Top Headlines

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.



Regulatory News

Bitcoin Is Officially a Commodity, According to U.S. Regulator – Bloomberg Virtual money is officially a commodity, just like crude oil or wheat.

Exchanges Face Pressure to Disclose High-Speed Trader Perks – Bloomberg A top US derivatives regulator is calling for the world’s biggest exchanges to explain publicly how they encourage high-speed trading.  

ISDA Launches Initiative for a Derivatives Product Identification Standard – Profit & Loss The International Swaps and Derivatives Association (ISDA) has launched a new industry data project, aimed at developing an open-source standard derivatives product identification system.

ISDA CEO: Expected Timeline for Margin Rules “Impossible” – Profit & Loss It will be “impossible” for the industry to be ready for the new margin requirements for non-cleared OTC derivatives if the Commodity Futures Trading Commission (CFTC) sticks to its projected timetable for providing rules on this subject, according to ISDA CEO, Scott O’Malia.



Company News

Global Prime Partners gets Green Light in Hong Kong – FX Week (subscription) The firm will provide execution and prime brokerage services to Asia-based fund managers and professional traders.

Jefferies Burned by Bad Energy Trades – Financial News (subscription) Jefferies Group said on September 17 earnings in its third quarter fell by almost half, the first indicator of how a recent spate of volatility has whipsawed parts of Wall Street.

Liquidnet Launches Algorithm Ranking System – Traders Magazine Use algos? How does a broker or buysider know which one is best for his needs? Liquidnet is about to help.

Options adds European Feeds to Velocity – Automated Trader Options, the managed service and IT infrastructure provider to the capital markets industry, has announced the addition of SWX, Wiener Borse and Nasdaq’s OMX to the firm’s managed colocation platform, Velocity.

Saxo Unveils OpenAPI – Profit & Loss Saxo Bank is providing its clients with access to its trading infrastructure via its new REST (Representational State Transfer)-based API called Open API.



Market Savvy  

Oil Prices Weak on Economic Concerns, OPEC Target on Market Share – Reuters Oil markets were weak on Friday as fresh signs that OPEC will continue to value market share over prices outweighed expectations of a lift when the United States kept interest rates at historic lows.

Mr. Yen Says the Era of a Weak Yen May Be Over – Bloomberg The era of a weaker yen is coming to an end and Japan’s currency may strengthen toward 115 per dollar, according to Eisuke Sakakibara, a former vice finance minister.



Press Releases

The Future of Market Liquidity – FIA One of the greatest concerns shared by people active in the markets is the state of liquidity in the markets today and what the current raft of new regulations under discussion in Europe mean for the future.



Industry Events