Top Headlines

Fired Lloyds Trader Says Bank Targeted Him After Tesco Deal – Bloomberg

Paul Carlier, a former foreign-exchange trader at Lloyds Banking Group Plc, said he was “targeted” by the bank after blowing the whistle on improper trading.

RBS Bankers Add to Growing Lawsuits Over Unfair Dismissals – Bloomberg A former Royal Bank of Scotland Group Plc foreign-exchange trader and the company’s former head of equity market risk have joined a growing list of bankers suing their employers.

Former FX Traders Take Banks to Court; Legal Cases Continue to Mount –  Profit & Loss As former RBS FX trader, Ian Drysdale, and former HSBC FX trader, Serge Sarramegna, seek to challenge their dismissals in the UK courts, the number of legal cases being brought against banks shows no signs of abating.

Nigerian President Rules Out Further Currency Devaluation – Bloomberg Nigerian President Muhammadu Buhari said he opposed a weakening of the currency of Africa’s biggest oil producer and endorsed the central bank’s policy of restricting foreign-exchange trading.

FX Liquidity: Here Today, Gone Tomorrow? – Profit & Loss (subscription) A new report from academics based in Switzerland argues that FX liquidity often evaporates in times of market distress, adding to the recent ongoing debate on this issue.



Regulatory News

State Bank Regulators Finalise Model Regs on Virtual Currency – ABA Banking Journal The Conference of State Bank Supervisors yesterday finalized its new framework for model state-level regulation of virtual currencies such as bitcoin. The task force said its goal was to ensure that consumers are protected when using virtual currencies, that markets remain stable and that transactions are transparent to law enforcement.

Swinburne Dismisses ‘Premature’ Buyside Call for Mifid II Delay – Financial News (subscription) A senior European politician has described calls from the UK’s Investment Association to delay Mifid II as “premature”, saying that implementing the vast changes to Europe’s trading rulebook was “never going to be easy”.



Company News

New Venture Seeks Talented Trading Managers – Profit & Loss Dallas-based derivatives broker, Coquest has announced the launch of Coquest Advisors, an independent research and advisory firm that will provide due diligence on commodity trading advisors and hedge funds and target the most talented investment managers for its clients



Market Savvy

Dollar Under Pressure as Tame Inflation Tempers Fed Rate Hike Bets – Reuters The dollar came under pressure in Asian trading on Thursday, after weak inflation data led investors to pare bets that the U.S. Federal Reserve will deliver an interest rate hike later in the session.

Emerging-Market Currencies: It’s Not Just About the Fed – Wall St Journal (subscription) The Fed is in focus for emerging currencies, but China, commodities and domestic problems are increasingly weighing on performance too.

Wall Street Has Doubts About Fed Lifting Interest Rates – Wall Street Journal (subscription) Skepticism reflects concerns about the economy and the state of the markets.   Ahead of the Fed, Young Bankers Wrestle With a Novel Notion: Interest Rates That Rise – Wall Street Journal (subscription) Banks hustle to bring up to speed employees who haven’t experienced an increase.

From Mexico Peso to Pound, Top Forecasters Pick Fed Rate Winners – Bloomberg The dollar isn’t the only currency likely to benefit once the Federal Reserve starts raising interest rates, according to the most accurate foreign-exchange forecasters.



Press Releases

IMF To Release Currency Composition of Foreign Exchange Reserves Together with a List of Participating Economies The International Monetary Fund will release quarterly data on the currency composition of official foreign exchange reserves (COFER)

INTL FCStone Inc. Announces Executive Appointments INTL FCStone Inc, a leader in the development of specialised financial services in commodities, securities, global payments, foreign exchange and other markets, today announced that Scott J. Branch will resign as President of INTL FCStone.



Industry Events