BNY Mellon sued for overcharging on currency trades
The city and state of New York and US Department of Justice have filed separate lawsuits against Bank of New York Mellon, alleging the world’s largest custody bank defrauded pension funds, US banks and...
View ArticleJapan moves closer to $52bn yen intervention
The Cabinet of Japanese Prime Minister Yoshihiko Noda signed off on steps to deal with the soaring yen on Friday, the WSJ reports. Fleshing out proposals made last month, Tokyo’s plan aims to curb...
View ArticleChina’s foreign reserves not so hot
China’s first quarterly decline in its forex reserves since 1998 has been described as a result of “hot money” leaving China. But there are a few other reasons — probably bigger ones. Firstly, though,...
View ArticleJapan confirms stealth intervention to limit yen
The Japanese government has confirmed that it intervened unannounced into foreign-exchange markets to weaken the yen last year, for the first time since 2004, the FT reports. Ministry of Finance data...
View ArticleSpace opera, beyond finance edition
FT Alphaville spent a lot of last week hanging out at Lift12, a Geneva-based technology conference exploring the social implications of new technologies. We were particularly drawn to the Beyond...
View ArticlePresenting…. the totally exciting Euromoney FX survey 2012
So here they are! The results of 2012′s Euromoney survey — based on non-gamed voting by, er, clients! And… drum roll please… it’s… Deutsche at the global top!Continue reading: Presenting…. the totally...
View ArticleAnother day, another SNB rumour
Swiss franc traders have been pretty bored of late, with the euro/Swiss franc flatlining for months. But it seems they’ve had some rare excitement this week: someone out there is buying as many euros...
View ArticleThe RBA – leaning against the wind
Is the Reserve Bank of Australia intervening in the market to hold down the remarkably resilient Aussie dollar? That's the question commentators and economists are asking themselves following the...
View ArticleFT Alphaville also available for your ears, FX edition
As a special treat, the below podcast. FT Alphaville reporter David Keohane met Simon Derrick, chief currency strategist at BNY Mellon. They geeked out on various FX topics. Continue reading: FT...
View ArticleWhat China really wants
China announced last week that its State Administration of Foreign Exchange would remove the $1bn limit for foreign sovereign wealth funds, central banks and monetary authorities buying Chinese assets...
View ArticleThe wonders of the FX universe
Dark matter may more commonly be associated with physics, space exploration and Professor Brian Cox, but, according to Deutsche Bank’s FX strategist George Saravelos, there’s a good chance that it’s...
View ArticleTrading, market-making, speculation or manipulation? Who knows anymore
Bloomberg on Wednesday brought us the exclusive story that currency traders may have been manipulating benchmark foreign-exchange rates, which are used to set the value of trillions of dollars of...
View ArticleBeware the EM central bank FX swap trend
BNP Paribas has an interesting note out on the increased use of FX swaps by central banks. If you’re a central bank in emerging markets, struggling to keep your economy stimulated/protected from hot...
View ArticleFX evolution
The BIS quarterly review came out this weekend, providing some good analysis of the FX and OTC derivative data which was gathered by the Triennial Central Bank survey. Two notable observations on that...
View ArticleGuest post: In defence of FX traders
From Joy Rajiv, who formerly worked in the Foreign Exchange trading divisions at both Morgan Stanley and Deutsche Bank. He left the industry in early 2013 for personal reasons unrelated to the current...
View ArticleOnce you cross-subsidise bank services can you ever go back?
Alternative title: First mover dis-advantage in banking In early 2013 the Financial Stability Board asked a group chaired by Paul Fisher of the Bank of England and RBA assistant governor Guy Debelle to...
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