europe but Decline Extends in Asia – Wall Street Journal (subscription) European stocks paused from a steep selloff Thursday after shares on Wall Street pared losses late in the previous session, but Asian shares suffered heavy declines.

BlackRock Has a Not-So-Secret Formula for Predicting the Dollar – Bloomberg For U.S. investors tired of sweating the dollar’s trajectory, BlackRock Inc. says it has the solution: a formula that decides when to hedge the currency risk of international stocks.

Costs Rising, PB Relationships Changing for Alternative Asset Managers – Profit & Loss A joint survey and report by the Alternative Investment Management Association (AIMA) and S3 Partners, a financial data and analytics firm, highlights the impact that Basel III reforms are having on hedge funds and the alternative asset manager industry.

ETFs Continue to Grow in Importance, Says Report – Profit & Loss The continued growth and flexible nature of Exchange Traded Funds (ETFs) as an investment tool has seen the asset class taking on a far more important and strategic role in institutional portfolios, according to a new report from Greenwich Associates.



Press Releases

Blockchain Alliance Adds to ExCom – Profit & Loss The Wall Street Blockchain Alliance (WSBA) announces that Catherine Wood will be joining the trade group’s Executive Committee.

Speakerbus Partners with Green Key Technologies – Profit & Loss Speakerbus and Green Key Technologies announce an agreement in which users of Green Key’s voice software can communicate seamlessly with Speakerbus iTurrets clients, effective immediately.



Industry Events