Top news of the day
1. Greece made a repayment of 750 million euro to IMF. Progress is made but work needs to be done. The move came after a what seemed a rare good news day in terms of talks between Greece and its lenders on reforms, without which the country cannot receive a vital last tranche of bailout aid worth 7.2 billion euros ($8.03 billion).
2. Europe is unlikely to impose a financial transaction tax before 2017, not in 2016 as earlier planned. The tax, first proposed in the 1970s to penalise currency speculators, was seized on by France and Germany in 2012.
3. FCA warning against clone firm. Scammers may give out other false details or mix these with some correct details of the authorised firm as a tactic to scam people. Clone firm is Corporate Trust Asset Management/ Corporate Trust Ltd and the FCA authorised firm is CACEIS Corporate Trust Ltd.
4. Bank parents or main units seen pleading guilty to U.S. criminal charges over manipulation of foreign exchange rates. Guilty pleas trigger a cascade of consequences. Banks may have to negotiate regulatory exemptions to avoid serious disruptions of business. As soon as this week JPMorgan Chase & Co (JPM.N), Citigroup (C.N), British banks Royal Bank of Scotland (RBS.L) and Barclays (BARC.L) and Swiss bank UBS (UBSG.VX) will likely resolve forex-rigging investigations by the U.S. Justice Department.
By Onestopbrokers
