Fed Expected to Push Ahead with Rate Hike Plan

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Top Headlines

Fed Expected to Push Ahead with Rate Hike Plan – Reuters

The Federal Reserve is expected on Wednesday to point to a growing U.S. economy and stronger job market as it sets the stage for a possible interest rate hike in September

FCA Finds Firms Still Failing to Fully Manage Benchmark Risks – Profit & Loss (free story)

Firms still have to do further work to identify the full range of their benchmark activities and improve their management of the associated risks according to the Financial Conduct Authority’s thematic review of oversight and controls of financial benchmarks published today.

Rights and Responsibilities of the Renminbi – Euromoney

China’s bid to join the currencies in the IMF’s SDR basket is more than a footnote of interest only to economists. Policymakers should take note.

Trigger for Global Shift into Renminbi  – Financial Times (Subscription)

The turbulence in the Chinese stock market — where heavy support operations by the Chinese authorities seemed to be turning the tide up to this week’s renewed weakness — is an unpromising backcloth for one of Beijing’s priorities in the international economic field.

Pacific Partners May Discuss Currency Rules Along With Trade Deal – Reuters

Pacific Rim trading partners might convene a top-level forum to discuss how to stop countries manipulating currencies for competitive advantage, Australian Trade Minister Andrew Robb said on Tuesday.

Russia Halts Purchases of Foreign Currency in Boost for Easing – Bloomberg

Russia’s central bank halted purchases of foreign currency to replenish the country’s international reserves, a move that may lay the groundwork for a fifth interest-rate cut this year at a meeting on Friday.

Renminbi Accounts for Over 30 Percent of Payments Between South Africa and China – African Business Review

Recent data compiled by The Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the number of South Africa’s payments in Renminbi (RMB) increased by 33 percent over the last 12 months and by as much 191 percent over the last two years.

Regulatory News

EBA Publishes Key Information on the Systemic Importance of the 37 Largest Banks in the EU – European Banking Authority

The European Banking Authority (EBA) has published the key metrics used to identify global systemically important institutions (G-SIIs) in the EU, with information on size, interconnectedness, substitutability, complexity and cross-jurisdictional activity.

Banks Fail to Persuade Regulators to Dilute New Buffer Rules – Reuters

Rules will soon be finalised forcing the world’s top banks to hold enough liquid assets to cover between 16 and 20 percent of their liabilities, after industry lobbying failed to persuade regulators to relax the plan.

Company News

360T Purchase Part of New Growth Program, Says Deutsche Boerse CEO – Profit & Loss (Free Story)

Deutsche Boerse, the German exchange group that recently agreed at deal to purchase the OTC FX trading platform 360T, has announced an ambitious growth program amid second quarter results that showed its revenue was up nearly 20% from the first quarter.

SGX Sees Net Profit Rise 9% YoY in FY2015 – LeapRate

Singapore Exchange Limited (SGX:S68) has just reported a set of solid financial metrics for the fiscal year from July 1, 2014 to June 30, 2015, with both profits and revenues marking a robust rise and investors set to enjoy a decent annual dividend.

FXCM Stock Trading Set to Be Sold to AS Expobank – LeapRate

LeapRate has learned from industry sources that FXCM’s next asset sale will be that of its regulated UK CFD arm FXCM Stock Trading. Apparently FXCM is in advanced negotiations to sell FXCM Stock Trading to AS Expobank.

LME Clear Launches New Renminbi Initiative – Profit & Loss

 LME Clear, the clearing house for the London Metal Exchange (LME) market, will now accept offshore renminbi (CNH) as eligible cash collateral.

Market Savvy  

Are Emerging Markets Prepared for the Eventual US Rate Hike? –

Schroders

This month we look at the potential impact on emerging market (EM) liquidity as the Federal Reserve looks to normalise monetary conditions. We consider the liquidity in EM from three angles: external, domestic and, to a lesser extent, equity positioning within EM.

Australian Dollar May Hit US50¢ as Commodities Prices Fall  – Sydney Morning Herald

With commodity prices sinking and iron ore and coal set to decline further in the near term, at least one analyst is not prepared to call the bottom of the cycle and thinks the Australian dollar could weaken to as low as US50¢.

Press Releases

RBC GAM Unveils EMFX Fund

RBC Global Asset Management has announced the launch of the RBC Emerging Markets Foreign Exchange Fund.

MAS establishes Financial Centre Advisory Panel

The Monetary Authority of Singapore (MAS) today announced the composition of the new Financial Centre Advisory Panel (FCAP) comprising 26 leaders from the banking, insurance and asset management industries

Industry Events.

Industry Events