First Read

My Realization: BOX and VolX Team Up to List Options on RealVol SPY Index
Doug Ashburn – JLN

When assessing actual exposure in the market, why does the listed world use measures of implied volatility?

That is the question VolX CEO Bob Krause asks to anyone who will listen. Why, he wonders, is the listed derivatives market dominated by the VIX, a measure of 30-day volatility expectations?

The standard in the OTC market, by contrast, is the variance swap – a contract where the payoff is in terms of actual movement in the underlying (“realized volatility” if you will). He says the OTC market is doing it right, in that participants are hedging actual market exposure with actual price movement, rather than expectations of future price movement.

Pending Securities and Exchange Commission approval in the next few months, BOX Options Exchange will begin exclusively listing VOLS, options on a realized volatility index based on the SPDR S&P 500 Exchange Traded Fund (SPY ETF). These cash-settled options will reflect the daily closing values of the SPY over a 21-day trading period per VolX’s RealVol Daily Formula.

Read the rest of the story on


Jonathan Thursby

SDR 2.0: CME Group’s Jonathan Thursby Looks at the Future of Swap Data Repositories

Over the past 18 months, the OTC derivatives world began mandatory reporting into trade repositories. Now that we have had some time to work through the logistics, it is time for a rethink. Jonathan Thursby, president of global repository services at CME Group, says the CFTC and global regulators are looking at revisions to the rules, and he lays out his wish list for a new and improved framework.
Watch the video »

CME pit closure sparks member buyout call
Gregory Meyer in New York, FT
The demise of futures trading pits in Chicago and New York has triggered debate over exchange membership, a privilege some now view as a burden in an era of electronic markets.
***** This is the email message I received yesterday from RJO CEO and FIA Chairman Gerry Corcoran about my comments about the CME Group member meeting with executives of the CME Group about the closing of the futures pits. It is published with his permission:

John, I am so glad you pointed out that seat owners were the beneficiaries of tremendous profits during the demutualization process. The time is here for the great CME Group transition to occur; I believe Terry as Chairman has been patient and done this with dignity and respect to all of those current and past members who so professionally populated the pits and created liquidity, price discovery and risk transfer for the world. But history is littered with failed companies that held on to the past and did not move forward and embrace the future; as such I believe CME has made the right decision.

Now, the FCM community will have to make its own tough decisions in managing the pit closures and how the process impacts their employees. Capitalism is a steamroller….you better stay ahead of it, or it will run you over! No firm better understands and respects the importance of pit trading than RJO, but we also don’t get caught up in the past and look forward to how we will best serve our clients and protect our employees in the future.

Hope all is well!


Whitehead’s Storied Career Beyond Goldman Sachs Is Hard to Reproduce
By Antony Currie and Rob Cox, NY Times
The storied career that John C. Whitehead led over the past 70 years or so is virtually impossible to imagine on Wall Street today.
***** John Whitehead was an Eagle Scout and Boy Scout leader in New York. Here is a notice from the NY Times:

The Greater New York Councils, Boy Scouts of America mourns the loss of Board Co-Chairman, Distinguished Eagle Scout John C. Whitehead. His thoughtful and generous leadership of NYC Scouting and Exploring has left an indelible mark on hundreds of thousands of NYC young people and their families. We extend our deepest sympathies to his family. The Board and Staff of the Greater New York Councils, Boy Scouts of America.


More and more exchanges and brokers want to use Deutsche Börse trading platform
Deutsche Börse Group
Deutsche Börse: The new IT infrastructure of Deutsche Börse is more and more used by other stock exchanges and brokerage houses.
Singapore-based regulated futures exchange Cleartrade Exchange (CLTX), London-based Freight Investor Services Ltd., a broker of freight and commodity derivatives, and NOREXECO ASA, a commodities exchange for pulp and paper based in Norway, will start to use the Deutsche Börse trading platform “M7” in the first half of 2015.

***** It is like there is something in water. Or is it the beer?


#PreviewTT: The New MD Trader®
by Steve Decker, Senior Product Manager, Trading Technologies
We’ve brought many innovations to market since the first version of X_TRADER® debuted 21 years ago, but perhaps none of them is as well-known as the MD Trader® ladder. With features like single-click order entry and cancellation, support for synthetic orders, and a range of tools to view depth of market, implied prices and volume, volume at price and more, MD Trader is widely acknowledged as the industry-standard ladder for professional futures traders.

***** X_Trader debuted 21 years ago? OMG, I am so old.


CME Group Inc. Names Slate of Director Nominees
CME Group
CME Group today announced its slate of candidates for its board of directors for election at the company’s annual meeting to be held Wednesday, May 20, 2015.

