Hayes Sentence Hangs Over FX Trader Tribunals – Profit & Loss
The 14-year jail sentence handed down to Tom Hayes over his role in the Libor scandal has sent shockwaves through the FX market as several traders now face tribunals over their role in the WMR Benchmark Fix scandal.
Should FX Swings Affect Incentive Compensation? – Profit & Loss
Deloitte has released a paper looking at whether FX swings should affect incentive compensation for management staff at corporate firms.
FX: The Store That Closes When It’s Busiest – Financial News (subscription)
The foreign exchange markets are famously the most liquid in the world, with $5 trillion or more being traded each day. But, increasingly, when that liquidity is most needed it has a tendency to vanish, with markets freezing and leaving investors unable to trade.
Will Three be a Crowd in Singapore? – The Trade News
After conquering their respective domestic markets, Atlanta-based Intercontinental Exchange (ICE) and German trading venue Eurex have landed in Asia, each armed with a clearing house.
Banks Swaps Headlock Slips and Chicago Prop Firms Join SEFs – Risk (subscription)
HTG, Teza and TransMarket emerge as would-be providers of swaps liquidity.
IMF’s Currency Reservations Send China’s Yuan Lower – Wall Street Journal
A statement from the International Monetary Fund on the prospects for granting China’s yuan new international status cast doubt among investors, stoking concerns over reforms in the exchange rate and the government’s ability to maintain its tight grip on the currency’s value.
CME, CFETS partner to help open China’s swaps market – SNL News
The China Foreign Exchange Trade System and CME Group announced they have signed a memorandum of understanding to establish a U.S.-based joint venture. The partnership positions CME to help open up China’s derivatives markets.