Yen Stalls in Time to Avoid Intervention, Ex-Currency Boss Says – Foreign Exchange Professionals Association

Top Headlines

Yen Stalls in Time to Avoid Intervention, Ex-Currency Boss Says – Bloomberg

The yen’s strongest gain since 2008 has petered out in time to forestall any intervention, according to Takatoshi Kato, a former top currency official at the Ministry of Finance.

BOJ Kuroda: No Plan to Cut Rates Further Now – Reuters

Yuan Rises Most in Three Weeks as Leaders Seen Signalling Support – Bloomberg

The yuan surged the most in almost three weeks as China’s leaders signaled support for the currency before their biggest gathering of the year begins tomorrow.

Rand’s Wild Ride Shows Cost of Being a Currency Everyone Trades – Bloomberg

It took just a hint of strife at South Africa’s National Treasury to send the rand tumbling 3.5 percent in a day — and one statement from the president’s office to bring it right back again three days later.

Poll: Market Intervention, Politics Cloud Outlook on Latin America FX – Reuters

Latin American currencies are likely to remain volatile after a surprising recovery last month, with Brazil’s political crisis still hurting the real and the Mexican peso clouded by signs of economic deterioration, a Reuters poll showed on Thursday.

‘Is Currency Devaluation Overrated?’ – Seeking Alpha

There’s a long history of skepticism regarding the effectiveness of currency depreciation as a means of spurring net exports and GDP growth.

Fed and the Markets: Breaking Up to Making Up on Rate Outlook – Bloomberg

A once-yawning chasm between market expectations and U.S. Federal Reserve projections for the pace of interest rate increases this year is about to narrow.

Northern Exposure: Loonie’s Fall Is Freezing Up Business at Border – Wall Street Journal

When Edaleen Dairy opened the first of three new outlets in Washington state, the Canadian dollar was worth about the same as the U.S. dollar and shoppers were flowing across the border from British Columbia.

Regulatory News

Regulator Charges ANZ Over BBSW Fixing – Profit & Loss

The Australian Securities and Investment Commission (ASIC) has begun legal proceedings against ANZ for “for unconscionable conduct and market manipulation” surrounding its involvement in the local rate setting process the Bank Bill Swap (BBSW) reference rate fixing.

White House Nominates Two for CFTC – Profit & Loss

President Barack Obama has nominated Dr Chris Brummer and Brian Quintenz as commissioners at the US Commodity Futures Trading Commission.

ISDA Publishes Australian Clearing Classification Letter

The International Swaps and Derivatives Association, Inc. (ISDA) has published a new classification letter that will enable counterparties to notify each other of their status for clearing requirements under Australia’s mandatory central clearing regime for over-the-counter derivatives.

ISDA Publishes EMIR Classification Letter

Company News

Wells Departs LCH as it Prepares to Merge ForexClear and SwapClear? – Profit & Loss

Market sources are indicating that Gavin Wells has left his position as global head of ForexClear at LCH Clearnet as the firm prepares to roll ForexClear into its SwapClear business.

Goldman Sachs to Cut More Than 5% of Fixed-Income Workers – Bloomberg

Goldman Sachs Group Inc. plans to eliminate more than 5 percent of traders and salespeople in its fixed-income business, cutting deeper into those operations than an annual companywide cull that has already begun.

R3 Completes Blockchain Fixed Income Trading Trial – Profit & Loss

R3 CEV has completed a trial of five cloud-based emerging blockchain technologies with 40 bank consortium members.

Market Savvy

World’s No. 2 Currency Trader Sees Dollar Surge as Misery Wanes – Bloomberg

When misery fades, the dollar rallies. That’s the contention of Deutsche Bank.

Why Worst May Not Be Over for Pound: FX Expert – CNBC
For the weakening British pound, the worst may not be over. Derek Halpenny, head of global markets research at Bank of Tokyo-Mitsubishi UFJ, said there’s scope for major drops in the currency as the “Brexit” debate rages on.

Press Releases

SGX Reports Market Statistics for February 2016

Singapore Exchange has released data on securities, derivatives and commodities for last month.

London Stock Exchange Group Preliminary Results for the Year Ended 31 December 2015

The London Stock Exchange has released its preliminary results for last year, and is reporting “continued delivery of successful strategy”.

Industry Events

FX Post-Trade: Ripping Off the Band-Aid, 8 March, Profit & Loss/Markit Webinar

FX Week Australia, 10 March in Sydney, Australia

FIA: Boca 2016, 15-18 March in Boca Raton, FL

FOW: Derivatives World, 12-13 April in Hong Kong

FX Week FX Invest North America, 12 April in Boston, MA

Profit & Loss Forex Network London, 14 April in London, UK