RBS Trader Fired in Currency Probe Wins Suit, But No Money

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Top Headlines

RBS Trader Fired in Currency Probe Wins Suit, But No Money – Bloomberg A former senior trader at Royal Bank of Scotland Group Plc who lost his job amid the currency market rigging scandal won part of an employment lawsuit, but received no compensation because a London judge said he would have been fired anyway.

Fed Seen Keeping Interest Rates Steady Amid Market Volatility – Reuters The Federal Reserve is expected to leave interest rates unchanged on Wednesday and acknowledge that turmoil in financial markets threatens its upbeat view of the U.S. economy, leaving the chances of a March hike diminished but alive.

China Shares Tumble Again, Taking 2016 Losses to $2 Trillion – Reuters Chinese shares fell sharply again on Wednesday after plunging in the previous session, taking losses in 2016 to nearly 25 percent or 13 trillion yuan.

China Goes After George Soros – Fortune China’s state press is warning George Soros not to bet against its currency after the hedge fund star-turned philanthropist predicted a “hard landing” for its economy last week.

PBOC Said to Ask China Banks to Suspend Offshore Yuan Loans – Bloomberg China’s central bank gave guidance two weeks ago to some Chinese banks in Hong Kong to suspend offshore yuan lending to curb short selling and tighten liquidity.

Rates Trading Activity Keeps SEF Volumes Level – Profit & Loss On average, $380.3 billion per day was traded on swap execution facilities (SEFs) in December, roughly in line with November but up 22% from December 2014.

Automated Hedge Funds Make Millions in January’s Market Selloff – Wall Street Journal (subscription) Tumbling oil prices, decline in global stocks provide near-ideal conditions for computer-driven funds.

 

 

Regulatory News

Andrew Bailey appointed as New Chief Executive of the FCA HM Treasury have today announced the appointment of Andrew Bailey as the new permanent Chief Executive of the Financial Conduct Authority (FCA).

EU Says to Monitor, Not Regulate ‘Hyped’ Virtual Currencies – Reuters The European Union will monitor rather than regulate “hyped” virtual currencies for now, because too little is known to justify new rules beyond reining in specific risks like money-laundering.

 

 

Company News

RBS Warns of Loss After Raft of Charges – Wall Street Journal (subscription) Charges include provision for looming U.S. settlement over sale of mortgage-backed securities.

Hotspot Launches New Private Liquidity Pool Service – Profit & Loss Hotspot today announced the launch of a new service designed to allow its clients to build private FX liquidity pools.

Samsung Securities to Settle on CLS in South Korea – Profit & Loss Samsung Securities has become the first non-bank financial institution (NBFI) to join the CLS system via third party access in South Korea.

Bridgewater’s Dalio Now Has the Most Profitable Hedge Fund – Bloomberg Ray Dalio of Bridgewater Associates overtook billionaire George Soros in 2015 as the man behind the hedge fund that has made the most money for investors in the history of the industry.

Seabury, Spotex Unveil Joint Product Offering – Profit & Loss Seabury Financial Solutions has entered into an agreement for a joint product offering between its FXone execution and liquidity management solution and ECN Spotex.

CMC Seeks £736m Value as it Joins the Stock Market – The Telegraph The spread-betting group CMC Markets is seeking a value of between £678m and £794m as it prepares to join the London stock market.

ParFX Adds Currency Pairs – Profit & Loss Tradition’s ParFX has added six crosses to its list of currencies supported on the platform, including the Hungarian forint.

Eris Expands its Standard Swaps Futures Complex – Profit & Loss Eris Exchange has expanded its flagship Eris Standard US Dollar Interest Rate Swap Futures complex.

 

 

Market Savvy  

Fed Seen Keeping Interest Rates Steady Amid Market Volatility – Reuters The Federal Reserve is expected to leave interest rates unchanged on Wednesday and acknowledge that turmoil in financial markets threatens its upbeat view of the U.S. economy, leaving the chances of a March hike diminished but alive.

China GDP Growth Could Be as Low as 4.3%, Chinese Professor Says – Wall Street Journal (subscription) As growth in the world’s second-largest economy slows, the spotlight has intensified over the accuracy of China’s growth figures.

 

 

Press Releases

Intercontinental Exchange Announces Senior Management Promotions Intercontinental Exchange, Inc, a leading operator of global exchanges, clearing houses and data services, announced the following leadership appointments effective Monday, February 1, 2016, each of which will report directly to ICE Chairman and CEO Jeffrey C. Sprecher.

 

 

Industry Events