Deutsche Bank has fired three currency traders in New York as regulators worldwide ramp up their investigations into potential manipulation of the $5-trillion-a-day foreign exchange market, according to a person briefed on the matter.
The three employees include the head of Deutsche Bank’s emerging markets foreign exchange trading desk in New York and two traders, said the person, who was not authorized to discuss the matter publicly.
Benjamin Lawsky, New York's financial services superintendent, has opened an investigation into manipulation of the currency markets by large banks and is requesting documents from more than a dozen institutions, according to a source familiar with the matter. The source said Lawsky has asked for documents from Barclays BARCR.UL, Credit…
Software AG today unveiled the latest addition to its Apama market surveillance solution with alerts to identify FX (foreign exchange) market manipulation and benchmark fixing. Developed in partnership with tier one banks, these new alerts provide compliance and market monitoring personnel with in-depth monitoring of FX trading, to identify benchmark…
Deutsche Bank has fired a currency trader in Argentina amid investigations by global regulators into alleged manipulation of the foreign exchange market, according to a source familiar with the matter, bringing to four the number of traders the bank has dismissed. Ezequiel Starobinsky, a vice president, at Deutsche office in…
Citigroup's head of European spot foreign exchange trading, Rohan Ramchandani, has left the global bank, a spokesperson told Reuters on Friday. "He is no longer with Citi," bank spokeswoman Danielle Romero-Apsilos told Reuters. Asked if Ramchandani, who has been based in London, had been fired amid a global investigation into…
Currency traders are having their worst start to a year since 2010 as a dearth of trends in major foreign-exchange markets crushes their investment strategies. Deutsche Bank AG’s Currency Returns Index has dropped 0.3 percent since Dec. 31, dragged down by momentum trading, where investors looks for consistent moves in…
None of my tickers are showing much action today. Yen crosses are down modestly but nothing compared to the volatility we’ve seen over the past few days.
The euro tried the upside a few times today and will close out the day with some small gains but tomorrow the ECB decision will surely bring some volatility.
Draghi & Co can opt to do nothing or take action in three different ways:
- A 10-15 basis point cut in the main refi rate
- Switching to unsterilized bond purchases (QE)
- Negative deposit rates
The legality of option #2 is questionable. Any of those move would spark euro selling, partially because it implies more future action.
Ten days ago, the market was comfortable with a wait-and-see decision but soft inflation readings have put pressure on the ECB to act.
There was a lot of uncertainty and debate last summer and fall over whether President Obama would appoint Janet Yellen or Larry Summers as Federal Reserve chair. What wasn’t really up in the air was whether the new head of the world’s most powerful central bank would have a doctorate in economics.…
Germany's Constitutional Court will refer a complaint against the European Central Bank's flagship "unlimited" bond-buying plan to the European Court, removing the prospect of it curbing the program. The court said on Friday there was good reason to think the scheme "exceeds the European Central Bank's monetary policy mandate and thus…
It was almost exactly five years ago that the euro crisis erupted, starting in Greece. Investors who had complacently let all euro-zone countries borrow at uniformly low levels abruptly woke up to the riskiness of an incompetent government borrowing money in a currency which it could not depreciate. There…
The European Central Bank is poised to impose negative interest rates on its overnight depositors, seeking to cajole banks into lending instead and to prevent the euro zone falling into Japan-like deflation. At its meeting on Thursday, ECB policymakers may also launch a loan program for banks with strings attached…
European Central Bank President Mario Draghi hoped never to see this moment: Consumer prices in the euro region have dropped by 0.2 percent, according to December figures just published: Deflation -- a sustained period of falling prices that discourages consumers from spending and businesses from investing -- threatens to worsen the…
Conventional economic policies will not solve unemployment, writes Jørgen Randers, we should think about rationing paid work and introducing compulsory holidays
Will the rich world again see the high economic growth rates we got used to in the decades prior to the year 2000? An increasing number of macroeconomists seem to think that the answer is no. I agree: growth will remain low. Furthermore, conventional policies to enhance economic growth will be ineffective.
There was a lot of uncertainty and debate last summer and fall over whether President Obama would appoint Janet Yellen or Larry Summers as Federal Reserve chair. What wasn’t really up in the air was whether the new head of the world’s most powerful central bank would have a doctorate in economics.
Michael Steinhardt forged the model for making hedge fund billions before exiting the game. With WisdomTree, he’s back to upend Wall Street again–this time, with the little-guy investor at his side.
One reason for global market weakness is investors’ fears that emerging market economies may be heading for a broad crisis, sparked by higher U.S. interest rates and slowing growth in China.
Much of the analysis in the last few days has focused on why these nations are less exposed to a financial meltdown than during the Asian crisis of the late 1990s. A major reason is lower overall foreign debt exposures.
Europe is back. In 2013, the economies of the Continent picked themselves up off the mat, many buoyed by the continuing pledge that the European Central Bank and its president, Mario Draghi, would do “whatever it takes”
None of my tickers are showing much action today. Yen crosses are down modestly but nothing compared to the volatility we’ve seen over the past few days. The euro tried the upside a few times today and will close out the day with some small gains but tomorrow the ECB…
Press conference following the meeting of the Governing Council of the European Central Bank on 4 September 2014 at its premises in Frankfurt am Main, Germany, starting at 2:30 p.m. CET: Introductory statement by Mario Draghi, President of the ECB. Question and answer session. Registered journalists pose questions to Mario Draghi, President…
The Swiss National Bank's foreign exchange reserves inched higher in August, data showed on Friday. The SNB held 453.799 billion Swiss francs in foreign currency at the end of August, compared with 453.353 in July, revised from an originally reported 453.391 billion, preliminary data calculated according to the standards of…
Can you guess where most Chinese nationals are in Europe ? The answer is Italy. Who lives where in Europe? Nationalities across the continent mapped People of many different countries are now living in Europe, with the continent's residents coming everywhere from Jamaica to Tuvalu. Using data from 2011 censuses we have mapped…
The following article will appear in The New York Review’s November 20 issue. Europe is facing a challenge from Russia to its very existence. Neither the European leaders nor their citizens are fully aware of this challenge or know how best to deal with it. I attribute this mainly to…