Top Headlines

Traders Questioned as NY Probe of Automated FX Heats up – Reuters New York’s banking regulator has questioned dozens of traders and executives at Credit Suisse Group AG, Barclays, Deutsche Bank and other banks about whether their electronic foreign exchange trading platforms were rigged.

Yuan Picks Up Pace as Global Currency – Wall Street Journal (subscription) Devaluation, market volatility sparked a surge in use of China’s currency in the last week of August.

Senior China Official Proposes Punitive FX Restrictions – Forbes Yi Gang, writing in China Finance, has just proposed that China impose a Tobin tax, specifically, a punitive levy on forex trades and “handling” fees to discourage currency trading.

Wake Up to UK Exit Risks, Banks Tell Investors as Polls Shift – Bloomberg Investors are being urged to tune into the looming political battle over the U.K.’s membership of the European Union amid signs it will prove closer than most now think.

Norway Seen Tapping Its Wealth Fund to Ward Off Oil Risks – Bloomberg The nation could as soon as next year start making withdrawals from its massive $830 billion sovereign wealth fund, which it has built over the past two decades as a nest egg for “future generations.”

Nigeria’s Emefiele to Reconsider FX Controls as Demand Drops – Bloomberg Nigeria’s central bank Governor Godwin Emefiele said he will consider easing restrictions on currency trading in Africa’s biggest oil producer if demand for foreign exchange drops further.

Brazil’s Currency Tests Central Bank’s Patience – Reuters The Brazilian real’s dramatic drop has left the central bank with two options: jack up rates aggressively in one startling move, or tolerate higher inflation for longer.

Three Eurozone Central Banks to Try Reverse Auctions in ECB”s QE Program – Nasdaq Three central banks that use the euro will experiment this month with reverse auctions in the European Central Bank’s large-scale bond-buying program, the ECB said Monday.



Regulatory News

AIMA Publishes Guide to Sound Practices for Cyber Security – Profit & Loss The Alternative Investment Management Association (AIMA) has published new cyber security guidance for hedge fund firms and other asset managers.

ESMA Publishes Final Technical Standards for MiFID II – Profit & Loss The European Securities and Markets Authority (ESMA) has published its final technical standards (TS) on the Markets in Financial Instruments Directive (MiFID II), the Market Abuse Regulation (MAR) and the Central Securities Depositaries Regulation (CSDR).

EU Financial Watchdogs Zoom in on ‘Big Data’ Use – Reuters European banks and insurers could face new rules to control their use of “big data” to target customers with products after EU watchdogs said they would investigate the area.



Company News

IMC Teams With Convergex to Attract Retail Options Orders – Bloomberg Global trading firm IMC Financial Markets and Wall Street broker Convergex Group LLC agreed to join forces in a venture to boost their businesses by expanding into handling options orders for U.S. retail investors.

Google Takes Stake in Messaging Startup Symphony Communication Services – Wall Street Journal (subscription) New fundraising round values Symphony at $650 million.



Market Savvy  

What the TPP Means for FX – FXStreet Markets opened the new week relatively flat. Japanese wage inflation data and the services PMI are due up later. China remains on holiday. A deal on the Trans-Pacific Partnership is expected to be announced today, we look at what it means as well as at the latest CFTC data.

Latam Currencies Gain on Bets Fed Will Delay Rate Hike – Reuters Latin American currencies gained on Monday as investors continued to push back expectations for the beginning of a much-anticipated interest rate hike cycle in the United States.



Press Releases

Deutsche Börse Launches Intraday Volatility Forecast for Futures of DAX, EURO STOXX 50 and Euro-Bund – Deutsche Borse Deutsche Börse Market Data + Services is launching the new information product ‘Intraday Volatility Forecast’ on 23 November.

Federal Court Fines Alexander Glytenko and His Company, Direct Investment Products, Inc. – CFTCThe CFTC today announced that Judge Cynthia Bashant of the U.S. District Court for the Southern District of California entered a default judgment Order against Alexander Glytenko and his company, Direct Investment Products, Inc. (DIP).

Michael Liftik Named SEC Deputy Chief of Staff – SEC The Securities and Exchange Commission today announced that Michael Liftik will become a deputy chief of staff of the agency.



Industry Events