The Wait is Over: Code of Conduct (Stage One) Unveiled – Profit & Loss
The FX Working Group (FXWG), put together by the Bank for International Settlements, has today released the first stage of the new Global Code of Conduct.
- Global Code: It Will Have Teeth – Profit & Loss
- Q&A: How to act like an ethical FX trader – FT (subscription)
FXPA Comment on Release of the Global Code
The Foreign Exchange Professionals Association (FXPA) is in full support of the first phase of the Global Code of Conduct for the Foreign Exchange Market, which was published this morning following a meeting of the Global Foreign Exchange Committees in New York.
G7 Leaders Say Brexit Poses ‘Serious Risk’ to Global Growth – FT (subscription)
G7 leaders warned on Friday that a British vote to leave the EU next month would seriously threaten the world economy, as they promised “more forceful” policies to boost global growth but papered over differences about fiscal stimulus.
Japan Abe Set to Delay Sales Tax Hike by 1-3 Years – Reuters
Japanese Prime Minister Shinzo Abe will postpone a sales tax hike planned for next year, perhaps by as much as three years, government sources say, a move he will justify as part of G7 efforts to avert another global financial crisis.
Trump Views Labeled ‘Barking Mad’ by Australian Opposition Chief – Bloomberg
Bill Shorten, the leader of Australia’s main opposition Labor party, described some of Donald Trump’s views as “barking mad,” earning a rebuke from Prime Minister Malcolm Turnbull for interfering in U.S. politics.
2016 Winners of “The FoXy’s” Announced – Profit & Loss
Profit & Loss readers cast record numbers of votes for their preferred market makers and service providers this year, and award winners were on hand to collect trophies at the Profit & Loss Hall of Fame & FoXy’s Readers’ Choice Awards luncheon earlier today.
Mourinho Appointed United Manager
José Mourinho will take over as manager of Manchester United from the 2016/17 season, signing a three-year contract with an option to stay at the club until at least 2020.
Barack Obama Makes Historic Hiroshima Visit – BBC
Barack Obama has arrived in Hiroshima to become the first serving US president to visit the Japanese city since the 1945 nuclear bombing.
Apple Contemplates a Push into Media – FT (subscription)
Apple has had a significant hand in pushing the media industry into the digital age. Now, the technology group is trying to find a way to get far more deeply involved in the business itself.
Swift Beefs up Cyber Security – fastFT (subscription)
Swift, the payment messaging company that handles trillions of dollars of transfers for banks every day, is muscling up on its cyber security after news of a number of breaches rocked financial institutions across the world.
Snapchat’s $1.8bn Call Makes it Top Five Unicorn – The Times (subscription)
Snapchat has raised $1.8 billion in a funding round that is likely to make it the world’s fifth most valuable so-called unicorn.
Wall Street Waits for Yellen Before Taking Off for a Long Weekend – Bloomberg
The Friday before Memorial Day weekend is typically dead on Wall Street. The bond market shuts early and trading in stocks slows to a trickle as everyone hightails it out of town.
Fed Governor Sees Rate Rise ‘Fairly Soon’ – FT (subscription)
A continued strengthening in US economic data could clear the way for a second increase in short-term interest rates “fairly soon,” a senior Federal Reserve policymaker has said, as speculation intensifies about the outcome of this summer’s rate-setting meetings.
Investors Shrug Off Possibility of Britain Leaving the EU – WSJ
Investors appear to have concluded that the U.K. will vote to stay in the European Union in June, leaving them exposed to steep losses should Britain elect to leave.
Global Code: It’s Good to Talk – Profit & Loss
One of the six principles in the first release of the FX Global Code covers information sharing.
CFTC Grants Registration to 3 Swap Execution Facilities
The US Commodity Futures Trading Commission (CFTC) announced today that it has issued Orders of Registration to three Swap Execution Facilities (SEFs), granting them fully registered status with the CFTC.
FCA sends communication regarding potentially misleading marketing to all firms carrying out currency transfer services
The Financial Conduct Authority (FCA) has today sent an email to all firms carrying out currency transfer services explaining that some firms may be marketing their services in a misleading way.
CFTC Grants Full Registration to Bitcoin Swaps Trading Platform – CoinDesk
The Commodity Futures Trading Commission (CFTC) has granted formal registration to a trading platform that was an early entrant in the market for bitcoin financial derivatives.