FXPA Unveils New Officers, Board Members – FXPA
The Foreign Exchange Professionals Association (FXPA) has announced the election of Chip Lowry, senior managing director of State Street Global Markets, as its new chair, with Jill Sigelbaum, EVP and global head of foreign exchange at Traiana, as vice chair.
Global Code of Conduct Gets First Airing – Profit & Loss
The BIS FX Working Group has circulated to the various foreign exchange committees a first draft of the impending global code of conduct for comment and feedback.
Chinese FX Reserves Sink Again: Analysts React – Financial Times (subscription)
China’s foreign-exchange reserves plummeted by nearly $100bn in January, according to data released yesterday, slumping to the lowest level since May 2012. The drop, which was slightly more modest than expected, means reserves have shrunk by 19% from the peak in June 2014 as authorities seek to prevent a disorderly slide.
BoJ Probes Monetary Policy Leak – Profit & Loss
The Bank of Japan is continuing to probe events surrounding its monetary policy meeting at the end of January, which resulted in the historic decision to cut rates into negative territory.
A Dying Breed: Currency Traders Are Left Out of New Wall Street – Bloomberg
Charlie Stenger, a currency-broker-turned-recruiter, has seen it all. One fired trader wept in his office. Another admitted he hadn’t told his wife he was unemployed, and left the house every day in a suit to sneak off to a coffee shop. Then there are the delusional guys, who carefully explain how they’re not interested in jobs that don’t pay as well as those they just lost.
Russian Hackers Moved Currency Rate With Malware, Group-IB Says – Bloomberg
Hackers used malware to penetrate the defenses of a Russian regional bank and move the ruble-dollar rate more than 15 percent in minutes, according to a Moscow-based cyber-security firm hired to investigate the attack.
Five UK Fund Houses Explore Blockchain Technology – Financial Times (subscription)
Five of the UK’s biggest fund houses have joined forces on secret project to test if blockchain, the nascent technology underpinning Bitcoin, the digital currency, can be used to save billion of pounds in trading costs.