Top Headlines

Monetary Policy Risks Becoming Ineffective in Low Growth World: ECB Coeure – Reuters Monetary policy risks becoming ineffective in a world where growth is sluggish, economies are deeply interconnected and interest rates are already near zero, a top European Central Bank policy maker said on Saturday.

Citigroup Promotes Banker Who Hayes Said Knew of Libor Rigging – Bloomberg Citigroup Inc. promoted an executive who Tom Hayes, a former colleague who is now a convicted felon, has repeatedly said was aware of Libor manipulation, according to two people with knowledge of the situation.

Commodities Clobbered as Dollar Bulldozes Higher – Reuters Commodity markets were clobbered and stocks and bonds were also in the firing line on Monday as expectations for a first increase in U.S. interest rates next month in almost a decade pushed the dollar to a seven-month high.

Masters of the Finance Universe Are Worried About China – Bloomberg David Tepper says a yuan devaluation may be coming in China. John Burbank warns that a hard landing there could spark a global recession.

Regulatory News

Brexit Could Spark “Land Grab” for London FX Trade – Reuters A British vote to leave the European Union could see Frankfurt make a “land grab” for a slice of London-based foreign exchange trade in the euro, the chief investment officer of Columbia Threadneedle Investments EMEA said on Friday.

Delay to New European Rulebook Could be a Bonus – Financial News (subscription) The unexpected revelation that the revised Markets in Financial Instruments Directive might be delayed for a year gave beleaguered asset managers an early Christmas.

Company News

Citi wins Lawsuit against Tormar – Profit & Loss A New York court has ruled in favour of Citi in its dispute with joint family office and global macro-oriented trading firm, Tormar Associates over the events of January 15 in the Swiss franc.

Citi Promotes McCappin, EBS Brokertec Hires Marston – Profit & Loss Brian McCappin has been appointed head of investor sales at Citi according to market sources, while Serge Marston has joined Icap’s BrokerTec.

Deutsche to Jettison 1,000 Jobs in the City – Sunday Times Struggling German bank to cut 15,000 globally as it aims to save £2.6bn.

Market Savvy  

Deepening Metals Rout Sends Copper Below $4,500 as Nickel Slumps – Bloomberg Copper fell below $4,500 a metric ton for the first time in six years and nickel touched the lowest in more than a decade on concern producers aren’t doing enough to trim a glut of metal.

Ripples Felt in Bonds, Currencies as Central Bankers Diverge – Wall Street Journal (subscription) Traders are grappling anew with the idea that central bankers in the U.S. and Europe are headed in different directions.

Argentina Elects Pro-Business President; Big Change Expected – Bloomberg Argentina voted for deep change on Sunday, electing the center-right opposition leader Mauricio Macri to be president in a decisive end to 12 years of leftist populism, setting the stage for economic liberalization.

Will the Fed Spring a Hawkish Surprise? – Profit & Loss Following the hawkish October FOMC meeting and November’s near ‘perfect’ employment report, it has almost become a given that the Fed will raise rates in December, with Fed Fund futures assuming a 70-80% probability.

Press Releases

FIX Trading Community Announces New Open Technical Resource to Facilitate Software Development – FIX FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announced that it is now opening its technical standards process to software developers throughout the financial industry.

Industry Events

• 11th Annual FIA Asia Derivatives Conference, 8-10 December in Singapore