The economic outlook for Scandinavian
economies looks mixed in the second part of 2016, with upcoming monetary policy
decisions and a potential rebound in oil prices among the factors that may
boost economic performance, market commentators tell Profit & Loss.
Sweden has so far been the best performer
in the region, having seen steady economic growth in the years following the
economic crisis, although some slowdown has been seen recently.
“Sweden is performing best, driven by
strong credit growth and very easy central bank policy,” says John Hardy, head
of FX strategy at Saxo Bank. “With hi...
CME Group plans to
list additional contract months for the options on its MXN/USD futures contract
Effective September 11
2016, for trade date September 12 2016, CME will list nine additional contract
months for these options.
The exchange group
already lists three contract months for this contract on Globex and 12 contract
months on the CME trading floor and for submission for clearing through CME
The Merc says that
listing the additional contract months on CME Globex will align the listing
schedule for the contract on all trading and clearing venues.
The Commodity F...
Gerard Varjacques is
set to leave his position as global head of sales at EBS, according to market
spokesperson for EBS BrokerTec declined to comment on the news, Profit & Loss understands that Varjacques
has decided to leave the firm and is working with Jim Iorio, the recently
appointed global head of sales at EBS BrokerTec, to ensure a smooth transition
as he departs.
Varjacques joined EBS,
ahead of its merger with BrokerTec, in 2013. Prior to that he was the COO at
Traiana for over two years and also served as executive vice president of
SunGard Institutional Asset Ma...
Dealers are talking about an interesting,
and for the foreign exchange market, unusual, reaction to the latest political
upheaval in South Africa.
News that finance minister Pravin Gordhan
had been summoned to be interviewed by police saw a sharp move higher in
USD/ZAR yesterday that had the pair peaking out after an 85 big figure move at 14.30, before drifting lower
as Gordhan announced he would not submit to the police and had no legal
requirement to do so.
Gordhan's summons is seen as the latest blow in a long battle on the part of South Africa's prime minister Jacob Zuma to oust the ex...
from Swift shows that in July RMB bounced back to its position as the fifth
most active currency for global by payments by value, with a share of 1.90%, a
slight increase from 1.72% in June 2016.
the data shows that RMB payments value decreased by 0.68% compared to June
2016, whilst in general all payments currencies decreased by 10.08%.
other big change in the Swift data was that RMB usage in payments in South
Africa increased by 65% over the last 12 months and by 112% in the last two years,
moving the country from position #30 in July 2014, to #24 in July 2016.
A US court has granted a motion to
dismiss the legal complaints aimed at FXCM, and certain members of its senior
staff, in which the plaintiff alleged that they were mislead about the risks
associated with the firms’ agency business model.
The complaint, directed at FXCM, its
CEO, Drew Niv and its CFO, Robert Lande, claims that these defendants “made a
number of materially false or misleading statements or material omissions” about
how FXCM operated its business.
“In particular, plaintiff alleges that
defendants misled investors about the “low risks” of their “agency” business
Saxo Bank has hired Mario Camara as head of Saxo Dubai and Anwaar Ahmed as head of institutional business development for MENA, as it looks to build out its presence in the region.
In a statement issued today Saxo Bank says that these two hires reflect the importance of the Middle East as a growth hub for both its retail and institutional business lines, noting that it has tripled its revenues in this region since it started operating there in 2009.
Prior to joining Saxo Bank Camara had been working with a range of international brokers and banks in the Middle East and Asia since 2007. Befor...
In what is being seen as a surprise move,
the president of ACI – The Financial Markets Association, Marshall Bailey, has
resigned from the role – he was the first paid president in the association’s
more than 60-year history.
In a letter to ACI members, seen by Profit & Loss, Bailey says, “Serving
the international membership of ACI FMA has been an honour and a duty that I
have taken very seriously indeed.”
ACI sources tell Profit & Loss that ACI South Africa’s Brigid Taylor has been
appointed interim president and will remain in the post while the process for
replacing Bailey is agreed and...
The Monetary Authority of Singapore (MAS)
has postponed the implementation of rules surrounding margin requirements for
non-centrally cleared derivatives.
The rules were due to be invoked on
September 1, however in a letter to market participants, MAS says it has been in close consultations with the industry
in Singapore and regional regulators on a coordinated implementation of the
As a result of this
consultation and in association with the Hong Kong Monetary Authority (HKMA), MAS
has re-considered the timeline “given recently announced changes in the
CME Group has issued a 60-day ban against a
trader it accuses of spoofing in its gold and natural gas futures markets – the
ban comes just weeks after a US court sentenced
Michael Coscia to three years in jail for the same offence.
The exchange has denied Andrey Sakharov direct and indirect access to
all CME Group markets by any member or member firm and any non-member firm
introducing business to a member firm.
The summary access
denial prohibits Sakharov and/or any accounts in which he has ownership or
control over from trading, placing orders, and controlling or directing the