FXPA Continues Signing New Members, Accepting Nominations for Board of Directors and Officers Before February 10 Elections
Elections for the next Board of Directors, as well as Officers: Chair, Vice-Chair, Treasurer and Secretary, will take place at an All Members meeting in New York on Feb 10 at 4pm (ET). The Board will consist of 12 members representing a diverse cross-section of the FX marketplace. For membership information or to submit nominations, please contact Julie Ros at firstname.lastname@example.org
KCG Announces Sale of Hotspot to Bats Global Markets (press release)
KCG Holdings has entered into a definitive agreement to sell KCG’s spot FX trading venue, KCG Hotspot, to Bats Global Markets. The transaction is expected to be completed in the second quarter of 2015.
Currency Trading Hits New Highs in UK and US: FX Committee Surveys – Profit & Loss (subscription)
Foreign exchange trading activity in the UK and US rose to record levels in October, reports from the nations’ central bank FX committees show, on the back of increased volatility that was largely triggered by a divergence in monetary policies.
In Singapore, Central Bank Eases Currency Policy – New York Times
Singapore’s central bank eased its monetary policy on Wednesday, becoming the latest central bank to use policy tools to help shore up growth against a backdrop of global economic turbulence.
JP Morgan Said to Reap $300 Million Gain Amid Swiss Turmoil – Bloomberg
JP Morgan foreign exchange traders reaped a gain of as much as $300 million after the Swiss central bank roiled markets by abolishing its cap on the franc.
China’s Yuan Breaks into the World’s Top Five as Payment Currency: Swift – Reuters
China’s yuan broke into the top five as a world payment currency in November, overtaking the Canadian dollar and the Australian dollar, global transaction services organisation Swift said on Wednesday.
New FX Trading Standard Sees Slow Adoption – Euromoney (subscription)
Despite its extension to FX last year, market participants acknowledge it is likely to be some time before they feel the full impact of the liquidity-enhancing trading enablement standardization initiative (TESI).
CTA, Global Macro Strategies to Benefit from ECB’s Quantitative Easing – Pensions and Investments
Hedge fund managers in aggregate suffered little damage in the previous two weeks from the removal of the euro cap on the Swiss franc by the Swiss National Bank, and some strategies “stand to win” from the European Central Bank’s monetary expansion program, Lyxor Asset Management research shows.
Dollar Rises Against Yen Ahead of FOMC – MarketWatch
The dollar was higher against the yen in Asian trade Wednesday, as investors await the results of the Federal Reserve’s policy meeting later in the day, as well as a series of US economic data.
IMF Set for Lively Debate This Year on Adding Yuan to SDR Basket – Reuters
China is expected to make another push for the inclusion of the yuan in the International Monetary Fund’s in-house currency basket in a review later this year – and this time round its G20 partners may be willing to listen.
Retail Foreign Exchange Ripe for Consolidation Post-Swiss Shock – Euromoney (subscription)
The retail FX market is ripe for further consolidation as brokers that successfully navigated the volatility of the Swiss franc cap prepare to swoop on strugglers that took a hit.
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.