WMR Changes Spark Benchmark Execution Review – Profit & Loss (free story)
Changes to the WM/Reuters methodology for establishing its benchmark FX fixes introduced this week have had little discernable impact on trading activity, although market participants say it is forcing firms to review how they manage trades executed at the Fix.

Daily FX Volumes Hit $5.3 Trillion in January After SNB Removes Franc Cap –Reuters
The dramatic moves on the Swiss franc on 15 January drove the average daily value of the global market in foreign exchange back above $5.3 trillion last month, data showed on Wednesday, fuelling optimism among major trading platforms.

UK Watchdog Cracks Down on Asset Managers – Financial Times(subscription)
The UK’s £5 trillion asset management industry is not doing enough to guard against potential insider trading and market abuse, the UK’s financial watchdog has found in the latest salvo on an industry that is garnering increasing regulatory scrutiny.

ESMA Faces Industry Scrutiny at MiFID Hearing – FOW (subscription)
The European Securities and Markets Authority held a hearing in Paris to discuss the revised Markets in Financial Instruments Directive, which is set to go into effect in 2017. ESMA is expected to face scrutiny regarding transaction reporting, expansion of the European Markets Infrastructure Regulation and other rule changes.

Traders Burned on Swiss Franc Carry Shun Free Money – Bloomberg
When it comes to Swiss franc carry trades, it’s a case of once bitten, twice shy. Switzerland’s negative interest rates mean investors are effectively being paid to borrow francs, which they could then use to purchase higher-yielding assets denominated in other currencies.

Speculators Can’t Force Denmark to Exit Peg, Callesen Says – Bloomberg
The deputy governor of Denmark’s central bank, Per Callesen, said speculators won’t force the country to abandon its peg to the euro.

China Forex Regulator to Keep Yuan Exchange Rate Stable in 2015 – Reuters
China will keep the yuan’s exchange rate basically stable in 2015, the official Xinhua news agency said on Thursday, citing the foreign exchange regulator.

Regulatory News

FCA to Investigate Investment and Corporate Banking – Financial Times(subscription)
The Financial Conduct Authority, the UK financial regulator, is to investigate whether there is sufficient competition in the investment and corporate banking sectors.

ESMA Recognises Challenges in First Year of Trade Reporting – Profit & Loss(free story)
The European Securities and Markets Authority (ESMA) has acknowledged the problems experienced by the market during the first year of trade reporting, but claims the data is proving useful for market surveillance and transparency.

EU Sets Out Road Map for Capital Markets Union – Wall Street Journal(subscription)
The European Union set out a road map for boosting capital markets across its 28 members Wednesday that included a proposed effort to revive Europe’s moribund market in asset-backed securities, in an effort to spur investment and help lift the bloc’s flagging economy.

CFTC Commissioner Bowen Announces Membership of Market Risk Advisory Committee
Commodity Futures Trading Commission (CFTC) Commissioner Sharon Bowen has announced the members of the CFTC’s Market Risk Advisory Committee (MRAC). Commissioner Bowen is the sponsor of this advisory committee.

Company News

ICE Delays Launch of Singapore Futures Exchange – Profit & Loss (free story)
Intercontinental Exchange (ICE) has delayed the launch of a new futures exchange in Singapore, which was scheduled to open 17 March, saying it will open the market by the end of June.

Alpari RU to Set 20 Currency Pairs to “Close Only” Regime – LeapRate
Russian retail Forex broker Alpari (RU) will reshuffle its menu of trading instruments on accounts for the MT4 platform. Some currency pairs are bound to be shifted to “close only” mode, while new ones will be added to the list of trading options.

Investors Examine Saxo Bank Lawsuit After SNB Franc Move – Reuters
More than 20 investors have asked a Danish law firm to represent them in a potential class action lawsuit against online forex brokerage Saxo Bank, law firm Andersen Partners said on Wednesday.

Market Savvy  

Novelty of First ECB Minutes to Test the Euro
Saxo Bank
The Federal Open Market Committee minutes last night sucker-punched a fresh attempt at a USD rally, as most of the headlines emerging from the minutes had a dovish tone, especially the beginning paragraph: “Many participants indicated that their assessment of the balance of risks associated with the timing of the beginning of policy normalisation had inclined them toward keeping the federal funds rate at its effective lower bound for a longer time.”

Press Releases

Icap Global Broking Derivatives Data Included in 2006 ISDA Definitions
Icap’s Global Broking price displays for Swiss franc (CHF) interest rate swaps, CHF single currency basis swaps and EONIA versus EURIBOR (EUR/EUR) basis swaps have been added to Supplement No.46 of the 2006 ISDA Definitions.

Industry Events