Top Headlines

Greek Bailout Assessment Could Come Today – Wall Street Journal (subscription)
Greece’s creditor institutions could make an assessment on the country’s eligibility for a new bailout on Friday, a eurozone official said, as leaders from the currency bloc voiced optimism about the latest Greek economic proposals.

Signs of Greek Progress Lift Euro, Yen Sags as Risk Appetite Ticks Up – Reuters
The euro firmed on Friday, while the safe-haven yen slipped as risk appetite warmed a touch on an extended rebound in Chinese shares and signs that Greece was making some progress in its efforts to secure fresh funding.

China Stocks Jump Again as Emergency Measures Bite – Reuters
Chinese stocks rose strongly for a second day on Friday, buoyed by a barrage of government support measures, but worries persist about the long-term impact that four weeks of market turmoil may have on the world’s second-largest economy.

SEFs: An Unlikely Success Story? – Profit & Loss (free story)
Although the launch of swap execution facilities has been a success, doubts remain in some circles about the need for post-trade anonymity.

Rise of In-House FX Banks – Euromoney
The benefits of in-house banks are evident to companies with businesses in multiple countries and substantial FX exposure, although implementation challenges can be considerable.

US Bank Earnings to be Hit by Bond Trading Slump – Reuters
Many Wall Street banks are expected to report underwhelming second-quarter results next week, analysts say, with banks’ fixed income, currencies and commodities trading businesses hurt the most.


Regulatory News

Regulators Say More Data Needed to Repair Libor – Dow Jones Newswires/Nasdaq
The Financial Stability Board, a global committee of financial regulators, said in a report Thursday that Intercontinental Exchange, which administers the London interbank offered rate, doesn’t yet have access to enough information to improve the benchmark’s quality.

UK Regulator Drops Investigation of ‘London Whale’ Trader Bruno Iksil – Bloomberg
The UK Financial Conduct Authority has abandoned a proposed fine of $1.5 million and an industry ban against the former JP Morgan trader known as the London Whale.

Singapore Clearing Mandate Timed to Avoid US/Europe Overlap – Asia Risk (subscription)
Singapore is building on the recent agreement it signed with European regulators recognising the equivalence of clearing houses based in the city-state, and has taken steps to start mandating the clearing of certain classes of over-the-counter derivatives.

The UK Financial Conduct Authority Publishes New Referral Criteria for Enforcement Investigations (press release)
The Financial Conduct Authority has updated the criteria and outlined the process it uses when deciding whether to refer a firm or individual to its enforcement division for a formal investigation.

CFTC Seeking Public Comment on a Petition by OTC Clearing Hong Kong Limited for Exemption from DCO Registration (press release)
The US Commodity Futures Trading Commission is asking for public comment on a petition by OTC Clearing Hong Kong Limited for exemption from registration as a derivatives clearing organisation.


Company News

Barclays Faces Toughest Test in Investment Banking – The New York Times
Barclays faces the biggest test in retooling its investment bank. Chief executives at Barclays, Credit Suisse and Deutsche Bank have now all left, meaning new leaders will tackle their respective divisions’ futures.

Spread-Betting Poster-Child IG in the Line of Fire Post-SNB – Euromoney
More details emerge about IG’s alleged failures to deliver best-execution practice on Black Thursday.


Market Savvy  

Yen Rally Fuelled by Fears of China Turmoil Spilling Over
Financial Times
When Shanghai stocks rallied nervously on Thursday, the relief in Tokyo was palpable. At least for the rest of the week, say exporters and investors who prefer a weaker yen, there is a chance they may be spared its return as the world’s favourite haven currency.

IMF Cuts World Growth Outlook
The IMF cut its forecast for global growth this year, citing a weaker first quarter in the US and warning that financial market turbulence from China to Greece clouds the outlook.

New BRICS Currency Pool is Insurance Against a Stronger Dollar
Market Watch
The central banks of the five BRICS countries are bracing for a stronger US dollar. On Tuesday, the central banks of Brazil, Russia, India, China and South Africa agreed to launch a long-planned foreign exchange currency fund of $100 billion. The move came during their seventh annual BRICS summit in Ufa, Russia.

Asia’s Top Currency Forecaster Picks 2015 Winners on Trade Data
ABN Amro Bank, which led Bloomberg’s emerging-Asia rankings in each of the last four quarters, says Taiwan and South Korea’s current-account surpluses will make their currencies the most resilient in the region this year as the prospect of higher US interest rates lures away investment.

Week Ending On A Constructive Note
There is a growing sense of optimism that a deal can be struck between Greece and its creditors. There is also a sense that although nearly half of China’s stocks are still frozen, that the dramatic sell-off is over.


Press Releases

Gold-i Adds Thomson Reuters Rate Feed to MT4 Brokers
Gold-i has partnered with Thomson Reuters to launch a rate feed adapter for Thomson Reuters Elektron aimed at B Book clients.


Industry Events