FX Market Manipulation Case Allowed to Proceed in US Courts – Profit & Loss(subscription)
A US judge says that investors may pursue their antitrust litigation against 12 major banks alleging that they manipulated the foreign exchange market.
Oversight Failure in FX is Changing How Banks View Risk – Profit & Loss(subscription)
The failure of banks to effectively monitor human communications around FX trading is having far-reaching consequences for the industry, according to market experts.
FXCM to “Forgive” Most Clients for Negative Balances on Swiss Franc Move –Reuters
Retail currency broker FXCM said it would “forgive” about 90% of its clients for negative balances in certain jurisdictions as a result of the Swiss National Bank’s decision to remove the cap on the Swiss franc.
Renminbi Not Immune From Emerging Market Outflows – Financial Times(subscription)
After nearly a decade in which robust trade surpluses underpinned reliable appreciation of China’s currency, the renminbi is under pressure from a bout of capital outflow and the knock-on effects of falls in the euro, yen and emerging-market currencies.
Saxo Expecting Legal Challenges to Re-Pricing of Trades – Profit & Loss(subscription)
Retail broker Saxo Bank is anticipating legal disputes following its decision to retroactively re-price FX trades that occurred during the Swiss franc’s volatile swing on 15 January.
LCH.Clearnet Sees FX Option Clearing in 2015 – FOW (subscription)
London-based central counterparty to launch EU client clearing in Q2.
Peru Central Bank Further Tightens Limits on Currency Derivatives – Reuters
Peru’s central bank put a new limit on currency derivative operations in a bid to curb volatility and foreign speculation in the local spot market as the nuevo sol (PEN) slips to new lows.
FXPA News: Join by 1 Feb to Qualify for Time-Limited Membership Category
The special founding member category of the Foreign Exchange Professionals Association (FXPA) will close on 1 February. Join today to be part of the first wave of founding members that enjoy the distinct benefits that this class offers. FXPA recently crossed the critical threshold of 15 members, triggering elections for the first permanent Board of Directors and Officers. FXPA’s Board will include 50% representation by Founding Members that join prior to the 1 February deadline.