Euro Weakens as Draghi Boosts Speculation of Deposit Rate Cut

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Top Headlines

Euro Weakens as Draghi Boosts Speculation of Deposit-Rate Cut – Bloomberg The euro fell toward a six-month low after European Central Bank President Mario Draghi said economic risks to the region were “clearly visible,” boosting speculation policy makers will increase currency weakening stimulus.

Portuguese Politics Tests Investor Nerves – Wall Street Journal (subscription) For the second time this year, it appears the far left soon could be calling the shots in a vulnerable eurozone country.

Greece Comes to a Standstill as Unions Turn Against Tsipras – Bloomberg As Greek workers take to the streets in protest on Thursday, Alexis Tsipras will for the first time be on the other side of the barricades.

Chinese Corporates Reassess FX Hedging – Euromoney Having done well from their exposure to the RMB during the past decade, the currency’s surprise devaluation in mid-August should force Chinese companies to brush up on hedging strategies that were rusty at best, but many are instead simply focusing on opportunistic borrowing strategies.

 

 

Regulatory News

EU Financial-Market Rules Delay Isn’t a Done Deal, Lawmaker Says – Bloomberg The postponement of European Union financial-market rules known as MiFID II isn’t “set in stone,” and can’t go ahead without the endorsement of a skeptical parliament, according to EU lawmaker Markus Ferber.

ISDA Relaunches Resolution Stay Protocol – Profit & Loss The International Swaps and Derivatives Association (ISDA) has relaunched the ISDA Resolution Stay Protocol to cover securities financing transactions (SFT).

German Economic Advisers say ECB policy a Threat to Financial Stability – Reuters The German government’s panel of economic advisers warned on Wednesday that the low interest rate policies of the European Central Bank (ECB) were creating substantial risks for financial stability and could ultimately threaten the solvency of banks and insurers.

 

 

Company News

Options and TraderServe Partner to Create AlgoGuard – Profit & Loss The partnership will see Options become a strategic managed service and hosting partner for TraderServe’s exchange emulated test environment, AlgoGuard.

UniCredit to Cut 14% of Workforce in Bid to Boost Capital – Bloomberg UniCredit SpA plans to cut about 18,200 jobs by 2018 as it seeks to improve returns and expand its capital buffers.

FirstRand Joins CLS – Profit & Loss South African financial institution FirstRand joins CLS Group (CLS) as a settlement member. The South African rand has been a CLS-eligible currency for over 10 years.

SaxoTraderGo Available to White Label Clients – Profit & Loss Saxo Markets has made its multi-asset trading platform, SaxoTraderGo, available to its white label clients.

 

 

Market Savvy  

Will the London Stock Exchange and Icap Finally Seal the Deal? – Standard The London Stock Exchange updated investors on its $2.7 billion (£1.8 billion) takeover of Russell Investments earlier this week and it made interesting reading.

Singapore FX and CFD Report: Interactive Brokers, IG and CMC Markets Lead All-Important Mobile – LeapRate Research outfit Investment Trends has come out with an updated report and survey on the FX and CFD sector in Singapore.

 

 

Press Releases

Positive Interims for First Derivatives – Profit & Loss A strong set of interim results (six months ended 31 August 2015) has been released by software and consulting services provider First Derivatives (FD) with revenue 44% higher at £53.8 million and profit before tax 27% higher at £4.6m.

 

 

Industry Events