Barclays hit with biggest fine in UK history 21/05/2015 Barclays bank faces a financial penalty of £284,432,000 after the Financial Conduct Authority (FCA) found it guilty of failing to control its foreign exchange (FX) business.
RQFII scheme extended to Luxembourg 29/04/2015 The People's Bank of China has granted a 50 billion RMB RQFII quota to Luxembourg.
Launched in Hong Kong in 2011, the RQFII (RMB Qualified Foreign Institutional Investor) scheme has been expanded to other jurisdictions since 2013, allowing the reinvestment of offshore RMB into the Mainland securities market.
Julius Baer to mitigate the impact of currency mismatches by cutting jobs and increasing efficiency 04/02/2015 The possible impact of a surging currency on Swiss private banks’ profits is a subject that will occupy analysts and commentators in the months ahead. The reality is that foreign-currency denominated assets account for a significant proportion of client assets at virtually of the big Swiss banks, especially Credit Suisse, Julius Baer and UBS. But most of these banks’ costs are denominated in Swiss francs. This mismatch between costs and revenue earning assets will almost certainly have a malign impact on profitability going forward, unless the Swiss franc’s appreciation is mitigated or reversed.
How asset allocators are responding to the dangers of currency volatility 27/01/2015 The recent move by the Swiss Central Bank to remove the cap on the country’s currency neatly highlighted the dilemma for asset allocators in the current environment: On the one hand, the current volatility in currency markets shows the dangers inherent in predicting the level of different currencies; on the other, it shows how profoundly currencies can impact investment returns.