Top Headlines

IMF Report: Exchange Rates Still Matter for Trade – Profit & Loss Exchange rate movements still have sizable effects on exports and imports, according to new research from the International Monetary Fund (IMF).

EU Watchdog Finalizes Biggest Securities Reform in a Decade – Reuters More light on bond markets, caps on “dark pool” or anonymous share trading, and limits on commodity holdings were the objectives of reforms put forward by European Union regulators on Monday to improve transparency for investors.

BoE Seeks Libor Alternatives, Sonia Administration – FOW (subscription) The Bank of England’s Risk-Free Rate Working Group plans to meet in mid-October to discuss alternatives for the London Interbank Offered Rate. Meanwhile, the central bank is striving to take on administration of the Sterling Overnight Interbank Average.

Rajan Cuts India Rate More Than Expected to Four-Year Low – Bloomberg India’s central bank lowered interest rates more than expected to bolster the economy as China’s slowdown threatens global growth and a commodity rout contains inflation.

PBOC Drains Net CNY10 Bln This Week Despite Holiday – Market News Int The People’s Bank of China injected CNY40 billion via 14-day reverse repos Tuesday resulting in a net drain of CNY10 billion for the week.

Forex Scandal Drives Shift to Algo Trading – Wall Street Journal (subscription) Banks are increasingly turning to computer programs to carry out foreign exchange trades.



Regulatory News

CFTC Settles With Bitcoin Exchange Over Wash Trades – Profit & Loss The Commodity Futures Trading Commission has settled charges against Bitcoin trading platform TeraExchange for failing to prevent wash trading and prearranged trading on its platform.

UK Creates Court to Handle Financial Litigation – Legal Business (UK) The Financial List, a court that will launch Monday in London, will settle precedent-setting disputes related to derivatives, commodities, foreign exchange and other financial products.

Banking Watchdog Growls at Securitisation Plans – Financial News (subscription) Securitisation may have a lingering bad name from the financial crisis, but the European Commission likes it.



Company News

FXStreet Unveils Currencies Signal-Based News Feed – Profit & Loss FXStreet has launched Algo Rythms, a signal-based news feed for over 30 currency pairs, developed in collaboration with FinTech start-up Qubitia Solutions.

Societe Generale Weighs Closing Hundreds of French Branches – Bloomberg Societe Generale SA is considering shutting hundreds of bank branches in France as more clients go online.

Deutsche Bank Predicted to Cut 10,000 Jobs – Daily Telegraph The German investment bank’s London arm could be particularly hard hit as new chief executive John Cryan slashes costs.

Cargill to Wind Down $7bn Hedge Fund Arm – FT.Com (subscription) Cargill plans to part ways with most of its hedge fund business as it grapples with tough conditions in markets and flagging investor interest.

Traders can now trade from TradingView Charts inside Tradable – FX.MM Tradable has added the TradingView Chart app to its App Store, allowing Forex traders to trade using TradingView’s popular charts.



Market Savvy  

Global Stocks Selloff Continues – Wall Street Journal (subscription) Japan’s Nikkei Stock Average shed more than 4%, turning negative for the year.

Dollar Slips on Fears Global Growth Slowdown May Spread to US – Wall Street Journal (subscription) Uncertainty remains over China, emerging markets and commodity prices.

Hong Kong dollar buoyed by China flows – FT.Com (subscription) Hong Kong’s dollar peg is tough. In its 30-plus years it has withstood landmark currency accords, two financial crises and Sars, not to mention perennial debate about its suitability.



Press Releases

Growth in the European Repo Market Stalls: ICMA – Profit & Loss The European Repo Council of the International Capital Market Association (ICMA) has released the results of its 29th semi-annual survey of the European repo market.



Industry Events