Top Headlines

McDermott Resigns from FCA – Profit & Loss

UK regulator the Financial Conduct Authority (FCA) has announced that Tracey McDermott, its acting chief executive, has resigned. McDermott will leave the organisation on July 1 2016.

BoE Revamps JSC: Amrolia Back In – Profit & Loss

The Bank of England (BoE) has published the new make up of the London Foreign Exchange Joint Standing Committee (JSC). The JSC was initially established in 1973 to meet as a senior-level forum for FX market participants under the auspices of the BoE; and arguably for many years it probably represented the interests of banks more than any other group.

Qatar Sets New Regulations for Bank Foreign Currency Holdings – Arabian Business

Qatar’s central bank has issued new maximum limits on open positions that banks can hold in foreign currency, according to a circular seen by Reuters that was sent to banks last week.

Japan’s Trillion Dollar Splurge on Foreign Debt is a Puzzle for Currency Markets – Wall Street Journal

Japanese investors splurged on foreign bonds like never before in the first quarter of the year. But that poses a puzzle: if Japan has such a ravenous appetite for overseas debt, why does the yen just keep getting stronger?


Qatar Sets New Regulations for Bank Foreign Currency Holdings – Arabian Business

Qatar’s central bank has issued new maximum limits on open positions that banks can hold in foreign currency, according to a circular seen by Reuters that was sent to banks last week.

China Trade Figures Boost Global Markets – fastFT (subscription)

Global stocks are challenging their highs for the year as better than expected trade data from China ease growth fears, sparking a surge in risk appetite that is reducing demand for the yen, Treasuries and gold.

Mexico’s Foreign Reserves Increase by $199 mn – Fox News Latino

Mexico’s foreign reserves rose by $199 million to $177.67 billion last week, the Bank of Mexico said Tuesday.

Poll Putting Brexit Camp Ahead Knocks Back Sterling – Reuters

Sterling handed back early morning gains on Tuesday after an opinion poll showed the “Out” campaign three points in front before June’s referendum on whether Britain should remain in the European Union.


Turkey Picks New Central Bank Governor – Wall Street Journal

Turkey’s government on Monday named the central bank’s deputy governor, Murat Cetinkaya, as its next chief, ending a period of market-rattling uncertainty about who would take on one of the toughest monetary policy jobs in the world.

Regulatory News

ISDA Publishes Updated EMIR Classification Letter

The International Swaps and Derivatives Association, Inc. (ISDA) has published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under the European Market Infrastructure Regulation (EMIR).

ESMA Suggests EU-Wide Rules For Loan-Originating Funds – Law360 (subscription)

The European Securities and Markets Authority published its suggestions for European Union-wide rules that would govern loan-originating investment funds Tuesday, amid recent calls for more nonbank financing and a European capital markets union.

RBS Libor Submitter Banned from the City – Profit & Loss

The Financial Conduct Authority (FCA) has banned a former Royal Bank of Scotland (RBS) JPY and CHF Libor submitter from basically ever working in the City again.

Rise of Institutional Investors Raises Questions of Collusion – New York Times

BlackRock, Vanguard and other big institutional investors own roughly 70 percent of the public stock market, according to some reports. People are starting to ask whether this allows companies — now having the same owners — to compete less and raise prices.

Company News

JPMorgan Cuts 5 Percent of Asia Wealth Management Jobs: Source – Reuters

JPMorgan Chase & Co (JPM.N) has cut 30 jobs, or 5 percent of its headcount, at its Asia wealth management business, a source with direct knowledge of the matter said, as the U.S. bank sharpens its focus on tapping wealthier clients.

Why Goldman Sachs Settlement Is a Slap on the Tentacle – CBS

Goldman Sachs admitted this week that it misled investors, agreeing to pay more than $5 billion to settle federal charges that its mortgage practices in the run-up to the 2008 financial crisis were deceptive.

Market Savvy

Japan, US Look Split over Currency Policy Heading into G-20 – Nikkei

The U.S. and Japan are among those likely to be divided over currency policy during the meeting of Group of 20 finance ministers and central bankers in Washington starting Wednesday.


Dollar Gains, Eyes on G20, Bank of Canada – Reuters

A boost for commodity-reliant currencies from Tuesday’s jump in oil prices faded in early trade in Europe on Wednesday, while the dollar was up almost half a percent against the euro and yen, hitting a one-week high against the single currency.

Singapore Set to Forgo Easing to Save Tools for ‘Brexit,’ China – Bloomberg

Singapore’s central bank will probably refrain from easing policy when it meets Thursday, saving its ammunition to fight a faltering global economy and political shocks that may spark turmoil later in the year.

Reuters Volumes Hold Up, While FXCM’s Go with Trend – Profit & Loss

Transaction volumes across Thomson Reuters’ myriad platforms held up well in March, on a month-on-month basis, bucking the trend for lower turnover levels seen elsewhere. Overall, the company says average daily volume (ADV) was $362 billion, a month-on-month increase of just less than 2%.

Press Releases

Markit Adds Moscow Exchange to FX Trading Connectivity Network

Markit (Nasdaq: MRKT) and the Moscow Exchange (MOEX) today announced that Markit’s FX pricing distribution hub service added MOEX to its network of trading venues.

ASIC: Deutsche Bank AG Pays $20,000 Infringement Notice Penalty

Deutsche Bank Aktiengesellschaft (“Deutsche Bank AG”) has paid a penalty of $20,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel (“MDP”).

Cloud9 Announces Closing of Investment By J.P. Morgan, ICAP, And Barclays – J.P. Morgan, ICAP, And Barclays Lead Consortium Investment In Cloud9 Voice Trading Communication Platform

Cloud9 Technologies LLC, a cloud-based voice trading communication provider for financial firms and institutional traders, announced today the closing of an initial investment round with J.P. Morgan, ICAP, and Barclays.

Industry Events

Profit & Loss Forex Network London, 14 April in London, UK

Profit & Loss Latin America, 20 April in Mexico City

ACI World Congress 2016 – Indonesia, 26-30 April, Jakarta

Eurofinance:  Asia Treasury, 18-20 May in Singapore

Profit & Loss Forex Network New York, 26 May, New York City

FIA: IDX 2016, 7-8 June in London, England

Profit & Loss Forex Toronto, 9 June, Toronto

Profit & Loss Scandinavia, 13 September, Copenhagen

Profit & Loss Forex Network Chicago, 28-29 September, Chicago, IL

Sibos 2016, 26-29 September in Geneva, Switzerland

FIA: Expo, 18-20 October in Chicago, IL