FXPA Elects Board of Directors, Officers; Announces Founding Council Members – Profit & Loss (free story)
The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has announced its 12-member board of directors and officers following elections on 10 February.
Euro Up But on Edge Before Crunch Meeting on Greece – Reuters
The euro edged up on Monday ahead of a meeting of euro zone finance ministers that investors hope will find common ground to support Greece beyond its current bailout programme and keep it inside the currency bloc.
Lawsky Includes Last Look in Currency Probe – Profit & Loss (free story)
New York State superintendent of financial services, Benjamin Lawsky, says that his department is investigating the practice of “last look” in FX as part of his currency probe.
Offshore Yuan Declines Most in Three Weeks on Outflow Concern –Bloomberg
China’s offshore yuan declined the most since 23 January, as the nation’s foreign-exchange regulator highlighted concerns over capital outflows.
Industry Bodies Respond to FEMR on Practice – Profit & Loss (free story)
A growing number of industry bodies are addressing last look practices in the FX market, with a new entry in ACI’s Model Code outlining correct principals around the activity in addition to the Fair and Effective Markets Review consultation also asking the market for its opinion.
Is Foreign Exchange News or Noise? – Financial Times (subscription)
Currency movements have been big news recently. The Chicago Board Options Exchange’s volatility index on the euro has more than doubled since last July. The Swiss National Bank’s decision to end the policy of shadowing the euro caused the franc to soar and wreaked havoc in dealing rooms across the world.
Could FXPB Fee Hikes Spell the End for Retail FX? – Profit & Loss (free story)
Reports that some FX prime brokers are increasing the fees that they charge for their services could spell the end for the retail FX business, according to some market participants.
Asset Managers Face Last-Minute Fee Puzzle on Benchmarks – FX Week(subscription)
Some sell-side firms have yet to inform clients of their plans for fees on benchmark execution.
South Korea, Japan to Let $10-Billion Currency Swap Pact Expire – Reuters
South Korea and Japan have agreed to let a $10-billion currency swap agreement expire this month after 14 years, amid diplomatic tension between the neighbours.
FXCM’s Niv Blames Banks for Extreme Swiss Move and Losses – FX Week(subscription)
The 15 January drop in EUR/CHF was a “global market function failure” as banks failed to provide prices, Niv says.