European Banks Face $52 Billion in Litigation Costs: Morgan Stanley – Reuters
Royal Bank of Scotland and Barclays may have to pay some of the biggest bills from an estimated $52 billion in fines and other litigation costs facing Europe’s banks in the next two years, Morgan Stanley analysts said. European banks have paid out about $104 billion so far and the $52 billion they still have to pay, much of it related to foreign exchange trading, could restrain how much they pay in dividends.
BAML Picks FX Specialist to Lead Equities Trading in EMEA – Financial News (subscription)
One of Bank of America Merrill Lynch’s top foreign exchange traders in Asia is moving to Europe to lead equities trading in the region.
Senate Approves Margin Carve-Out for Non-Financials – Risk.Net (subscription)
Non-financial derivatives users in the US are a step closer to being shielded from margin requirements for non-cleared swaps after the Senate overwhelmingly passed a bill confirming their exempt status.
Collapsing Oil Price Rattles Markets – The Wall Street Journal (subscription)
The fallout from collapsing oil prices continued to shake up markets, dragging down oil-related stocks, boosting government bonds and piling further pressure on the beleaguered Russian ruble.
Yen Near One-Month High vs Dollar as Oil Rout Sours Risk Sentiment – Reuters
The yen hit a one-month high against the dollar on Tuesday, buoyed by steady demand for safe-haven assets against a backdrop of plunging oil prices that has triggered worries about global growth.
UBS Global Chair Predicts Volatile Year – Australian Financial Review
Falling oil prices, a rising US dollar and competing agendas of central banks should make for an unpredictable ride in financial markets this year, according to UBS global chairman and former central banker Axel Weber.
Deutsche Bank E-Commerce Sales Chief Exits – Financial News (subscription)
Neehal Shah, the global head of e-commerce sales at Deutsche Bank who held a variety of senior foreign exchange roles, has left. His move comes after a year of change at the top of the German bank’s fixed income unit.
Greenwich Flags Top Market Structure Themes for 2015 – FX Week (subscription)
A fight for continuous FX benchmarks, increased competition among instant messaging providers, advances in clearing non-deliverable forwards and unbundling research costs are likely to be a few of the main market structure themes this year, according to financial consultancy Greenwich Associates.
Euro Approaches Nine-Year Low on Stimulus Outlook; Pound Drops – Bloomberg
The euro fell toward a nine-year low versus the dollar as officials fuelled speculation that the European Central Bank will begin buying government bonds as early as next week to stave off deflation.
Ericsson Report Reveals Early Warning Signs of Dramatic Disruption in Financial Services Industry – CryptoCoinsNews
Ericsson has released a new report that reveals the financial services industry is already “exhibiting some early indicators of potentially dramatic industrial disruption” due to cryptocurrencies.