Top Headlines
Commitments by China and other major economies over the weekend have lowered the threat of currency depreciations that could fuel global market turmoil, U.S. Treasury Secretary Jacob Lew said Tuesday.
BlackRock Says ‘Brexit’ Could Trigger U.K. Currency Crisis – Wall Street Journal (subscription)
Britain could face a sterling crisis if the UK votes to leave the European Union, according to a report by the world’s largest fund manager.
Parker Index Up in January – Profit & Loss
Currency managers tracked by Parker Global Strategies’ Parker FX Index had a decent start to 2016 with the headline index showing a 0.68% return for January, and 19 of the 28 managers reporting in positive territory.
China Rating Outlook Cut to Negative by Moody’s as Currency Reserves Drop – Sydney Morning Herald
China’s credit rating outlook was lowered to negative from stable by Moody’s Investors Service, which cited rising government debt, falling currency reserves and uncertainty over the authorities’ ability to carry out reforms.
FX: UK Treasury Slams ‘Evidence’-Free Liquidity Fears – Euromoney
Policymakers in the UK and internationally are actively monitoring changing liquidity conditions in fixed income and currency markets, but they need intelligence to be specific rather than generalized, said a senior official at the UK Treasury.
Regulatory News
Basel III Monitoring Report March 2016 – BIS
The Basel Committee today published the results of its latest Basel III monitoring exercise. The Committee established a rigorous reporting process to regularly review the implications of the Basel III standards for banks and it has published the results of previous exercises since 2012.
Fired FX Trader’s Fight with Citigroup Nets Him $82,000 – Bloomberg
Former Citigroup Inc. currency trader Perry Stimpson was awarded 58,774 pounds ($82,000), less than half his annual salary, after winning a lawsuit claiming he was unfairly fired during an investigation into allegations of market rigging.
Company News
ICE Announces New COOs for US Futures and Clearing Businesses – Profit & Loss
Intercontinental Exchange (ICE) has appointed David Farrell as the new COO of ICE Futures US and Hester Serafini as the COO of ICE Clear US.
FastMatch and Hotspot Volumes Hold Steady in February – Profit & Loss
Volumes on FastMatch and Hotspot were little changed in February compared to the previous month, but significantly up year-on-year.
Former Wealth Management Executive Joins Digital Asset Board – Reuters
Digital Asset Holdings LLC, a New York-based startup focused on blockchain technology in the financial services industry, said on Tuesday that Sallie Krawcheck, former head of Bank of America Wealth Management, has joined the company’s board.
Market Savvy
Sterling Slides, Yen Soars. FX Winners and Losers This Year – Financial Times (subscription)
It’s been a dire start to the year for the pound. Battered and bruised by concerns the UK may vote to leave the European Union in June’s referendum, the Queen’s currency has skidded to the bottom of Nikkei’s global currency index for the first two months of the year. On the other hand the Japanese yen has rocketed.
Yen falls as Stocks Rise, Euro Held Back by Poor Data – Reuters
The yen fell on Tuesday as rising stock markets increased demand for riskier trades, while expectations of more easing by the European Central Bank following soft euro zone factory data pushed the euro to a one-month low against the dollar.
C$ Surges to Set 12-Week High on Oil, GDP Data – Reuters
The Canadian dollar rallied sharply against its U.S. counterpart on Tuesday, setting a fresh 12-week high as oil prices rose and after Canada’s economy grew more than expected in the fourth quarter.
Press Releases
FXCM Reports Spread Data for 2015 – FXCM
FXCM a leading online provider of foreign exchange (FX) trading and related services, today reported its worldwide average spread data on a few of its top currency pairs.
Central Banks and Digital Currencies – A Speech by Ben Broadbent – Bank of England
In a speech delivered at the London School of Economics, Ben Broadbent outlines the importance of innovations in digital currencies – and what the economic implications of central banks introducing their own might be.
2016 Global Foreign Exchange Survey – Deloitte
In 2015 alone, the surge in the US dollar wiped billions off earnings of US organizations. To explore the impacts of foreign exchange (FX) on businesses in 2016, Deloitte Global Treasury Advisory surveyed more than 130 corporations from around the globe.