Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols – Profit & Loss (free story)
Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms.
Bank of England Official Received Emails Relating to Libor Manipulation, Prosecutor Says – Wall Street Journal (subscription)
A senior Bank of England official received emails that were part of an alleged campaign to rig benchmark interest rates, according to evidence presented in a London trial Wednesday. Martin Mallett, who at the time was the chief currencies dealer at the Bank of England, was among a couple dozen recipients of emails sent in 2007 by brokers allegedly working at the behest of former bank trader Tom Hayes.
Will the Fix/Chatroom Issue Fizzle Out? – Profit & Loss (subscription)
Chatting to a friend the other day he asked the question (regarding the Fix/chatroom issue) “do you think this will just fizzle out?” It’s an interesting question because although it seems impossible to see how it can, with all the press and political attention currently on it, I suspect it will.
Forensic Approach Required by Investors Seeking Redress Over FX Manipulation – Euromoney
Benchmark fixing and manipulation has created the potential for a large volume of FX-related litigation, but the claims process is both arduous and expensive.
Data Quality ‘Jeopardising’ Asia OTC Trade Reporting – Asia Risk (subscription)
The smooth implementation of the third phase of Australian and Singaporean trade reporting means firms are now switching their attention to meeting data quality standards – with market participants saying that failure to do so could undermine the whole purpose of monitoring over-the-counter derivatives trading. When Europe introduced trade reporting wholesale on February 12 last year it resulted in widespread chaos and massive backlogs.
Dollar Hits 12-1/2 Year High vs Yen; Euro Rises on Greece Hopes – Reuters
The dollar hit a 12-1/2-year high against the yen on Thursday, as investors bet that US interest rates will rise later this year while monetary policy will remain ultra-loose in Japan. Separately, the single currency was given a boost by tentative signs that cash-strapped Greece may be nearing a deal to secure fresh funding before a loan to the International Monetary Fund falls due on 5 June.
Renminbi Tops Currency Usage Table for China’s Trade with Asia – Financial Times (subscription)
China’s renminbi has become the main currency for payments between China and the rest of the Asia-Pacific region, more than tripling in use over the past three years and outstripping the Japanese yen, the US dollar and the Hong Kong dollar in the process, according to data from the clearing system, Swift.