Top Headlines

European Summit Strikes Greece Bailout Deal – Bloomberg
Greece reached an agreement with its creditors over the reforms needed to start talks for a third bailout in five years and remain in the euro.

Brazil Regulator Names 30 Traders in Probe of Currency Rigging – Bloomberg
Brazil’s antitrust regulator named 30 people it’s investigating as part of a civil probe into anticompetitive practices in the currency market.

SEF Volumes Drop 27% in April, Up 8% From 2014 – Profit & Loss (free story)
Trading volumes on swap execution facilities (SEFs) across FX, interest rates swaps (IRS) and credit default swaps (CDS) in April were down 27% from the previous month, according to new data from the Futures Industry Association (FIA).

Asset Managers Looking to Multi-Asset Strategies for Growth – Profit & Loss(free story)
Seven out of 10 asset managers say they are rethinking their business strategy due to client demand for multi-asset strategies, according to a survey by State Street.

Regulatory News

FCA’s Chief Calls for “Proportionate” Approach to New Accountability Regime – Profit & Loss (free story)
Firms need to be “proportionate” in the amount of information they submit to the Financial Conduct Authority (FCA) under the new personal liability regime, according to CEO Martin Wheatley.

UK Financial Watchdog Promises More Clarity on Punishment – Reuters
Britain’s financial watchdog has promised to be clearer about how it decides whether to punish banks and individuals after industry criticism of inconsistency.

Ex-Deutsche Bank Traders Said to Face Libor Charges From DOJ – Bloomberg
The US Justice Department is preparing cases against former Deutsche Bank employees for Libor manipulation and could bring charges before year’s end, according to two people with knowledge of the situation.

Kamath: BRICS Bank to Start Lending in Local Currency by April – Business Standard
The New Development Bank (NDB), set up by five BRICS nations including India, will start lending in the local currency by April next year and member countries will primarily be the focus of credit facility, its chief K V Kamath said on Friday.

GFMA, IIF, ISDA Plan Liquidity Lobbying Push – (subscription)
Draft report urges regulators to consider impact of fundamental review of the trading book and financial transaction taxes on markets.

Company News

First Trades Through on R5FX – Profit & Loss (free story)
R5FX, the marketplace for local market FX trading, has announced the successful completion of its first Brazil, Russia, India and China (BRIC) trades. The London fintech start-up says it is now in beta testing, prior to launch later this year.

Thomson Reuters SEF Receives Certification from ForexClear – Profit & Loss(free story)
Thomson Reuters’ swap execution facility has completed certification testing for FX non-deliverable forwards clearing by LCH.Clearnet’s ForexClear service in anticipation of an industry move towards voluntary clearing of NDFs.

Brevan Howard Abandons Geneva and Returns to London – Financial Times(subscription)
Brevan Howard is moving some of its most senior traders back to London from Geneva, reversing a high-profile decision by the $27 billion hedge fund to leave the UK and bucking concerns that the City’s status as Europe’s leading hub for the industry was under threat.

Volumes Up at Thomson Reuters and Gain – Profit & Loss (free story)
Spot FX volumes on Thomson Reuters’ FX platforms was $108 billion per day in June, down slightly from May’s $110 billion, however overall activity was higher.

Market Savvy  

Euro Gets Greek Boost as Analysts Say Gains Will be Fleeting
The euro strengthened against the yen and erased losses versus the dollar as EU President Donald Tusk said a deal on Greek reforms needed to negotiate a bailout had been reached.

Maintain Short EUR Exposure as Greece Given New Deadline
BNP Paribas
According to press reports PM Tsipras has been given three days to pass a list of reform measures through parliament before obtaining interim financing and starting negotiations on a new program. Markets headed into the weekend under the assumption of a binary outcome and the lack of clarity suggests a moderately risk-off sentiment at the start of the week.

Industry Events