Top Headlines

European Stocks Rise as Turkish Lira Rebounds After Failed Coup – Bloomberg

Financial markets showed signs of resilience following a failed coup attempt in Turkey, with the lira leading a rebound in emerging-market currencies and stocks gaining ground in Europe and Asia. Haven assets including the yen, gold and U.S. Treasuries fell.

Keeping Pace With Changing Liquidity Conditions – Profit & Loss

Although liquidity conditions are changing in the FX market, they are not necessarily getting worse, claimed panelists at Profit & Loss’ Forex Network New York conference.

Is it Time to Re-Write How FX Infrastructure Works? – Profit & Loss

After a number of years having to take reactionary measures in response to new regulatory requirements, panellists at Profit & Loss’ Forex Network New York conference expressed enthusiasm for a new wave of innovation that has the potential to re-shape FX market infrastructure.

U.K. May Seek to Curb Immigration Before It Leaves the EU – WSJ (subscription)

Britain may seek to curb immigration from the European Union even before it formally leaves the bloc, the freshly-appointed government minister in charge of Brexit said Sunday.

Two More Detained in France Attack Probe – WSJ (subscription)

French authorities trying to piece together how a Tunisian man carried out the deadly Bastille Day truck attack in Nice detained two more people Sunday for questioning, sources familiar with the matter said.

Three Police Officers Killed in Baton Rouge Shooting; Suspect Is Dead – WSJ (subscription)

A gunman fatally shot three police officers and wounded three others before being killed by police here Sunday morning, the second deadly multiple shooting to target police in 10 days.

Enter Helicopter Money: Global Central Bank’s Post QE Era Ammunition – Business Standard

Move over Brexit. The big talk in the financial markets right now is a meeting between former US Fed chairman Ben Bernanke and Japanese Prime Minister Shinzo Abe and his key economic advisors last week.

SoftBank to Buy Britain’s ARM for $32 Billion in Record Deal – Bloomberg

SoftBank Group Corp. agreed to buy ARM Holdings Plc for 24.3 billion pounds ($32 billion), securing a slice of virtually every mobile computing gadget on the planet and future connected devices in the home.

Regulatory News

Turkey Will Not Intervene to Support the Lira, Says Deputy PM – Financial Times (subscription)

Mehmet Simsek says ‘we will let prices adjust’ after attempted coup.

Hong Kong SFC Said to Survey Brokerages on Dark Pool Compliance – Bloomberg

Hong Kong’s financial market regulator is querying brokerages and banks about their compliance with dark pool rules, according to people who have seen the questionnaire.

Bank of England’s Weale sees little urgency to cut interest rates – Reuters

Bank of England policymaker Martin Weale said on Monday he was unsure whether he would back an interest rate cut at next month’s BoE meeting, in contrast to most of his colleagues who think stimulus is likely after Britain voted to leave the EU.

Company News

HKEX, Best Known for Stock Trading, Eyes a Role in Currency Market – South China Morning Post

Hong Kong Exchanges and Clearing has been trying to move into the currency market, a wise move in light of the internationalisation of renminbi – but a challenging one all the same.

Iorio joins EBS BrokerTec as Global Head of Sales – Profit & Loss

EBS BrokerTec has hired Jim Iorio as its new global head of sales and also appointed him to the firms’ executive management committee.

EBS BrokerTec Taps Coletti for Forwards Role – Profit & Loss

EBS BrokerTec has hired Christopher Coletti as its new head of forwards in the US for EBS Direct.

Currency Flaws in Blockbuster £77bn SABMiller Deal in Spotlight – The Telegraph

An influential shareholder advisory firm has weighed into the brewing shareholder dispute over Anheuser-Busch InBev’s blockbuster takeover of SABMiller.

Market Savvy

Oil prices largely unchanged as market shrugs off Turkey coup bid – Reuters

Oil prices were virtually unchanged in choppy Asian trade on Monday following gains last week as traders shrugged off the impact of Friday’s attempted coup in Turkey, while upbeat economic data from the United States lent price support.

Slowing China home price rises add to doubts about economy – Reuters

Home price rises in China slowed in June for a second straight month, adding to fears that a construction-led rebound in the economy may not be sustainable.

Russia’s Ruble Climbs as Turkey Seen Driving Flows to Russia – Bloomberg

The ruble extended last week’s rally as exporters bought the currency to pay local dividends and taxes, while some traders speculated that the coup attempt in Turkey will spur investors to seek alternatives in the Russian market

 Anxiety Compounds Currency Crisis – FT Advisor (subscription)

After enduring its most volatile period in more than 20 years, sterling is trying to regain its foothold.

Industry Events

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL