Industry 1 – 0 Dodd-Frank

On Friday, US Treasury Secretary Timothy Geithner made the announcement that FX market participants have been waiting for with baited breath: a ‘proposed determination’ to exempt OTC FX forwards and swaps from the clutches of the Dodd-Frank Act...

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Latest FX-MM news...

		AFME speaks out on FX exemption The US Treasury 'proposed determination' to exempt foreign exchange forwards and swaps transactions from forced clearing under the Dodd-Frank Act...

		BAML obtains SWIFT Bank Readiness Certification The bank will join SWIFT's online database which gives corporate customers information on the SWIFT capabilities of their banks...

		GAIN Capital to acquire Deutsche Bank’s dbFX retail business Under the acquisition agreement GAIN Capital will make certain payments to Deutsche Bank based on contract volume...

		Barclays Corporate signals major focus on trade with new hire Barclays Corporate has appointed Tan Kah Chye as their new Head of Trade and Working Capital...

Latest trading commentaries...

Bin Laden death moves markets
The news that Osama Bin Laden has been killed by US security provided the Greenback a lift and its gains have continued for a second day. Acute short market positioning coupled with increasing risk aversion (perhaps due to security concerns following Bin Laden’s death) have helped the USD...

Sterling shot by its own bodyguard again
With three more weddings it would have been a brilliant weekend. They probably went on, somewhere out there, but it is impossible to find anything about them in the media...

Commodity markers remind traders just how difficult and risky it can be trading them
When the first African American President of the United States was elected a few years ago the “Obama bounce” took markets higher in a wave of optimism and euphoria, but the gains were very short lived during a time when the banking crisis was at its peak and the bear market was just about at its lowest level...

UK needing encouraging data if hike speculations this summer are to continue
With UK manufacturing, construction and services sector data released on consecutive days; we have another busy shortened week ahead. Some strong figures in each of these areas will build on last week’s fairly solid UK GDP figure. Expectations of a rate rise at this week’s BoE meeting...

RBA leaves rates unchanged but is there a note of “vigilance” in the comments?
Today’s main event for Asia was the RBA rate meeting with recent surveys showing most analysts expecting no change from the current 4.75% though, with the recent release of Q1 PPI and CPI data showing an upswing in inflation, there was some chatter of a possible 25bp, and even a 50bp rate hike doing the rounds...