FXPA Calls for FX Exemption from Funds’ Use of SEC Derivatives Rules
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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.
U.S. Judge Rejects 14 Banks’ Bid to Throw Out Rate-Rigging Lawsuit
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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.
China Premier Says Govt Will Cut Taxes, Streamline Administration, Keep Yuan Stable
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China Premier Says Govt Will Cut Taxes, Streamline Administration, Keep Yuan Stable – Reuters
Chinese Premier Li Keqiang said on Thursday that the government would move to ease tax and paperwork burdens on companies, but added that the country is inexperienced in implementing such reforms and there would be challenges.
Britain’s Fraud Office Drops Forex Market Investigation
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Britain’s Fraud Office Drops Forex Market Investigation – Reuters
Britain’s fraud watchdog has ended an investigation into possible foreign exchange market rigging, saying it did not have enough evidence to secure convictions, in a further setback to its efforts to prosecute wrongdoers in financial markets.
Fed to Sit Tight on Rates at March Meet, Hint at Hikes to Come
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Fed to Sit Tight on Rates at March Meet, Hint at Hikes to Come – Reuters
The Federal Reserve won’t raise interest rates this week, but will likely make clear that as long as U.S. inflation and jobs continue to strengthen, economic weakness overseas won’t stop rates from rising fairly soon.
China Burns Hedge Funds as $562 Million Yuan Bet Turns Worthless
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China Burns Hedge Funds as $562 Million Yuan Bet Turns Worthless – Bloomberg
The battle over the fate of China’s currency is starting to get bloody for the bears.
Pound’s Biggest Gain Since 2009 Signals `Brexit’ Anxiety Easing
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Pound’s Biggest Gain Since 2009 Signals `Brexit’ Anxiety Easing – Bloomberg
Easing anxiety over Britain’s potential exit from the European Union may be complemented next week by signs of a stronger U.K. economy, supporting the pound further after its best week since 2009 against the dollar.
Yen Stalls in Time to Avoid Intervention, Ex-Currency Boss Says
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Yen Stalls in Time to Avoid Intervention, Ex-Currency Boss Says – Bloomberg
The yen’s strongest gain since 2008 has petered out in time to forestall any intervention, according to Takatoshi Kato, a former top currency official at the Ministry of Finance.
FCA Bans Former Deutsche Bank Trader for Manipulating U.S. Dollar Libor Submissions
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The Financial Conduct Authority said on Wednesday that it has banned former Deutsche Bank AG trader Michael Ross Curtler for his part in a conspiracy to manipulate the bank’s U.S. dollar Libor submissions.