FX Manipulation Litigation Heads to Europe – Profit & Loss (free story)
US law firm Scott + Scott is reportedly preparing a new multi-million pound legal case on behalf of European plaintiffs against a number of major banks for FX market manipulation, after achieving success in a similar case in the US.
Brazil Central Bank Currency Dealers are Under Investigation – Bloomberg
Six of the 14 financial institutions consulted by Brazil’s central bank on a daily basis to set the reference exchange rate are under investigation for alleged currency manipulation.
‘Learn to Love the Bombshell’ With Yellen Ahead – Financial Times(subscription)
Brace, brace. Fed chair Janet Yellen takes the stage at 1.30pm London time with her two-day semi-annual testimony to Congress.
Currency Trading Shifts to Multi-Dealer Systems, Greenwich Says –Bloomberg
Currency investors are increasingly using electronic systems connected to multiple dealers as the market comes under greater scrutiny by regulators, according to Greenwich Associates.
NY Fed Official to Currency Traders: Adhere to Industry Best Practices – Wall Street Journal (subscription)
The man responsible for implementing Federal Reserve monetary policy said currency traders need to show they are adhering to industry best practices or face tighter regulation, the latest salvo in the government’s response to currency market manipulation.
Investors Wary of Swiss Franc Bets After Getting Burned – Wall Street Journal(subscription)
Six months after a sudden surge by the Swiss franc rocked financial markets around the globe, investors are largely steering clear of bets on a currency they once considered to be among the safest.
New Report Outlines Buy-Side’s Derivatives Concerns – the Trade
Trading costs, market access and sell-side retrenchment are the top concerns for buy-side firms active in listed derivatives trading, according to a new research paper.
BlackRock Vies With State Street to Tap Currency-Hedged ETF Boom –Bloomberg
The world’s biggest money managers are staking a claim in the surging market for stock and bond ETFs that strip out currency risk.
Hold the Line – the Trade
The Investment Association has moved to reject suggestions that asset managers are a source of systemic risk to the global economy.
China Derivatives Market Growth Lags Economic Development – Risk.net(subscription)
While GDP growth has been spectacular, derivatives growth is muted.