Top Headlines

Deutsche Bank in $6bn ‘Fat Finger’ Slip-Up – FT.Com (subscription) The bank mistakenly paid out $6 billion to a hedge fund client earlier this year as a result of a ‘fat finger’ error.

Fed’s Williams Sees Rate Rises Appropriate in ‘Near Future’ – Reuters Despite strong headwinds from overseas that are holding down U.S. inflation, the Federal Reserve should soon begin to raise interest rates to slow down economic growth before it becomes unsustainable, a top Fed official said

Trudeau Rides National Desire for Change to Majority Government – Globe & Mail In a stunning political comeback propelled by a national desire for change, Justin Trudeau and the Liberals won a decisive majority Monday night, bringing an end to the Stephen Harper era and a decade of Conservative rule.

Morgan Stanley Weakness in FX Trading Leads to Poor Q3 Results – Leap Rate Wall Street investment bank Morgan Stanley (NYSE:MS) reported Q3 results which disappointed investors, sending its shares diving about 6% in pre-market trading Monday.

Ex-Rabobank Trader Says `Libor Time’ Was Call to Fix Rates – Bloomberg “It’s Libor time.” That was the call ahead of Rabobank Grope’s daily morning submission on the London interbank offered rate as people gathered to rig the rate to make more money, a former trader testified at the U.S. trial of his colleagues.

London sees Influx of Chinese Banks – FT.Com (subscription) London’s status as a top trading hub for over-the-counter derivatives and foreign exchange is growing stronger as more Chinese financial institutions put down roots there.

Obama Administration Softens Criticism of China’s Currency Policy – Wall Street Journal (subscription) Treasury Department report cites shift in global economic winds.



Regulatory News

South Africa Finds Problems in FX Trading but no Misconduct by Major Banks – Reuters An investigation into the South African foreign exchange market found instances of confidential client information being shared by foreign exchange dealers but no evidence of misconduct by major banks, the country’s central bank said on Monday.

U.S. CFTC Charges Chicago Trader with “Spoofing” in Futures Markets – Reuters U.S. derivatives regulators charged a Chicago-based trader and his firm on Monday with using a manipulative trading tactic known as “spoofing” in the futures market across four different exchanges.

Massad: Harmonisation Easier Said Than Done – Profit & Loss As regulators on either of the Atlantic continue to disagree over swaps regulations, Timothy Massad, chairman of the Commodity Futures Trading Commission (CFTC), has warned that the harmonisation of these rules remains a challenging prospect.



Company News

Barclays Pays $325 mln to Settle US Mortgage Claims – Reuters British bank Barclays said it will pay $325 million in a settlement with the U.S. National Credit Union Association (NCUA) to resolve two civil lawsuits related to U.S. residential mortgages.

SmartStream Unveils Adaptor for Non-Cleared Derivatives – Profit & Loss SmartStream has launched the TLM Collateral Management adaptor to provide a full lifecycle of trading messages for the non-clearing OTC derivatives market.

Banks Jolted as HP Unplugs Popular Back-Office Software – eFinancialNews Hewlett-Packard is set to retire a piece of post-trade software used by several major banks, potentially leaving back-office operations with a serious problem ahead of a critical period in over-the-counter markets.

LSE Group Chief Operating Officer to Join State Street – eFinancialNews (subscription) The London Stock Exchange’s chief operating officer and chief information officer has resigned and is set to join State Street, in what would be the second departure from the UK exchange group’s senior executive team this year.



Market Savvy  

Challenging the Old Guard – Profit & Loss Profit & Loss Forex Network Chicago looked at the combination of growing regulatory requirements, customer disillusionment and the changing cost pressures on financial services firms that appears to be shifting the landscape of the foreign exchange market.

Asia Slips as Commodities Languish, Canada Vote Weighs on Loonie – Reuters Asian equities were mostly lower on Tuesday after commodity prices languished in the wake of China’s soft growth data and dampened risk sentiment.



Press Releases

CME Group and China Construction Bank Sign Memorandum of Understanding – CME Group CME Group, the world’s leading and most diverse derivatives marketplace, and China Construction Bank, a leading commercial bank in China, announced today that they have signed a Memorandum of Understanding (MOU) to support the further strengthening of their business relationship.



Industry Events