Documents lodged by the team representing HSBC’s former global head of FX trading Mark Johnson in his defence again market manipulation claims, indicate that should a defence case be needed it will focus on proving that the bank – and Johnson’s conduct – was in line with standard industry practice.
The US dollar is rallying ahead of this week’s Jackson Hole meeting, with some investors eyeing the possibility of Federal Reserve chair Janet Yellen hinting at a steeper rate of monetary policy tightening despite scepticism from many analysts.
- Dollar Drops for 2nd Day in Quiet Trading Ahead of Jackson Hole – Bloomberg
- Dollar Falls as Investors Await Jackson Hole – Wall Street Journal (subscription)
Gains for the dollar pushed sterling back towards lows from early July, the British currency weighed down by an uncertain economic outlook that has quashed expectations of a rise in Bank of England interest rates.
The euro slipped against a broadly stronger dollar, amid expectations that the monetary policy message emerging from the ECB at a central bank conference this week will be a cautious one.
Asian currencies were putting in a mixed performance as China’s renminbi led gains in the region and the euro held steady in the lead-up to a gathering of central bankers this week in Jackson Hole, Wyoming.
The International Swaps and Derivatives Association (ISDA) has urged policy makers to implement a transitional period should clearing be relocated once the UK exits the European Union.
Bahrain may need to raise its market interest rates to protect its currency and must refrain from having its central bank lend money to cover the government’s budget deficit, the International Monetary Fund said.
US Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has appointed Bruce Tuckman as the agency’s chief economist.
Guidance tips balance in debate over interest payments in settled-to-market swaps.
Recent guidance by Europe’s main securities regulator on post-Brexit rules is causing concerns among US-based asset managers.
White House economic adviser Gary Cohn is emerging as the clear front-runner for the nomination to succeed Federal Reserve Chair Janet Yellen, according to a National Association for Business Economics survey.
Rolling back some elements of the Volcker rule that target fixed-income markets might make headlines, sources said, but liquidity and trading costs won’t improve in the corporate bond market because Basel III requirements aren’t going away.
The crash—and ensuing liquidity crunch—raised questions about the effectiveness of clearinghouses in a crisis situation.
Institutions rely less on wholesale funding of the kind that seized up in the crisis.
China currently has more than one million bitcoin investors with total investments of several billions of yuan, says Xinhua.
CCPs with EU bank licences currently run leverage ratios of less than half the minimum.
The Merc’s European exchange and clearing house are scheduled to close on August 30.
Banks may be forced to cancel trades with clients executed after 1 March if their collateral agreements had not been re-negotiated.
Cryptocurrency is on the rise and, as a result, there’s no shortage of companies looking to establish themselves as an essential part of the trading process.
Swift is one step closer to adopting blockchain.
Asian currencies edged up, with the dollar in a more defensive stance, but analysts said regional currencies’ short-term fate could be decided by the annual central banking conference in Jackson Hole this week.
Action aims to take some air out of Asia’s best performing currency this year.
For now, this is as close as it gets to a devaluation in Nigeria.