Top Headlines

Exchange Operator Bats Global’s IPO Said to Be Oversubscribed – Bloomberg

Exchange operator Bats Global Markets Inc.’s initial public offering is oversubscribed, three days before the sale is due to price, according to people familiar with the matter.

Italy’s 5 Billion Euro Remedy to Fix its Banks – Bloomberg

Italian officials and financial firms agreed to create a multibillion-euro fund to help weakened banks raise capital and unload bad loans, as the nation tries to assuage investor jitters and avert a crisis.

US on Wrong Track on Chinese Currency – Australian Financial Review

Donald Trump is his usual bombastic self in accusing China of being a currency manipulator, blaming it for destroying millions of American jobs and promising to dramatically increase tariffs on Chinese imports.

Don’t Fear China, Say Top Currency Analysts Seeing Asian Gains – Bloomberg

The best forecasters of Asian currencies last quarter saw beyond the turmoil created by China’s slump to predict the gains their competitors missed. Now they’re breaking from the pack once again.

FX: The Multi-Billion Dollar Headwind – Profit & Loss

A new report from FX exposure management solutions provider FireApps claims that foreign-exchange volatility resulted in a $112 billion headwind for multinational corporations.

Currency-Hedged Funds—Safer or Riskier Thanks to Derivatives? – Wall Street Journal

A government proposal meant to limit the use of risky derivatives could hamper an increasingly popular breed of mutual funds that hedge against currency risks.

RBI Sells $3.34 Billion in Spot Forex in February – Business Standard

The Reserve Bank of India (RBI) sold, net of purchase, $3.34 billion in February in the market, data showed.

Technology Companies Raise $1bn to Challenge Banks – Financial Times

Technology companies raised almost $1bn of investment last year to compete with British banks, according to a new report.

Regulatory News

Banks Must Comply with New Controls for Foreign Exchange Deposits: CBE – Daily News Egypt

CBE said in a statement on Monday that it had monitored some individuals who made large cash deposits in foreign currencies, and used them to import non-essential goods and products through companies, which is a circumvention of the controls.

Yikes, Paul Krugman Really Doesn’t Understand Dodd-Frank – Huffington Post

Paul Krugman does not seem to understand the very financial regulations he claims to support.

Company News

Nomura to Cut Jobs in Americas and Europe – The Wall Street Journal

Nomura Holdings Inc. is planning to cut jobs in the Americas and Europe under a broader plan to reduce costs as Japan’s biggest brokerage by revenue faces a slump in its overseas operations, people familiar with the matter said.

SocGen Chief to Testify to French Senate on Panama Papers – Financial Times

The chief executive of Société Générale is to be hauled in front of the French senate on Tuesday to answer questions about his bank’s role in setting up offshore companies for clients in Panama.

Market Savvy

Japan Leads Asia Stocks Higher, Oil Buoyant as Dollar Sags – Reuters

Asian stocks rose on Tuesday, led by a rebound in Japanese shares as investors hunted for bargains, and commodities like crude oil strengthened as the weaker U.S. dollar made them cheaper for buyers using currencies other than the greenback.

Hedge Funds Abandoning Dollar’s Biggest Bull Run in a Generation – Bloomberg

Hedge funds are close to calling it quits on the dollar’s best run in a generation. Large speculators cut net bullish positions on the greenback to the lowest in almost two years last week.

Tokyo Warns Again on Yen Strength – Reuters

Some cautious gains for European stock markets hauled the yen down off a 17-month high against the dollar on Monday after Japanese officials warned again that they could intervene against the currency’s “one-sided” rally.

Press Releases

ISDA’s 31st AGM to Highlight Impact of Market Structure

Leading regulators and industry participants will gather at the International Swaps and Derivatives Association’s (ISDA) 31st Annual General Meeting (AGM) in Tokyo this week to discuss the impact of regulatory change and how best to respond to the evolving market structure.

Can Currency Competition Work? – National Bureau of Economic Research (subscription)

Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes.

Industry Events

FOW: Derivatives World, 12-13 April in Hong Kong

FX Week FX Invest North America, 12 April in Boston, MA

Profit & Loss Forex Network London, 14 April in London, UK

Profit & Loss Latin America, 20 April in Mexico City

ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta

Eurofinance:  Asia Treasury, 18-20 May in Singapore

Profit & Loss Forex Network New York, 26 May, New York City

FIA: IDX 2016, 7-8 June in London, England

Profit & Loss Forex Toronto, 9 June, Toronto

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