Deutsche Bank Faces Rate Rigging Fine From US, UK Watchdogs – Reuters
Deutsche Bank faced a multi-billion-dollar fine on Thursday, as British and US officials prepared to announce a legal settlement over alleged attempts at its London-based subsidiary to manipulate interest rate benchmarks.
Top Nordic Currency Trader Warns of QE-Driven Stock Surge – Bloomberg
An historic surge in stock markets that’s being fuelled by central bank cash injections is more a cause for concern than for jubilation. That’s according to Annika Falkengren, the chief executive officer of SEB, Scandinavia’s biggest foreign currency trading bank.
New Barclays Chairman Flags More Change to Meet Challenges – Reuters
New Barclays chairman John McFarlane said the British bank still faces formidable challenges and signalled his intention to accelerate its turnaround plan within an hour of taking charge. McFarlane took the helm after Thursday’s annual shareholder meeting, charged with overseeing its attempts to stamp out wrongdoing and improve performance, and immediately set out his priorities in a letter to shareholders.
Dollar Nurses Losses, Euro Supported by Greek Hopes – Reuters
The dollar nursed losses on Friday after taking a hit from underwhelming US economic data, while the euro found support from signs that cash-strapped Greece was making tentative progress toward securing fresh funding.
China’s Yuan Keeps Getting Bigger, But the Dollar is Not Giving Up the Throne – Forbes
The internationalisation of the Chinese yuan continues unabated. While it is unclear whether or not the new Asian Infrastructure Investment Bank will issue loans purely in the Chinese currency (its other investment bank project with the BRICS is dollar-based), one thing is certain: investment banks like HSBC are preparing for the day when more of their clients will want to settle trade in yuan.
Weak US Data, Dovish Fed Hopes Lift Asia FX Except Rupee – Reuters
Most emerging Asian currencies rose on Friday and posted weekly gains as a spate of disappointing US data raised hopes that the Federal Reserve may further delay an expected interest rate hike.
DE Shaw Sees $65 Million Swaps Margin Threshold as Exposure Cap –Risk.net (subscription)
ISDA AGM: Hedge fund plans to share non-cleared swaps around to reduce trading costs. DE Shaw will share its swaps business around a larger number of banks in an attempt to limit costs relating to incoming margin rules, a lawyer at the hedge fund has said.
Brazilian Currency Climbs to Seven-Week High on Fed Rate Outlook –Bloomberg
Brazil’s real rose to a seven-week high as speculation the Federal Reserve isn’t in a hurry to raise US borrowing costs supported emerging market assets.