ECB Attempts to Discourage Trading Against Euro FX Reference Rates

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Top Headlines

ECB Attempts to Discourage Trading Against Euro FX Reference Rates – Profit & Loss The European Central Bank plans to delay the daily publication of its euro FX reference rates in order to discourage firms from using the rate as a benchmark to trade against.

Oil Plunges to Near Seven-Year Lows – Wall Street Journal (subscription) No respite to industry’s supply concerns.

Latest Volume Data More Mixed – Profit & Loss Following last week’s release of lower average daily volume data from several platforms, three other FX venues have reported – with mixed results.

Blockchain Moves From Hullabaloo to Hard Graft – Euromoney In the second half of 2015 hype around the potential for shared ledger technology to transform banking rose to a peak. Now comes the hard work as banks and fintech companies seek to put test cases into actual use.

Hillary Clinton: How I’d Rein in Wall Street – New York Times Seven years ago, the financial crisis sent our economy into a tailspin. Over five million people lost their homes. Nearly nine million lost their jobs. Nearly $13 trillion in household wealth was wiped out.

 

 

Regulatory News

UK Banks Gain Extra 12 Months for Leverage-Ratio Disclosure – Bloomberg British banks including Barclays Plc and HSBC Holdings Plc gained another year before they’re required to publicly disclose the daily average they use in calculating their leverage ratios, the Bank of England said.

SEC to Challenge Credit Suisse on Asset Figures – Investment Europe The Securities and Exchange Commission has allegedly prepared new charges against Credit Suisse, which is said to have misled investors on net new asset growth.

 

 

Company News

Icap to Hold Annual Global Charity Day on December 9 – Profit & Loss Icap will hold its 23rd annual global Charity Day on Wednesday, December 9. On this day, 100% of Icap’s revenues and commissions generated globally will be donated to more than 200 charities worldwide.

JP Morgan to Fire KCG for Poor Performance During August Mayhem – Financial News – Financial News (subscription) JP Morgan recently informed the exchange that it was seeking to replace KCG, the New Jersey-based trading firm that oversees the bank’s shares, as its designated market maker, the people said.

Pimco Hires Former Senior Policymakers for Advisory Panel – Financial News (subscription) Pimco has hired former global policy makers and investors for a new advisory panel, adding muscle to the company months after naming former Federal Reserve chairman Ben Bernanke as a senior adviser.

 

 

Market Savvy  

Cash Demand, Strong Dollar Muddy Waters for Swiss FX Intervention – Reuters The dollar’s strength and traditional end-of-year demand for cash in Switzerland kept investors guessing on Monday about the extent to which the Swiss National Bank may be intervening on currency markets to weaken the franc.

Overcoming Fragmentation in the FX Market – TABBForum Fragmentation has become the defining characteristic in the global FX market, exacerbating post-trade challenges as regulatory scrutiny intensifies.

IDBs: Resourceful, Resilient and Resurgent – TABBForum The Dodd-Frank Act created the swap execution facility in an effort to bring greater oversight to OTC derivatives execution in the US. But few politicians could have realized the conversation that would result as a consequence of SEFs’ creation.

 

 

Press Releases

SGX Restructures Management; CTO to Exit – Profit & Loss Singapore Exchange is changing its operational structure “to improve operational efficiency”.

Johannah Ladd to Leave FIA EPTA – FIA The European Principal Traders Association announced that Johannah Ladd, the association’s Secretary General will leave her position on 1 January to explore other interests.

 

 

Industry Events

11th Annual FIA Asia Derivatives Conference, 8-10 December in Singapore