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.
Ruling on Stimpson Case to Be Given Within Two Weeks – Profit & Loss The tribunal hearing of Perry Stimpson, the former G10 FX trader at Citi who is suing the bank for unfair dismissal, came to an end on Thursday with Judge Alison Russell saying that she anticipates giving her judgement on the case within the next two weeks.
Fed Decides Against September Rates Hike – Profit & Loss (subscription) The US Federal Reserve Bank has decided not to raise key interest rates in September, with chairwoman Janet Yellen citing concerns about a global economic slowdown, low inflation in the US and volatile stock markets as the reason for this decision.
Greek Election Scenarios: the Good, the Bad, and the Ugly – Bloomberg Greece’s election remains too close to call as a three-week campaign wraps up on Friday with no clear front-runner in a vote that may put Europe’s most indebted state on course for thorny coalition talks as of next week.
China Central Bank Orders Banks to Tighten Supervision of Clients’ Forex Deals: sources – Reuters The People’s Bank of China has ordered banks to closely scrutinize clients’ foreign exchange transactions to prevent illicit cross-border currency arbitrage, sources with the direct knowledge of the matter told Reuters on Friday.