Top Headlines

UK Court Rules Against Citigroup in Dispute with Former FX Trader – Reuters A London employment tribunal has ruled against US bank Citigroup on Tuesday in a dispute over the dismissal of a foreign exchange trader.

US Targets RBS, JP Morgan Executives in Criminal Probes – Wall Street Journal (subscription) Investigations center on mortgage securities sold before the financial crisis; no decisions yet on whether to bring charges.   BOE’s

Broadbent Sees Argument for Looking Through Price Shocks – Bloomberg Bank of England officials should look through temporary factors pushing down inflation and take a flexible approach to returning price growth to target, according to Deputy Governor for Monetary Policy Ben Broadbent.

Capital Markets Connectivity – The Future is Now – TABB Forum Connectivity is the lifeblood of today’s electronic markets. But getting all of the complex networking right is a major challenge and expense for market participants.

Big African Debt Burdens, Written Off, Are Back Again – Wall Street Journal (subscription) A decade after Bono and other stars helped bring relief, some nations’ borrowings are approaching the same levels.



Regulatory News

Still More Work to be Done on Benchmarks: Debelle – Profit & Loss While noting that there has been “good progress” around the 4pm London WMR Benchmark Fix, Guy Debelle, has warned market participants that “it is important to reiterate that the recommendations of our report are intended to apply to all FX benchmarks, not just the London 4pm.”

New Banking Rules Should Not Increase Capital Demands – ECB – Reuters New global rules on banking due to be completed next year generally should not result in higher capital demands for euro zone banks, ECB Executive Board member Sabine Lautenschlager said.



Company News

UBS O’Connor Hires New CIO – Pensions and Investments Kevin G. Russell will join UBS O’Connor on Jan. 1 as managing director and chief investment officer for the firm’s $5.7 billion single- and multistrategy hedge funds.

JP Morgan Expects 4th-Quarter Trading Down Around 15% From 3rd Quarter – Wall Street Journal (subscription) Daniel Pinto, investment bank chief, believes Fed will raise interest rates in December, but doesn’t expect much impact to company’s trading.



Market Savvy  

Hedge-Fund Veteran Says Euro Slide Almost Over, UBS Agrees – Bloomberg Stephen Diggle, who co-founded a hedge fund that made $2.7 billion in 2007 and 2008, said the euro’s slide is almost over.

Long Dollar Trade is “Crowded” – Profit & Loss The most vulnerable tactical trade heading into the December Fed hike is ‘long dollar’, and associated positioning, according to Bank of America Merrill Lynch’s (BAML) November Fund Manager Survey (FMS).

Treasury Yield Premium Over G-7 Peers Widens to Most Since 2007 – Bloomberg The extra yield Treasury two-year notes offer over their Group-of-Seven peers widened to the most in eight years as the Federal Reserve contemplates raising interest rates.



Press Releases

BGC Partners Names Anthony Warner General Manager of London – BGC BGC Partners today announced Anthony Warner will be appointed Senior Managing Director and General Manager for BGC Brokers, London.



Industry Events