IMF Not Ready to Add RMB to its Reserve Currency Basket

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IMF Not Ready to Add RMB to its Reserve Currency Basket  – Profit & Loss

The International Monetary Fund has issued a staff report stating that it is not ready to recommend that the renminbi (RMB) be added to the IMF’s Special Drawing Rights (SDR) currency basket.

UK Serious Fraud Office Plans More Libor Charges in the Fall – Wall Street Journal (subscription)

After Tom Hayes’s trial, further criminal charges to be filed against other former bankers, says SFO director.

Scott Bessent to Start His Own Hedge Fund With $2 Billion From Soros –Bloomberg

Scott Bessent, who’s been overseeing George Soros’s $30 billion fortune for the last four years, will leave at the end of 2015 to start his own hedge-fund firm.

Regulatory News

Giancarlo Laments Slow Pace of Swaps Rules Reform – Profit & Loss

The Commodity Futures Trading Commission has failed to fix the underlying problems regarding its swaps trading rules, according to Commissioner Christopher Giancarlo.

RFQ Models Threatened by MiFID II – FOW (subscription)

I was reading my colleague’s blog today on RFQs and it looks like this could be another aspect to the slow motion car wreck otherwise known as MiFID II

DoJ Spars with Rabobank Libor Defendants over Document Access – Global Investigations Review (subscription)

The DoJ is refusing to turn over documents to former Rabobank employees charged with manipulating Libor until the defendants demonstrate why the desired files are material to their defence

Judge Trims Libor Claims Against Banks In NY Lawsuits – Law360

Credit Suisse and Citigroup came out the biggest winners in the latest major ruling on claims that the world’s biggest banks manipulated the London Interbank Offered Rate, as each was dismissed from five suits in New York federal court in a sprawling 430-page opinion.

Company News

EBS, CME See Volume Declines in July – Profit & Loss

Reinforcing data earlier this week from other platforms, both EBS and CME Group have also reported a month-on-month decline in FX activity.

Market Savvy  

Fatal Distraction: Pension Funds Should Avoid an Expensive Form of Fund Management – The Economist

They are sometimes portrayed as invincible, with enough cunning to outfox financial markets and enough clout to outgun governments. But hedge funds have been bested by an unassuming rival: exchange-traded funds.

Dollar Index at 3-1/2 Month High as Fed’s Lockhart Backs Sept Hike – Reuters

The dollar hit a 3-1/2 month high against a basket of currencies on Wednesday after a voting member of the U.S. Federal Reserve’s policy-setting committee expressed support for an interest rate hike in September.

Press Releases

Meeting the Challenges of FX Hedging

It seems that not a day passes in 2015 without a new concern of crisis in the foreign exchange markets

SIFMA Urges Swift Action to Adopt Information Sharing Legislation in Letter to Senate

SIFMA today submitted the following letter from Kenneth E. Bentsen, Jr., president and CEO, to the Senate calling for action to bring up and adopt the Cybersecurity Information Sharing Act (CISA) and for a quick agreement between the House and Senate to send a bill to the President.

Bank of America Merrill Lynch joins GMEX Exchange

 Bank of America Merrill Lynch, one of the world’s leading financial institutions, will be a participant of the GMEX Exchange when the exchange launches on 7th August 2015.

Industry Events