Top Headlines
FXPA Calls for FX Exemption from SEC Derivatives Rules
The Foreign Exchange Professionals Association (FXPA) has submitted comments to the Securities and Exchange Commission (SEC) on its proposed rules governing the “Use of Derivatives by Registered Investment Companies and Business Development Companies”, calling for an exemption for FX swaps and forwards.
2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets
The Bank for International Settlements (BIS) today launched the 11th Triennial Central Bank Survey of Foreign Exchange and Over-The-Counter (OTC) Derivatives Market Activity.
Zhou, Finance Chiefs to Discuss Crisis Planning in Paris Forum – Bloomberg
Finance chiefs and central bankers from the Group of 20 will take a break this week from their efforts to rejuvenate the anemic global recovery, and instead contemplate another challenge: how to retool the world’s financial plumbing to prepare for the next crisis.
Yellen Takes Control of Fed Message to Stress Gradual Approach – Bloomberg
Federal Reserve Chair Janet Yellen spelled out on Tuesday what she means by data dependence, asserting her leadership of the U.S. central bank with a clear message that interest rates will be raised at a cautious pace.
- Dollar Slides After Yellen Speech; S&P at 2016 High – Reuters
- Dollar Retreats as Yellen Exudes Caution – Financial Times (subscription)
- Dollar Falls After Yellen’s Cautious Remarks on Rates – Wall Street Journal (subscription)
Brazil’s Biggest Party Quits Coalition, Rousseff Isolated – Reuters
Brazil’s largest party announced on Tuesday it was leaving President Dilma Rousseff’s governing coalition and pulling its members from her government, a departure that cripples her fight against impeachment proceedings in Congress.
Yen’s losing streak ranks among worst – Financial Times (subscription)
The yen’s decline since mid-March is beginning to rank towards the upper end of losing streaks over the past two decades.
Dutch Central Bank in Digital Currency Plan – Finextra
The Netherlands’ central bank, De Nederlandsche bank (DNB) could be planning to develop its own digital currency based on blockchain technology.
RMB Reaches Nearly 40% Adoption across Financial Institutions Worldwide – China Money Network
SWIFT’s RMB Tracker shows an 18% increase in RMB usage by financial institutions worldwide for payments with China and Hong.
Regulatory News
Two decades ago, as the Internet was entering a phase of rapid growth and expansion, a Republican Congress and the Clinton administration established a set of foundational principles: the Internet was to progress through human social interaction, voluntary contractual relations and free markets. Governments and regulators were not to harm the Internet’s continuing evolution. Because of this “do no harm” approach, the Internet created millions of jobs, transformed our economy forever and improved standards of living across the globe.
RBI, Sri Lankan Central Bank Sign $700 Million Currency Swap Agreement – The Economic Times
The Reserve Bank of India said on Tuesday it would allow its Sri Lankan counterpart to draw up to $700 million over a maximum period of three months under a new special currency swap agreement signed by the two central banks.
Nigeria, U.S. to Discuss Currency Value – Senior U.S. Diplomat – Reuters
Nigeria should ensure the value of its naira currency versus the U.S. dollar is more “realistic” and the United States will raise the issue in talks with Nigerian government officials this week, a senior U.S. diplomat said on Monday.
Egypt Cbank FX Auction Proceeds to Clear Backlog on Imports of Staples, Medicines – Reuters
Egypt’s central bank said on Tuesday that foreign currency offered at its regular weekly auction would be dedicated to multinational companies that need to clear payment backlogs for the import of staples and pharmaceutical goods.
Company News
DTCC and Digital Asset to Test Distributed Ledger Technology for Repo Transactions – Profit & Loss
The Depository Trust & Clearing Corporation (DTCC) and Digital Asset Holdings have announced plans to develop and test a distributed ledger based solution to manage the clearing and settlement of US Treasury, Agency, and Agency Mortgage-Backed repurchase agreement (repo) transactions.
Cut-off for ICE LSE Bid Moved to “Late April” – FOW (subscription)
The deadline for US exchange giant the Intercontinental Exchange to submit a rival bid for the London Stock Exchange has been pushed to late April after the group confirmed earlier this month that is considering a bid for the firm.
Market Savvy
EM Stocks, FX Set for Best Month in 4 Years – Financial Times (subscription)
Emerging market assets are set to clock their biggest monthly gains in over four years after unexpectedly dovish comments from US Federal Reserve chairwoman Janet Yellen dampened the market’s expectations for further rate rises and further bolstered investors’ risk appetite.
Asia’s Worst-Performing Currency May Be Your Best Bet This Year – Bloomberg
Investing in Asia’s worst-performing currency is all about the interest rate.
Press Releases
Bats Global Markets, the leading exchange operator for the trading of exchange-traded funds (ETFs), and creator of the Bats ETF Marketplace, signed a definitive agreement to acquire ETF.com, a leading provider of ETF data, news and analysis.
The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today is announcing the Hyperledger Project has filled key leadership positions and is welcoming new members. The Hyperledger Project is a collaborative effort to establish, build and sustain an open, distributed ledger platform that will satisfy a variety of use cases across multiple industries.
EBS BrokerTec and ICAP Information Services launch Sterling Repo Index Rate
EBS BrokerTec, ICAP’s market-leading electronic foreign exchange (FX) and fixed income business and ICAP Information Services (IIS), the information division of ICAP, announce today that they have launched the Sterling Repo Index Rate (£RIR).
Industry Events
FOW: Derivatives World, 12-13 April in Hong Kong
FX Week FX Invest North America, 12 April in Boston, MA
Profit & Loss Forex Network London, 14 April in London, UK
Profit & Loss Latin America, 20 April in Mexico City
ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta
Eurofinance: Asia Treasury, 18-20 May in Singapore
Profit & Loss Forex Network New York, 26 May, New York City
FIA: IDX 2016, 7-8 June in London, England
Profit & Loss Scandinavia, TBD September, Copenhagen
Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL
Sibos 2016, 26-29 September in Geneva, Switzerland
FIA: Expo, 18-20 October in Chicago, IL