FXPA Elections for First Permanent Board Set for Feb 10
The Foreign Exchange Professionals Association (FXPA) will hold elections for its first permanent Board of Directors and Officers on Feb 10. FXPA, which launched Sept 25, 2014, now has 18 members representing the diversity of participants in the institutional FX market. To find out how you can support the FX industry through education, research and advocacy, visit our website at www.fxpa.wpengine.com, become an institutional member, and sign up for our newsletter, FXPA globalFXsource.
Icap to Face EU Fine Over Yen Cartels – Financial Times (subscription)
Icap faces an EU fine this week for allegedly facilitating cartels on yen-denominated inter-rate benchmarks. The world’s largest interdealer broker has strongly denied wrongdoing, refused to settle and has informed the European Commission that it will appeal any fine as wrong in fact and law.
BGC Has the Scale to Make GFI Deal Work: Lutnick – Bloomberg
GFI Group urged its shareholders to take no action on a bid by BGC Partners to acquire the company. Cantor Fitzgerald chairman and CEO Howard Lutnick weighs in on the proposed deal on “Market Makers.”
Swiss Central Bank Now Has ‘Unofficial Euro Target’ – The Guardian
The Swiss National Bank, which last month scrapped the cap it had imposed on the value of the franc, is unofficially targeting an exchange rate of 1.05 to 1.10 Swiss francs per euro, a Swiss newspaper reported.
PBOC Said to Mull Policy Options to Address Capital Shifts – Bloomberg
Two options under consideration are widening the band in which China’s currency, the yuan, is allowed to fluctuate and guiding the exchange rate gradually lower by adjusting the fixing against the greenback.
Stumbling Australian Dollar Has Room to Fall – Financial Times (subscription)
The Australian dollar fell to a five-and-a-half-year low of US$0.7667 on Tuesday after the Reserve Bank of Australia cut interest rates by 25 basis points to a record low of 2.25 per cent – its first rate move in 18 months. The currency has plunged in value by almost 20% against the US dollar since July and most economists predict it has further to fall.
Parker FX Index Remains Positive for Six Consecutive Months – Profit & Loss
The Parker FX Index, which tracks the world’s largest FX hedge funds, has remained in positive territory for the sixth month in a row. The index reported a 0.67% return in December for the currency funds it tracks.
CLS Ends Year Nearly Level Despite December Drop – Profit & Loss
CLS indicates that the FX market has ended the year with overall activity relatively level to 2013, despite reporting a monthly drop in volume for December.