Top Headlines

Senior Managers Were Investigated By Citi, Court Told – Profit & Loss A Citi’s Markets group managing director who was the adjudicator in Perry Stimpson’s internal appeal hearing at the bank, told a London court on Thursday that he did consider further investigations were necessary after claims were made by Stimpson about the behaviour of senior management.

Fed Liftoff Has Futures and Economists at Odds for Next Week – Bloomberg Many economists are sticking to predictions the Federal Reserve will lift interest rates next week. Money-market derivative traders still need convincing.

New York Global Group Chief Charged with Securities Fraud – Financial News (subscription) Benjamin Wey, a Wall Street financier who helped numerous Chinese companies get access to US markets through “reverse mergers,” was arrested Thursday.

Citadel Pushes into European Swaps Market – FT.Com (subscription) Citadel Securities has launched a European fixed-income market-making business, as the Chicago hedge fund steps up its challenge to bank dominance of trading in government debt and derivatives.



Regulatory News

Lawyers Call for Clearer Rules for FX Forwards – Euromoney As the regulatory landscape for FX continues to evolve, investment managers have been left uncertain about the implications for some of their trades.

CFTC Approves Bitcoin Exchange’s SEF Registration – Profit & Loss The Commodity Futures Trading Commission (CFTC) has approved the application of Bitcoin derivatives exchange, LedgerX, for temporary registration as a swap execution facility (SEF).

‘Systemic Risk’ Created by Margining into Non-Netting Jurisdictions, says StanChart – Risk.Net (subscription) Local regulators are considering exempting banks from posting margin where there is no netting.

Pan Named New CFTC Director in OIA – Profit & Loss The Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, has appointed Eric Pan as the agency’s new director of the Office of International Affairs.

Debate on Last Look Continues to Rage – Euromoney Regulators might be suspicious of it, but even market participants who have shifted their stance on last look reckon clients should be allowed to make up their own minds.

Mifid II Price Tiering Guidance Unlikely, say Dealers – Risk.Net (subscription) Banks argue the “commercial policy” safe harbour is “like the Rorschach test” and needs clarification.

Regulators Must Guard FX Stability – Financial Times (subscription) Regulators must ensure forex market stability.



Company News

Euronext names Santander banker as Cerutti successor – Financial News (subscription) Pan-European exchange group Euronext has picked a Santander investment banker as its next chief executive.

Innovations in Algorithmic Trading – TabbForum With the industry caught up in crisis mode over the past few years, innovations in electronic and algorithmic trading largely have stalled. According to Eric Noll, CEO of Convergex.

Losses mount for Nasdaq’s London problem child – Financial News (subscription) The European derivatives exchange launched by Nasdaq in 2013 continued to struggle last year.



Market Savvy  

Dollar Holds Gains vs. Yen, Eyes on UK Opposition Vote – Reuters LONDONThe dollar held onto most of this week’s gains against the yen on Friday in the face of a business survey that leaned against strengthening speculation of another round of quantitative easing by the Bank of Japan.

European Shares Set for Biggest Weekly Rise Since July – Reuters A top European share index was set for its biggest weekly rise since July despite edging lower on Friday, with a drop in Swiss pharmaceutical firm Actelion taking the shine off the week’s rally.

Goldman’s Next 11 Markets Are Sinking Even Faster Than the BRICs – Bloomberg Acronym-based investment’ loses its appeal amid retreat.

Emerging-Market Currencies: Things Look to Get Worse – Wall Street Journal (subscription) Investor bets that Brazil and South Africa will default on their debt hit their highest level since the financial crisis.



Press Releases

Orc Recruits to Address New Regulatory Landscape – Profit & Loss Electronic trading technology company Orc, has announced two new recruitments: Christer Wennerberg and Magnus Hedin.



Industry Events