FXPA Elects Officers
The Foreign Exchange Professionals Association (FXPA) held elections yesterday for its first permanent Board of Directors and Officers. The new FXPA Executive Committee includes: Chair Eric Busay, Portfolio Manager, CalPERS; Vice Chair Adam Cooper, Senior Managing Director and Chief Legal Officer of Citadel; Treasurer Sean Tully, Senior Managing Director, Financial and OTC Products, CME Group; and Secretary William K. Goodbody, Jr, Managing Director, COO and Head of Sales of Hotspot.
Euro, Stocks Wary Ahead of Crunch Greece Meeting – Reuters
European stocks and the euro fell on Wednesday while the dollar edged higher as euro zone meetings on the Greek debt crisis threatened to give rise to confusion rather than clarity.
NY Financial Regulator Sends Subpoenas in FX Probes – Sources – Reuters
New York’s financial regulator has sent subpoenas to Goldman Sachs, Credit Suisse, BNP Paribas and Societe General, expanding its probe into the possible rigging of foreign exchange rates through computer programs.
Danes Scrap Bill Auction as Peg Pressures Mount – Financial Times (subscription)
Denmark decided to accept no offers at a three-month bill auction today as the country battles to stem gushing inflows from investors speculating that a long-standing krone peg to the euro could be scrapped.
Renminbi Clearance in Australia Crucial as Chinese Firms Keen on Yuan Settlement: RBA – International Business Times
The launch of the Bank of China (Sydney) as an official RMB clearing bank is a crucial step as renminbi settlement of China-Australia trade is set to increase, Reserve Bank of Australia Governor Glenn Stevens said.
Risk Recycling Issues Stall China FX Option Market – Risk News (subscription)
A significant relaxation in the rules around Chinese corporates’ use of foreign exchange options last year has not driven a material increase in volumes as limited risk recycling opportunities for dealers mean pricing is still high.
Venezuela Announces New Currency System, Large Devaluation Seen – Reuters
Venezuela has launched a new foreign exchange platform that will likely devalue the bolivar heavily in efforts to bolster state coffers amid tumbling oil revenue, but risk a spike in already soaring inflation.
Currency Warriors Get Boost at G-20 Meeting – Wall Street Journal (subscription)
The world’s top finance leaders on Tuesday in effect backed currency depreciation as a tool for promoting growth by signalling strong support for aggressive easy-money policies aimed at boosting the fragile global economy.