EU Lawmakers Eye Compromise for US on Benchmarks – Reuters
European Union lawmakers look set to ease the international impact of rules to stop market benchmarks being rigged, addressing US concerns that global investors could lose out. The bloc is approving a law to directly regulate benchmarks such as those based on currencies and interest rates that banks have been fined billions of dollars for attempting to manipulate.
EBS Appoints Global Head of Strategy – Profit & Loss (subscription)
Icap’s EBS has appointed Justyn Trenner to the newly created role of global head of strategy as part of its drive to deliver new products, reach new client segments and potentially target other asset classes. The appointment follows a three-year transformation of EBS, overseen by CEO Gil Mandelzis, from a single-product to a multi-product company offering both execution platforms and workflow services.
RBS Trader Arrested in FX Rigging Probe Named in Court Records – Financial Times (subscription)
The Royal Bank of Scotland trader arrested last month as part of the Serious Fraud Office’s investigation into alleged rigging of the $5 trillion-a-day foreign-exchange market was Paul Nash.
ECB Action Is ‘Just Going to be a Currency Play,’ Says Global Bank Group Chief – The Wall Street Journal (subscription)
If the European Central Bank expands its easy-money policies in the coming weeks, it will do little to fix the currency union’s underlying problems, according to Tim Adams, president of the Institute of International Finance, an industry group representing more than 500 of the world’s largest banks, pension funds, insurance firms and other financial firms.
Russia’s Ruble Collapse Strikes Ex-Soviet Currencies – The Moscow Times
Falling energy prices and the plunge in the Russian ruble are hitting currencies across the former Soviet states, with Belarus and Turkmenistan having already devalued this week and markets betting that Kazakhstan will follow soon.
SNB Sees 2014 Profit of 38 Billion Francs, Resumes Dividend – Bloomberg
The Swiss National Bank expects to record a 2014 profit of 38 billion francs as its foreign currency and gold holdings gained in value.
Greenback Makes a Comeback, Shaking Off Doubt – Sydney Morning Herald
Buoyed by a strengthening US economy, the greenback has firmly reasserted itself on the global stage, shaking off years of doubts over its status as the world’s leading currency. The US dollar is at its strongest against major currencies in nine years and showing no signs of slowing down in its ascent, as expectations grow the US Federal Reserve will this year raise interest rates for the first time since 2006.