Day: 4 March 2020

Canada Echoes Fed with Half-Point Rate Cut

Canada followed the US by substantially lowering interest rates to buffer the shock of the COVID-9 virus that is reverberating through financial markets around the world. The Bank of Canada Wednesday lowered its target overnight rate by 50 basis points to 1.25%, its largest single rate cut since 2009. That cut led to a corresponding […]

Associations Publish Best Practice for Trade Reporting

The International Swaps and Derivatives Association, (ISDA), the European Fund and Asset Management Association (EFAMA), the European Venues and Intermediaries Association (EVIA), the Futures Industry Association (FIA) and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) have jointly published a set of best practices for derivatives trade reporting under the European Market […]

IMF: Virus Causing “Generalised Weakening Demand”

weaken

IMF managing director Kristalina Georgieva Wednesday said her institution and the World Bank are mobilising their resources to coordinate a global response to the coronavirus outbreak, with well more than $1 trillion available for a “people first” approach to mitigation. “The disease is spreading quickly with over one-third of our membership affected directly,” she said. […]

More Positive News from FX Platforms

Following new records for three platforms reported earlier this week, a second group of platforms has unveiled strong turnover data for February. CME Group says that notional average daily volume (ADV) across its futures and options product suite was $98 billion in February, a 33.1% increase from January and a 32.6% increase from February 2019. […]

Under Pressure, Fed Apt to Continue Easing

pressure

Whatever one may think of the wisdom of the Federal Reserve’s March 3 interest rate cut, it has embarked on a preemptive easing of credit in response to economic threats posed by the corona virus and seems likely to remain on that course. Not only did the Fed’s policymaking Federal Open Market Committee cut the […]

In Memoriam: Curtis Moonan 1975-2020

The FX industry received some very sad news last week as Curtis Moonan, head of execution and clearing services, at Velocity Trade unexpectedly passed away. Talk to anyone who knew Curtis and probably the first thing that they’ll tell you is that he was a master raconteur who had an uncanny ability to hook you […]

White House Watch: Struggling to Get Ahead of Mystery Curve

Tuesday’s next step into the unknown was accompanied by major moves, from the credit markets to the Federal Reserve; meanwhile, the testing kits necessary to gauge the spread of the corona virus are closer to wide distribution. With 92,00 confirmed corona virus cases and more than 3,200 dead worldwide – now nine of them in […]

Renouf Joins NAB

Profit & Loss understands that Katie Renouf has joined National Australia Bank in London as a director, FX sales. She joins from BNP Paribas in London where she spent just over six years, initially in a business development role in the Channel Islands and more latterly in London in FX sales to currency and passive […]