Tsipras Backs Down on Many Greece Bailout Demands – Financial Times (subscription)
Greek prime minister Alexis Tsipras will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent late on Tuesday night.
Greece Officially in Arrears After Missing IMF Payment – Profit & Loss (free story)
Greece missed the deadline for its €1.5 billion payment to the International Monetary Fund last night, becoming the first advanced country to fail to repay an IMF loan.
Euro Set for Best Quarter in Four Years – Financial Times (subscription)
The euro was on the cusp of its best quarterly rise in more than four years, underlining the single currency’s resilience in the face of the Greek crisis and nagging concerns about global economic growth. With the second quarter ending on Tuesday, the euro was heading for an increase of around 4% against the US dollar.
Currency Traders Seek Clarity as Policy Gaffes Stoke Volatility – Bloomberg
If there’s one thing currency traders want from politicians and central bankers in the second half of the year it’s more clarity – and fewer gaffes – on policy direction. The headlines from the Greek talks are the latest example.
Recruiters Report ‘Cautious Hiring’ in FX Market – Profit & Loss (subscription)
There has been “cautious hiring” by the major banks this year as firms have started to see an uptick in fixed income, currencies and commodities (FICC) revenues, according to financial markets recruiters.
FX Mis-Selling: Travel Companies Take Aim at Banks – Euromoney
Lawyers and hedging consultants are reporting a rise in mis-selling accusations from companies in the travel and leisure sector, over complex currency derivatives sold to them by their banks and brokers. These cases are in their infancy, but are predicted to rise as the mis-selling scandal broadens from interest rate hedging products to forex products.
Parker FX Index Flat in May – Profit & Loss (free story)
The Parker FX Index, a performance-based benchmark that measures the returns of global currency managers, was flat in May, according to data released by Parker Global Strategies.
Investment Banking Trends to Track in the Q2 Earnings Season – Financial News (subscription)
As the second quarter closes all eyes turn to Wall Street, which kicks off the reporting season in earnest in a fortnight before Europe’s banks reveal what the last three months have entailed for their investment banking and trading units.
Soc Gen’s Bill Stenning to Chair OTCDerivNet – FOW (subscription)
A top clearing and regulatory expert at Societe Generale has been selected to run a powerful consortium of the world’s top swaps dealers after its former head stepped down from the role.
Seven Predictions for the Future of Finance – Financial News (subscription)
Innovative technology is reshaping financial services by putting pressure on traditional business models, says the World Economic Forum, and is set to cause profound changes to the structure of the banking, insurance and asset management industries.
Hayes’ Emails Presented in Libor Trial – Wall Street Journal (subscription)
Former trader Tom Hayes told British investigators he was “not concerned” when the London interbank offered rate came under scrutiny from media and regulators in 2008; because his employer had never questioned his trading activities, a London court heard Tuesday.