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More aggressive SNB action urged amid Swiss franc strength

More aggressive SNB action urged amid Swiss franc strength

April 2015

The Swiss National Bank (SNB) has expanded the scope of its negative rates policy, meaning more assets deposited at the central bank will incur charges – but more must be done to substantially weaken the currency, say analysts.

  • Eurozone poised for cross-border real-time payments

    The number of EU countries with real-time payment systems continues to rise, but prospects for systems that work across borders remain uncertain outside Europe, though block-chain technology could offer one solution.

  • RMB usage hampered by expertise, liquidity deficit

    The internationalization of the renminbi could be further turbo-charged if knowledge and liquidity concerns were addressed, according to a new study on corporates' views of the Chinese currency.

  • Why are these FX brokers offering so much leverage?

    While EU regulators debate the merits of introducing a leverage cap, one online broker offering extreme levels of leverage makes a case for the defence.

  • Sterling faces Lehman moment as reality of lose-lose election sets in

    The UK has entered election mode, with concerns about the country’s political future dominating trading in sterling. Volatility is rising and investors are seeking protection in the options market.

  • What's missing from Facebook's digital payments plan

    Facebook’s arrival on the digital payment scene will inevitably see it become a significant player. But, so far, Facebook is not offering a revolution in the global payment infrastructure and tie-ups with disruptive new technologies would truly transform the FX landscape.

  • SNB shocker spawns Downfall parody

    The internet responds to the crunch facing FX trading platforms post-SNB.

  • FX: Bats eyes European expansion for Hotspot

    FX platform Hotspot will launch a European matching engine later this year, after its acquisition by Bats Global Markets.

  • ParFX eyes further growth as it nears third year

    Bank-backed spot FX trading platform is seeing increased participation from buy-side firms, but further growth is still top of its agenda.

  • LatAm bond markets: Currencies’ depreciation will test local appetite

    International investors are increasingly looking at Latin America’s local currency markets, but foreign exchange volatility makes the buyside wary of losing any potential gains, as has happened with some recent deals. The mixture of currency and credit risk may be too heady a cocktail for some.

  • RMB depreciation expectations shift trading strategies

    As China gradually loosens its grip on its FX regime, an ostensibly overvalued RMB is expected to fall back in line with global currencies, presenting a range of opportunities for traders, ranging from USD/CNH spot positions and the options market, to punts on the CNY-CNH differential.

  • FXCM CEO reveals next steps post-SNB disaster

    After the events of Black Thursday, the CEO of crest-fallen FXCM, the FX broker, discusses the shake-up in its business model, the future for retail flows, and lashes out at the institutional FX market structure.

  • Swiss franc: special focus

    The Swiss National Bank has been under sustained fire in its attempt to defend its euro peg in recent years. Accordingly, the shift in the long-defended policy regime has shocked markets and will have far-reaching implications for the euro, eastern Europe and private banking, among other things. Euromoney investigates.

  • Against the tide: The ECB goes for broke

    The eurozone’s economic fortunes should start to recover with the arrival, at last, of full-blown quantitative easing. As the world’s leading currencies are set for a race to the bottom, it could be time to buy gold.

  • NDF growth challenged by buy-side concerns, product competition

    Non-deliverable forwards (NDFs) have experienced impressive growth in recent years, providing a solution to the problem of trading spot FX in many emerging markets (EMs) where currencies are not deliverable. Regulatory and liquidity concerns, combined with competing FX products, have moderated buy-side enthusiasm.

  • FXCM places interbank business in shop window to repay SNB shock loan

    FX broker FXCM has unveiled its plans to sell its non-core assets to repay loans post-Swiss National Bank disaster, and focus its resources on wholesale as well as prime of prime services.

  • Mis-selling: The importance of Crestsign v RBS

    A husband-and-wife business pursuing a negligence claim against RBS for product mis-selling is taking its fight to the Court of Appeal, in a gripping case that could open the floodgates for more mis-selling claims. It could even bring into question basic terms and conditions of standard banking contracts across all asset classes.

  • Dollar rally running out of steam

    The meteoric rise of the US dollar seems unstoppable but cynics are beginning to emerge, as economic data and relative valuations suggest the currency’s ascent is starting to look overheated.

  • Regulators eye leverage cap in FX

    The convulsions after the SNB’s decision to cease pegging the Swiss franc to the euro are still being felt, with regulators in Europe and Australia debating the merits of tougher controls on leverage in FX markets for retail investors.

  • Circuit breakers: Does FX need a kill switch?

    Foreign-exchange broker FXCM’s CEO calls for wider adoption of circuit breakers on FX platforms to prevent another Swiss franc shocker as seen on Black Thursday, but critics question whether it is the right solution and even suitable for an over-the-counter (OTC) market such as FX.

  • FEMR consultation highlights scale of regulatory challenge in FX

    In its fair and effective markets review, the Bank of England has acknowledged end-users are largely ill-suited to the task of combating market misconduct in FICC markets. But opinion remains deeply divided over how best to strengthen oversight in wholesale markets, and which regulatory body should lead the charge.

  • EBS turnover bounces back as FX volatility returns

    Volume on anonymous platform EBS Market has increased during recent volatility, while disclosed EBS Direct continues to gain traction in Commonwealth currencies.

  • FX vol threatens portfolio returns

    Volatile currency markets in 2015 threaten to erode international investors' portfolio returns on traditional equities and bonds, highlighting the need for a strong hedging strategy, advise market participants.

  • Stronger RMB, stronger China

    China’s currency might look overvalued, but that is only half the story.

  • Smart corporates beef up FX hedging

    FX volatility highlights the need for corporates to stick to long-term hedging programmes, so that they can protect profits and their credit ratings. Some firms are also positioning themselves for opportunistic trades and upgrading their treasury and FX management systems.

  • Inside investment: Swiss franc and euro – the allegory of the man cave

    How did the relationship of the Swiss franc and the euro turn out to be purely platonic? Conscious uncoupling was perhaps inevitable.

  • The future of the RMB: special focus

    An in-depth guide to global currency wars; how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.

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