Market Rally Loses Steam After Strong US Data, Commodities Rebound – Wall Street Journal (subscription)
Analysts warn worries about China’s economy may resurface.
Markets Mull RMB devaluation and Fed Policy Link – Euromoney
China’s shock RMB devaluation is unlikely to influence the Federal Reserve’s decision to hike, or otherwise, in September, but it could shape the path of subsequent increases, say analysts.
Neal Leaves Deutsche Bank – Profit & Loss
Michelle Neal is leaving Deutsche Bank where she oversees listed derivatives and clearing as well as fixed income and currencies (FIC) market structure, two people familiar with the situation tell Profit & Loss.
Majority of Buy-Side Firms Process Complex Swaps Manually – Profit & Loss
A new survey says that 44% of buy-side managers use completely manual or mostly manual processes to manage complex swaps. In addition, the survey, carried out by SimCorp, says more than 50% still rely on manual intervention in a semi-automated process.
Overseas Bankers, Officials Urge Fed Not to Waver on Interest-Rate Rise – Wall Street Journal (subscription)
After months of forewarning by Federal Reserve officials that they are preparing to raise short-term interest rates, some international officials attending the Fed’s annual retreat here this week have a message: Get on with it already.
Brokers Defy BlackRock over Average Pricing on Sefs – Risk Magazine (subscription)
Broker-run swap trading platforms are resisting calls from the world’s largest asset manager to offer average pricing and direct allocation capabilities for buy-side trades. “We know what breed of animal we are – we’re lions, not zebras. We’re not going to become a zebra tomorrow because suddenly a new client comes along and says, ‘We like stripes’,” says Laurent Paulhac at Icap.