Top Headlines

Draghi Says ECB Will Do What It Must to Spur Price Gains – Bloomberg European Central Bank President Mario Draghi set the scene for further stimulus in two weeks’ time, saying the institution will do what’s necessary to reach its inflation goal rapidly.

Stimpson Victory Could be “Pyrrhic” – Profit & Loss While Perry Stimpson succeeded in winning his case for unfair dismissal against Citi he has “not necessarily cleared his name”, according to one employment law expert.

There Is No Holding Back the Greenback – Wall Street Journal (subscription) The strong dollar has cast a dark shadow on earnings season, one that isn’t likely to change soon.

China Cracks $64 Billion `Underground Bank’ Moving Money Abroad – Bloomberg China said it cracked the nation’s biggest “underground bank,” which handled 410 billion yuan ($64 billion) of illegal foreign-exchange transactions.



Regulatory News

HBOS: 10 Bankers ‘Could be Banned’ For 2008 Mortgage-Lender Collapse – Independent Two delayed reports into the collapse of HBOS have been published.

Europe is Going to Clamp Down on Bitcoin to Try to Stop Terrorism Funding – Reuters European Union countries plan a crackdown on virtual currencies and anonymous payments made online and via pre-paid cards in a bid to tackle terrorism financing after the Paris attacks, a draft document seen by Reuters said.

ESMA Makes Case for Mifid II Delay – Financial News (subscription) Europe’s top markets watchdog has outlined why it believes a delay to the reform of Europe’s trading rulebook is necessary – and suggested a number of ways to postpone the reforms.



Company News

Credit Suisse Investors Back Cash Calls for Restructuring – Reuters Credit Suisse shareholders on Thursday overwhelmingly backed capital increases totalling around 6 billion Swiss francs (4 billion pounds) to bulk up the Swiss bank’s balance sheet and help fund a restructuring.

Barclays’ FX Fine: The Death Knell for Last Look? – Euromoney The $150 million fine imposed on Barclays this week for abusing its last-look policy on clients’ currency orders until as recently as three months ago signals another nail in the coffin for the controversial practice, say analysts.



Market Savvy  

Will The Fed Spring a Hawkish Surprise? – Profit & Loss Following the hawkish October FOMC meeting and November’s near ‘perfect’ employment report, it has almost become a given that the Fed will raise rates in December, with Fed Fund futures assuming a 70-80% probability.

Norway Wealth Fund Backs Push to End Banks’ Dominance Over Bonds – Bloomberg The world’s largest sovereign investor wants to curtail the big banks’ hold over bond trading.

Why Rates Will Stay Lower, for Longer, Than You Think – Financial News (subscription) Globally, interest rates have been trending down since the early 1980s. At first this could have been thought of as a process of normalisation, as the inflationary excesses of the 1970s were progressively squeezed out of the system.



Press Releases

R3 Assembles Distributed Ledger Initiative Team, Adds Banks – Profit & Loss R3 has announced the team that will be in charge of designing and developing distributed ledger technology for the financial industry in partnership with its member banks.



Industry Events