Credit Suisse announced it will move more of its foreign exchange and rates trading to its electronic platform as a way of trimming expenses. The firm also announced its plans to exit commodities as it posted a large quarterly loss, which was attributed mainly to its payment of the U.S. tax evasion settlement.
Last week, the Commodity Futures Trading Commission's soon departing commissioner Scott O'Malia gave a frank assessment of the obstacles to robust liquidity that the newly electronic swaps market faces. Speaking to an audience of financial lawyers, he warned about fracturing of liquidity between US and non-US markets, and the lowered liquidity in some commodities markets that is making hedging costly.
Eurex Clearing has issued a paper carefully outlining the benefits of an increased move toward central clearing. While the paper essentially defends a more engaged role for itself, it is significant because it comes at a time when firms across the globe are coping with or preparing to cope with new operational issues associated with the increased use of central clearing.
The Intercontinental Exchange unit tasked with overseeing Libor is reportedly planning to ask banks that submit Libor rate data for more detailed transaction information.
When JPMorgan chairman and CEO Jamie Dimon told investors and shareholders on Tuesday that he has curable throat cancer, he vowed to keep working "as usual" through radiation treatment,...
The Federal Reserve is reportedly weighing the idea of adding exit fees to bond funds to dampen a sharp sell-off should interest rates rise, the Financial Times first reported. The idea has some proponents but would likely be unpopular among retail investors.
Separate reports indicate two key executives are leaving Barlcays, both of whom had been in their current positions for less than a year. The departures come as the bank undergoes significant restructuring amid declining revenues.
A recent trend for large organizations to outsource the management of outsourcing suppliers is having negative results, a recent study shows. Firms are more likely to lose control of suppliers than to increase efficiency.
British Chancellor of the Exchequer George Osborne will announce plans today to make it a criminal offense to manipulate foreign exchange, fixed-income and commodities markets in the wake of prolonged rate-fixing scandals.
Citigroup plans to sell its OneMain consumer lending business by the end of this year or early next year, according to Citigroup's CEO Michael Corbat. Citigroup has been interested in selling the unit since after the financial crisis but was not willing to let it go for the prices offered, Corbat said, but now the timing seems right.