Top Headlines

IMF Approves Reserve-Currency Status for China’s Yuan – Bloomberg The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.

Euro Area’s Modest Recovery ‘Sets Scene’ for Draghi Stimulus – Bloomberg Factory growth in the euro area accelerated last month, extending a tepid recovery that may require more stimulus from the European Central Bank.

Japan Pension Fund Hedges Against Currency Moves – Wall Street Journal (subscription) Japan’s public pension fund, GPIF, has started to hedge against fluctuations in the euro.

How the FX Markets Are Shaping the Future of Trading – TABBForum Foreign exchange—an asset class traded at every time of day and with more markets and exchanges handling trades than any other financial instrument—is the rough frontier of the trading world.

UBS Traders May Be First to Face Sanctions in Currency Probes – Bloomberg As many as seven UBS Group AG traders may face sanctions from Switzerland’s financial watchdog in the coming weeks.



Regulatory News

ESMA Publishes Final Report On Guidelines On Complex Debt Instruments And Structured Deposits In MiFIDII – MondoVisione  The European Securities and Markets Authority has published today the Final Report on guidelines on complex debt instruments and structured deposits.

New Fed Rule Limits its Crisis Bailout Powers – Reuters The Federal Reserve Board on Monday adopted a rule that stops it from bailing out individual companies, a change that Congress demanded after the central bank’s controversial decision to help rescue American International Group and others during the financial crisis.

Bank of England to Ease Capital Pressure on UK Banks – Wall Street Journal (subscription) The Royal Bank of Scotland and Standard Chartered failed aspects of the BoE Stress Tests.

Individual Accountability in Finance Set for a New Era – Financial News (subscription) A “deeply unpopular” enforcement technique that uses signed written agreements to hold senior managers to account could soon be on the way out, according to City lawyers.



Company News

Morgan Stanley to Cut a Quarter of Bond, Currency Trading Jobs – Wall Street Journal (subscription) Trading-revenue slump prompts review of staffing needs.

Parker FX Index Down in October; Discretionary Index Nudges Higher – Profit & Loss The Parker FX Index fell -0.60% for the month of October. On a risk-adjusted basis, the Index was down -0.27% from September.

Sideways: Barx and The $150 Million Email – Euromoney Jes Staley can add an entry to his ‘to-do’ list for December 1, his first day as CEO of Barclays: send all staff an email about how to send emails.

BATS Global Markets Plans 2016 IPO – Wall Street Journal (subscription) Exchange operator’s valuation is said to be at more than $2 billion. 



Market Savvy  

Norway to Sell NOK 600 million of FX Per Day Dec 1-11 – Reuters Nov 30 Norway’s central bank will sell foreign exchange equivalent of 600 million Norwegian crowns per day from Dec 1-11 after selling 700 million crowns a day throughout November, it said Monday.



Press Releases

OTC Clear Welcomes Standard Chartered as its First UK Clearing Member – HKEx OTC Clearing Hong Kong Limited a subsidiary of Hong Kong Exchanges and Clearing Limited that provides clearing services for over-the-counter, or OTC, derivatives, welcomes Standard Chartered Bank as its newest clearing member.

Michael R. Bloomberg to Chair Newly Formed Working Group on US RMB Trading and Clearing – PR NewsWire A group of senior leaders in finance and U.S. industry today announced the formation of The Working Group on U.S. RMB Trading and Clearing, which will seek to establish the trading and clearing of the Chinese currency renminbi in the United States.



Industry Events