Top Headlines

Greece’s Year of Tumult Enters New Chapter as Tsipras Dominates – Bloomberg Greek voters had the choice to reject the man who led their country closer than ever to being forced out of Europe’s single currency. Instead, they embraced him.

Yellen Pause Ups Pressure on Draghi as Global Pessimism Mounts – Bloomberg The global economy caused Janet Yellen to pause for thought. It could spur Mario Draghi to act.

BofA Dragged Into Currency Exchange Lawsuits as U.K. Trader Sues – Bloomberg Bank of America Corp.’s Merrill Lynch was the latest bank to be dragged into a rash of foreign-exchange-related unfair dismissal lawsuits after a former trader sued the lender. 

Regulatory News

CFTC Officially Classifies Bitcoin as a Commodity – Profit & Loss The US Commodity Futures Trading Commission (CFTC) has decided to classify Bitcoin and other virtual currencies as commodities that are therefore subject to regulations under the Commodity Exchange Act (CEA).

ACI ELAC Adopted by Two Banks – Profit & Loss ACI – The Financial Markets Association says that two Swiss banks, Bank Julius Baer and Zürcher Kantonalbank, have expressed an interest in being first adopters of the ACI e-Learning and Certification Portal (ELAC).

Basel Committee Proposal on Interest-Rates Risk Faces Opposition – Risk.Net (subscription) Market participants are concerned about the Basel Committee on Banking Supervision’s proposed rules on interest-rate risk in banking books.

Joining the Dots of Compliance – Fix Global What do manipulation in the FX and LIBOR markets, the explosion of dark pool trading volumes, and the growth of high frequency trading have in common?

Company News

R5FX Adds Board Members – Profit & Loss Emerging markets trading technology provider R5FX has announced three new board members as it moves toward completion of its beta testing phase.

FXeco-Eye Unveiled – Profit & Loss FXecosystem has added a new product to its portfolio to enable business units and network/trading system support teams to speed up the process of establishing the root cause of any network and trading issues.  

Market Savvy  

Oil Speculators Most Bullish in Two Months as OPEC Calls for $80 – Bloomberg Hedge funds slashed their bets on falling oil prices, leaving them the most bullish in two months as OPEC called for a return to $80 crude.

Scope for EUR/USD to Fall Between 6 to 10 Big Figures Says Goldman Sachs – Forex Crunch Goldman Sachs discusses the outlook for EUR/USD and now expect a continuation of QE into mid-2017, well beyond the original end date of September next year.

Buy Side Wises up to Benchmarks – Euromoney The importance of foreign exchange is fast rising on the buy-side agenda, as asset managers start to question how good a deal they get on their currency trades.

Is Anonymous Swaps Trading Inevitable? – Tabb Forum Seeking to protect their own franchises, the major interdealer-brokers in the swaps space have resisted offering post-trade anonymity to the buy side.

Press Releases

ICAP Invests Further in Duco Series B funding to accelerate growth. Strategic investment made through Euclid Opportunities, ICAP’s early stage fintech funding business

Industry Events