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CME Group to Close New York Trading Floor at Year-End
As declining open outcry options volume on CME Group’s New York trading floor now represents just 0.3 percent of the company’s overall energy and metals trading volumes, CME Group will close its New York trading floor at year-end, subject to CFTC review.
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McDermott Resigns from FCA – Profit & Loss
UK regulator the Financial Conduct Authority (FCA) has announced that Tracey McDermott, its acting chief executive, has resigned. McDermott will leave the organisation on July 1 2016.
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Exchange Operator Bats Global’s IPO Said to Be Oversubscribed – Bloomberg
Exchange operator Bats Global Markets Inc.’s initial public offering is oversubscribed, three days before the sale is due to price, according to people familiar with the matter.
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China Foreign Exchange Reserves Rise for First Time in Five Months – Bloomberg
China’s foreign-exchange reserves unexpectedly increased in March after capital outflow pressure eased as the nation’s currency steadied.
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BNP Paribas Sued by Ex-Spot Currency Trading Head De Groot – Bloomberg
BNP Paribas SA became the latest bank to be dragged into a spate of foreign-exchange-related employment lawsuits after its former head of spot currency trading sued the lender.
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Lagarde Says IMF Greek Deal Far Off as Talks Roiled by Leaks – Bloomberg
International Monetary Fund Managing Director Christine Lagarde rebuffed Greek government calls to replace top officials overseeing the country’s bailout and said the IMF is “a good distance away” from an agreement that would allow for additional loans to Europe’s most indebted state. Read More
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Thomson Reuters Acquires WM/Reuters FX Benchmarks – Profit & Loss
Thomson Reuters (TR) has acquired the WM/Reuters FX benchmark rate calculation business from The World Markets Company, a State Street Corporation subsidiary.
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Wall Street Banks Have Basel’s Ear in Pushback on Market Risk – Bloomberg
Wall Street is used to getting the opportunity to influence bank rules before they are unveiled. Now financial firms are getting the chance to argue that a key capital requirement should be softened even after it was supposed to be finished.
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FXPA Calls for FX Exemption from SEC Derivatives Rules
The Foreign Exchange Professionals Association (FXPA) has submitted comments to the Securities and Exchange Commission (SEC) on its proposed rules governing the “Use of Derivatives by Registered Investment Companies and Business Development Companies”, calling for an exemption for FX swaps and forwards.
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U.S. Judge Rejects 14 Banks’ Bid to Throw Out Rate-Rigging Lawsuit – Reuters
A federal judge in Manhattan on Monday rejected an effort by 14 of the world’s biggest banks to throw out a private lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.