Question of Whether to Reveal Client Names Delays FX Trials, Sources Say – Profit & Loss (subscription)
Multiple sources are saying a big part in the delay in the tribunal process for some of the dealers dismissed over the chat room fiasco comes down to revealing client names. Lawyers are still thrashing out the details of whether client names will be redacted ahead of the hearings.
CLS Eyes EM FX Growth, New Products – Euromoney
CLS, the provider of settlement services for FX, is inching closer to bringing the Hungarian forint into the fold of currencies it settles. This is just one of a catalogue of projects the group is working on, as it extends its settlement reach further across the FX world.
The Blockchain Revolution Gets Endorsement in Wall Street Survey – Bloomberg
Bitcoin supporters argue the software that makes the digital currency possible could accelerate trading on Wall Street. A new survey from Greenwich Associates suggests financial services professionals are on board. The software is touted as a way to speed up and simplify how trades of everything from stocks to loans and derivatives are processed.
Interdealer Brokers Bet on RMB Boom – Euromoney
Interdealer brokers are set to be big beneficiaries of the rapid growth and development of the renminbi, say market players. The internationalisation of the Chinese currency has created opportunities for new business across the financial services industry, and IDBs are looking to ride the wave of RMB progression.
Central Banks Dump Up To $260 Billion FX Reserves in Q2 – Citi – Reuters
Central banks dumped as much as $260 billion of foreign exchange reserves in the second quarter as emerging market central banks tried to mitigate the impact of capital fleeing their own economies, according to Citi. The decline is the largest drop in global FX reserves in more than a decade.
Greek PM Keeps Lid on Party Rebellion to Pass Bailout Vote – Reuters
Greek Prime Minister Alexis Tsipras contained a rebellion in his left-wing Syriza party to win parliamentary approval on Thursday for a second package of reforms required to start talks on a financial rescue deal.