RBA’s Debelle to Head FX Conduct Group – Automated Trader
The Foreign Exchange Working Group (FXWG), announced by Bank for International Settlements (BIS) Governors in May to strengthen code of conduct standards and principles in foreign exchange markets, has now been established. The group, which operates under the auspices of the Markets Committee, is headed by Guy Debelle of the Reserve Bank of Australia.
Fed and BoE Take Pole Positions in Rate Race – Financial Times (subscription)
The market thinks the Federal Reserve will raise interest rates later this year, the Bank of England early in 2016. And then? It is hard to find a currency strategist forecasting a rate increase by another G10 central bank this side of 2017.
Dishonesty Central Issue of Hayes Case, Judge Reminds Jury – Operational Risk & Regulation
Judge Jeremy Cooke has begun to summarise the Tom Hayes Libor-rigging trial for the jury at Southwark Crown Court. The summing up, carried out to help the jury reach a verdict, is expected to take three days and Cooke made “no apologies” for the amount of detail he will go into, due to the complexity and length of the case.
Success of Cultural Change Rests with Local Managers – Operational Risk & Regulation (subscription)
No matter what messages are coming from the board and senior management, local managers at large financial firms need to play a major role in setting consistently desirable risk behaviour, research assessing the risk culture of banks shows. Perception of culture differs significantly between business units within the same bank, research from Macquarie University in Sydney has found.
FX Transaction Cost Analysis Takes Centre Stage – Euromoney
Providers of FX transaction cost analysis (TCA) are proof ‘it’s an ill wind that blows nobody any good’, as they aggressively promote their services to institutional clients after fixing scandals.
Swap Execution Facilities: Be Careful What You Wish For – Global Investor (subscription)
As the swap execution facility (SEF) regime approaches its second anniversary, the aspiration – an open, all-to-all market – has yet to materialise. Data from the Futures Industry Association supports the view that SEFs have made uneven progress.
Trends in Retail FX: Weathering the Storm – FX-MM (subscription)
With volumes expected to double between 2012 and 2017, FX trading for retail investors is still a story of growth despite recent events.
Lawsuit Accuses 22 Banks of Manipulating US Treasury Auctions – Reuters
Twenty-two financial companies that have served as primary dealers of US Treasury securities were sued in federal court on Thursday, in what was described as the first nationwide class action alleging a conspiracy to manipulate Treasury auctions that harmed both investors and borrowers.