Top Headlines

FXPA Welcomes Cantor Fitzgerald as Supporting Member The Foreign Exchange Professionals Association (FXPA) is pleased to announce the addition of Cantor Fitzgerald as the newest Supporting Member of the FX trade group. “The FXPA has proven itself a well-rounded platform for positive dialogue in an evolving marketplace. This maturation will pose both new challenges and opportunities and we’re excited to join such a uniquely well-positioned association in addressing them,” says James Reilly, Senior Managing Director, Global Head of Foreign Exchange Sales and Trading at Cantor Fitzgerald.

Dollar Suffers Worst Day in 7 Years as Traders Face Fed Reality – Bloomberg The dollar plunged by the most since the Federal Reserve announced the start of its Treasury bond-buying program seven years ago, as signs of a slowing US economy helped derail bets on diverging policies between global central banks.

Brexit: Cameron Promises Sovereignty Law to Woo Johnson – Financial Times David Cameron is expected to win the eleventh-hour backing of Boris Johnson, the charismatic mayor of London, in his fight to keep Britain in the EU by promising a new UK sovereignty law.

Bets Against China’s Yuan Build as Traders Eye G20 Deal – Reuters Billions of dollars in new bets against China’s yuan have been placed on derivatives markets this week as currency dealers weigh the chance of an official devaluation around this month’s G20 finance chiefs’ meeting in Shanghai.

US Treasury’s Lew Urges China to Clearly Communicate FX Policy – Reuters US Treasury Secretary Jack Lew reiterated to China the importance of transitioning to a market-determined exchange rate in an orderly and transparent way, the Treasury said on Wednesday.

As China Slows, Recession Fears Grow – Nikkei News People are whispering the ‘R’ word about China.

Greece Fears More Austerity Pain Ahead to Unlock Bailout Loans – Wall Street Journal (subscription) Nationwide strike called to protest cuts as talks progress with creditors.



Regulatory News

Bank of England’s Bailey Says No Bonfire of Bank Rules if UK Left EU – Reuters Banks cannot assume that regulation would be stripped back if Britain were to leave the European Union, Bank of England Deputy Governor Andrew Bailey said on Wednesday.

London ‘Flash Crash’ Accused Trader to Fight U.S. Extradition – Reuters The London-based trader accused by U.S. authorities of helping to cause the 2010 Wall Street “flash crash” by spoofing the markets appears in court on Thursday to try to block his extradition to the United States.

China to Plan Looser Limits on Foreign Fund Outflows – Bloomberg China’s central bank plans to loosen rules for when foreign investors can bring money in and out of the country in a signal of its commitment to further open financial markets, according to people with direct knowledge of the matter.



Company News

Credit Suisse Shares Plunge on Huge Loss Amid Restructuring – Wall Street Journal (subscription) Swiss bank to cut 4,000 jobs.

Money Managers Bleed Cash After Investors Pull Billions – Bloomberg Money managers are having trouble hanging on to money.

Pillitteri Joins GTS as Global FX Head – Profit & Loss Giovanni Pillitteri has joined Global Trading Systems (GTS) as managing director, global head of foreign exchange trading.

EBS Treasury Inks UK Agency Deal – Profit & Loss EBS Treasury the platform that provides liquidity management services for the corporate treasury community, has been selected by the UK Municipal Bonds Agency (MBA) to offer electronic inter-authority lending and borrowing in the UK.

Icap Volumes for January Mixed – Profit & Loss Icap foreign exchange volumes for January 2016 show a strong pick-up from the prior month but a 20% drop against January 2015 numbers.



Market Savvy  

Dovish Tide Amongst Central Banks Poses Challenges – Profit & Loss Monetary policy, in developed markets at least, increasingly seems a case of words speaking louder than actions.

Traders Are Betting Australia Has a Rate Cut Ahead – Bloomberg For a central bank with an eye on financial turbulence, markets are showing enough distress to prompt traders to bet Australia will resume cutting interest rates in the next six months.

PBOC Raises Yuan Fixing Most in Two Months in Challenge to Bears – Bloomberg China’s central bank raised the yuan’s daily reference rate by the most in two months, helping reinforce policy makers’ pledges that the exchange rate won’t be weakened to boost the economy.



Press Releases

Interactive Data to Provide Measurement of Fixed-Income Trade Best Execution and Transaction Cost Analysis for AllianceBernstein Intercontinental Exchange, a leading operator of global exchanges, clearing houses and data services, announced today that its subsidiary, Interactive Data, will work with AllianceBernstein L.P. (AB) to help the firm evaluate its trade execution quality and perform transaction cost analysis (TCA).



Industry Events