Swiss franc surges after central bank scraps currency ceiling and slashes interest rates January 15, 2015 The Swiss franc has surged against the euro after the central bank scrapped a currency "ceiling", and took interest rates even further into negative territory. The Swiss franc was up as much as 37 per cent against the euro before later paring gains. Swiss shares shed some 10 per cent after investors rushed into safe-haven [...]
Barclays’ progress frustrated by legal costs and PPI July 30, 2014 Mounting PPI payouts and weak investment bank performance knocked Barclays’ profits in the first half of 2014, the bank said yesterday. Pre-tax profits fell seven per cent to £3.3bn, down from £3.6bn in the same period of 2013. Operating income fell nine per cent to £12.2bn, while operating expenses rose nine per cent to £8.9bn. [...]
Swiss currency crisis: FXCM share price plummets 87 per cent January 20, 2015 NYSE-listed foreign exchange broker FXCM's share price fell as much as 87 per cent today, after it disclosed the terms of a bailout by Leucadia National. The terms allow Leucadia – parent of investment bank Jefferies – to force the sale of FXCM after three years, and receive half the proceeds beyond repayment of the $300m (£197m) [...]
Bankers want traders to pass exams first February 3, 2015 BANKS’ traders should have a basic level of qualifications before they are allowed to work, the British Bankers’ Association (BBA) told chancellor George Osborne yesterday. The industry has been rocked by a series of trading scandals, with traders colluding to attempt to fiddle inter-bank interest rate benchmark Libor and foreign exchange benchmarks. “This is a [...]
Currency chaos: Swiss franc soars as Switzerland’s central bank abandons euro exchange rate cap January 15, 2015 The Swiss central bank rocked global markets yesterday, adding to an already turbulent 2015 with a shock decision to abandon its euro exchange rate cap. The franc rocketed by 39 per cent against the euro after the Swiss National Bank (SNB) said it would no longer intervene in currency markets to keep the franc weak [...]
Forex price fixers may face jail under George Osborne’s new plans December 22, 2014 Chancellor George Osborne yesterday confirmed the government would make price-fixing in foreign exchange markets a criminal offence in 2015. It is part of a larger plan that extends the rules put in place to regulate Libor – a rate at which banks lend to each other – to several other financial market benchmarks. [...]
Confidence knock? How the election is hitting businesses March 25, 2015 HOW CONFIDENT do high-growth companies feel about the coming year? For The Leap 100, the future looks bright. A whopping 98 per cent were either optimistic or very optimistic about their business’s prospects over the next 12 months, and 83 per cent expect the state of the economy to improve or greatly improve. Significantly, however, [...]
Venezuela: No hope on the horizon March 9, 2015 In its sixteen years under the Chavista regime, Venezuela never had it worse than it has had in the last three months. For years, stories have circulated about rigged elections, brutal responses to public demonstrations, disregard for the rule of law, and growing poverty and scarcity. However, since the death of Hugo Chavez and the [...]
HSBC fires top European foreign exchange trader in wake of fine December 10, 2014 HSBC has dismissed a top foreign exchange trading executive, following a £389m fine it received from US and UK regulators over market manipulation. Stuart Scott, head of forex trading for Europe, the Middle East and Africa (EMEA), was let go on Tuesday, City A.M. understands. HSBC’s forex trading division has cost the bank hundreds of [...]
HSBC fires foreign exchange executive Stuart Scott following fines for market rigging December 10, 2014 HSBC has dismissed a top foreign exchange trading executive following the £389m fine it received from US and UK regulators over market manipulation. Stuart Scott, head of forex trading for Europe, the Middle East and Africa (EMEA), was let go on Tuesday according to reports. HSBC’s Forex trading division has cost the bank [...]