Markets Urge Regulators to Fix Data Confusion – Financial Times(subscription)
In a rare display of unity, banks, futures brokers, hedge funds and asset managers have joined together to urge global regulators to resolve the growing chaos around reporting requirements for trades.
FEMR: London Can’t Go it Alone in Regulatory Reform – Profit & Loss(subscription)
FEMR remains the subject of discussion and in fact I do want to delve a little further into its potential impact. Clearly, especially when it comes to foreign exchange markets, London is the pre-eminent financial centre, but amidst all the discussion about what is an important document it is important to remember that the UK cannot and will not be the driver of reform in FX markets.
Financial World Can Turn its Back on the Crisis – Financial Times(subscription)
It is notoriously hard to judge history as it is unfolding. But a decade from now, financiers may look back and conclude that June 2015, some eight years after the start of the financial crisis, marked a turning point for the banking industry and how it is perceived by society.
Greece Isn’t Going to Become the Next Zimbabwe, Not Even the Next Venezuela – Forbes
The Greek situation isn’t looking good for those who hope for a deal which leaves Greece both inside the euro and also able to deal with its mountain of debt. However, it’s all a bit much to then decide that Greece will thus be condemned to become the sort of howling wasteland of an economy that Zimbabwe represents.
Ex-BlackRock Foster: Over-Engineered CCPs Will Open Space for Newcomers – Profit & Loss (free story)
Central counterparties (CCPs) are completely “over-engineered, becoming extremely costly and not in the best interest of investors” in Europe and the US, according to Nigel Foster, former head of the trading and liquidity strategies group in Europe, the Middle East and Africa at BlackRock.
Bank Withdrawal From 4pm Fix Heightening Volatility – Profit & Loss (free story)
Speaking at Profit & Loss’ Forex Network New York conference Andrew Maack, head of FX trading at Vanguard, said that he believed that the changes to the WMR Fix methodology have overall been positive, but that the 4pm window has become more volatile to trade in since it was expanded from one minute to five.
IMF Team in China as Part of Currency Basket Review – Reuters
A team from the International Monetary Fund is visiting China as part of the global lender’s review over whether to include the Chinese yuan in its basket of currencies, an IMF official said on Friday.