November 18, 2014

FX Fixing Window Set for Widening to Reduce Propensity for Market Manipulation

As various proposals are implemented to reduce the propensity for FX manipulation, WM Company takes the simple step of widening the fixing window to 5 minutes. Does a wider window reduce the chance of collusion?

November 17, 2014

Another Bout of US Dollar Strength KO's Commodities

Ongoing macroeconomic and geopolitical themes are pushing several asset classes to multi-year highs (lows) and causing significant angst amongst investors.

November 12, 2014

Despite the Regulatory Rigmarole, It’s All Just Business For the FX Riggers and the Market Triggers

The 'Trifecta' of regulatory agencies has missed one thing: front-office bankers are working in a savagely competitive environment founded on a hierarchy that breeds the desire to cheat. 

November 5, 2014

Tax Evasion Crackdown Hits the Buffers as Smoking-Gun-Wielding Banker Is Found Innocent

In a blow to attempts to restrain rampant tax evasion, a Senior ex-UBS banker is acquitted of defrauding the US government by helping UBS conceal $20 billion. The difference between tax avoidance and tax evasion is the thickness of a prison wall.

October 31, 2014

Bank of Japan Shakes Its Money Tree: Raises Annual Monetary Base to $718 Billion

The Bank of Japan takes the unprecedented step of including equity and real-estate assets as part of its stimulus programme. With the monetary base expected to rise and keep rising year-on-year, the outlook for Yen pairs is bleak. 

October 28, 2014

As the Fed Mulls Pulling the Normalization Trigger, Can Bullish Markets Bear It?

The Fed's October meeting is highly anticipated and awaited by market participants of all types. Despite the Fed's pretence, if QE3 officially ends today QE4 will be what the markets scream out for in 2015.

October 27, 2014

UBS Adds $2 Billion to Its Litigation Warchest as Regulators Sharpen Their Sabres

The Top 10 banks are building sizeable capital reserves to mitigate a looming regulatory backlash specifically aimed at FX-rate manipulation. Regardless of the penalties, "litigation and regulatory matters will remain elevated for the foreseeable future".

October 21, 2014

LME Confirmed as New Metals Ringmaster as Market Rigging Fears Take Benchmarking Digital

With palladium and platinum price 'fixing' shifting to the LME in December, is benchmark manipulation likely to be curbed or compounded? Any system or solution is only as good as its wielder.

October 14, 2014

Debt, Tax Evasion and Competing Economic Doctrines Dominate IMF and World Bank Discussions

The rate of debt acquisition has slowed but its reduction will not begin until 2019 at the earliest. Posturing and political points scoring continue to lie at the heart of Europe's bureaucracy rather than economic sense.

October 8, 2014

Russian Central Bank Conducts Ruble Intervention and Widens Trading Band

A political crisis in the Ukraine leads to economic calamities in Russia and forces the central bank to defend the Ruble in multiple bouts of intervention already this week. When it comes to fighting the tide, resistance is futile.

October 1, 2014

Russia Scrambles to Defend Rouble Amid Capital Security Concerns

The CBR is rumoured to be on the verge of implementing capital controls for the first time since 1998, as the country maintains its overwhelming dependence on lofty oil prices and artificial market controls in Rouble flows.

UK Treasury Plans to Criminalise All Benchmark Fixing LIBOR-Led by Example

After the horse has already bolted, the UK Treasury begins a consultation into closing the barn door.

September 12, 2014

Global FX Market Regulation — A Big Dream That Requires Even Bigger Ambition

With the majority of financial services under regulatory oversight across the globe, could now be the time when the FX market finally comes in from the cold?

September 10, 2014

EU Commission Presents ‘Team Juncker’ in Chase for Jobs and Growth

The EU Commission is restructured and reshuffled although a federalist flavor remains. With 'TeamJuncker' holding the reins, Europe could be on a fast-track to becoming the United States of Europe.

September 4, 2014

Goldman Sachs Licks its Wounds After Being Ensnared in its Own Murky Web

As more banks engage in off-market transactions using SPV's and subsidiaries to shake off scrutiny, Goldman Sachs is accused of questionable practices, non-disclosure of conflicts of interest and bad business ethics. Again.

September 2, 2014

Spain Issues Long-Dated 50-Year Bond Symbolising a Prolonged European Debt Problem

Forex Magnates reports on Spain’s latest bond issue as the country takes advantage of ultra-low interest rates in a bid to meet its funding requirements and secure a burgeoning recovery.

August 28, 2014

Top Banks Scramble to Restore Forex Revenues as Regulatory Impacts Bite Bottom Line

As falling volumes cut into banking revenues, FX activity at banks is falling at its fastest rate since 2008. Low volatility combined with internal restructuring is further complicated by regulatory challenges.

August 25, 2014

Fed Policy ‘Normalization’ Could Spark Market Volatility as Other Banks Maintain Stimulus

Quantitative Easing hardens as central bankers struggle to reverse stimulus. With debt-propelled markets bracing for 'normalisation', the impact will be anything but normal.

March 18, 2014

Ship Ahoy

A recent report published by the Institute of Economic Affairs (IEA) suggests the debt overhang in most developed countries continues to grow and will require consistently stronger fiscal responses from already dwindling public purses.

March 6, 2014

The Disfigured Past and an Ominous Future

With monetary and fiscal policy being completely exhausted in the majority of the developed world, a 'Grand Solution' to the debt debacle is on the horizon. What's coming will ignore the many and empower the few.

March 4, 2014

Open Letter to Charles Tannock MEP

Morality is doing the right thing regardless of what you are told. Obedience is doing what you are told, regardless of whether it's right.

February 28, 2014

February 26, 2014

Jim'll'fix it

Almost every asset class is being fixed, manipulated and artificially 'gamed' within markets no longer representative of true value or fundamentals. It's being done by design and controlled by the Ivory Towers of Authority that cannot be questioned or disputed.