****** The usual suspects back in their usual positions. But there is some competition in the B-share slots.


Investors Should Know Pay Gap Between C.E.O.s and Workers
By Richard Trumka, NY Times
Richard Trumka is the president of the A.F.L.-C.I.O., the nation’s main labor federation.
Millions of Americans invest in the stock market through their retirement funds and pension plans. Investors evaluate numerous metrics to determine where to place their hard-earned savings, but another measure could help determine whether a company is a good buy: the chief-executive-to-worker pay ratio.

***** How does influencing investors make a difference with the portfolio managers who are making the decisions? Yes, this can be a red flag, but there are many red flags.



MarketsWiki Page of the Day
George Martin

MarketsWiki Recent Updates


Jonas Hansbo; George Martin; Helen Pound; Mark J. Carney; Maurice van Tilburg; Sarah Rudolph; Steve Dickey; Mary Ann Burns; Raymond Ma; Steve Forbes; Mary Chung

Companies, Organizations and Groups

BGC Partners, Inc.; HSBC Holdings Plc


Security Traders Association of Chicago (STAC); Bank of England


MarketsWiki Statistics

Lead Stories

U.S. Is Seeking Felony Pleas by Big Banks in Foreign Currency Inquiry
By Ben Protess and Jessica Silver-Greenberg, NY Times
The Justice Department is pushing some of the biggest banks on Wall Street — including, for the first time in decades, American institutions — to plead guilty to criminal charges that they manipulated the prices of foreign currencies.

The S.E.C.’s Hazy Approach to Crime and Punishment
By Peter J. Henning, NY Times
In Gilbert and Sullivan’s “The Mikado,” a line expresses the need “to let the punishment fit the crime.” The Securities and Exchange Commission is struggling with that notion when it decides whether to grant a waiver to an automatic bar from certain securities trading. The issue has been nagging the S.E.C. for the last year in settlements with banks and brokerage firms for violations of the securities laws that earns them the label of “bad actor,” which results in the automatic bar, which can be costly. Last week, two commissioners, Luis A. Aguilar and Kara M. Stein, issued a dissent from an order that granted a waiver to Oppenheimer & Company despite what they described as “egregious misconduct.”

HSBC leaker says files ‘tip of iceberg’
Business Spectator
The former HSBC employee who leaked sensational secret documents alleging the bank helped wealthy customers – including Australia’s Kerry Packer – dodge millions of dollars in taxes has warned that the revelations are just the “tip of the iceberg”.

The Women of the S.&P. 500, and Investor Activism
By Andrew Ross Sorkin, NY Times
Indra K. Nooyi. Marissa Mayer. Ellen J. Kullman. Irene B. Rosenfeld. Meg Whitman. Mary T. Barra. What do these women have in common? They are the chief executives of some of the nation’s largest companies: PepsiCo, Yahoo, DuPont, Mondelez, Hewlett-Packard and General Motors. But they also share something else. In recent years their companies have been targeted by activist investors and other vocal shareholders seeking to make changes.

Mainland launches stock option trading
The Chinese mainland launched its first stock options on Monday, giving investors more tools to manage risks as the country’s stock market showed signs of losing steam after gaining 53 percent last year.

BGC Becomes The First Interdealer Broker To Launch An Electronic Platform For The Yen IRS Market
BGC Partners
BGC, a leading global brokerage company servicing the financial and real estate markets, today announced that it has launched BGC Trader for Yen Interest Rate Swaps. BGC is the first interdealer broker to launch a fully electronic platform for the market.

Maybe the Young Shouldn’t Dive Into Stocks
Young people are almost always encouraged to load up on stocks in their retirement portfolios. The prospect of returns higher than bonds over the long run in exchange for greater short-term price swings is considered a deal too good to pass up for someone with money that will remain untouched for many years.

SunGard Named Best Broker-Dealer for Equities in Wall Street Letter Institutional Trading Awards
SunGard has been named “Best Broker-Dealer – Equities” in the 2015 Wall Street Letter Institutional Trading Awards for its Fox River Execution Solutions (Fox River) trading suite. The award winners were announced at the Wall Street Letter’s fourth annual Institutional Trading Awards ceremony on February 4th in New York City.
(No Link)

NCDEX partners with LSE Group’s MillenniumIT for technology
Business Standard
NextGen, a multi-million technology partnership under new system, is set to provide enhanced functionality and offer offer trendsetting speed
India’s leading agri-centric online trading platform, National Commodity and Derivatives Exchange (NCDEX) has tied up with Colombo-headquartered MillenniumIT (MIT) for scaling up its trading and surveillance system for futures and forwards segments.

With JGB Yields on the Floor, New Bond Pricing a Puzzle
By Eleanor Warnock, WSJ
Purchases of government bonds by Japan’s central bank have sent yields down to rock-bottom levels, leaving local governments and companies struggling to figure out how to price new debt.

Banks to Charge for Forex Trading at Fix; Barclays, Deutsche Bank and Credit Suisse Will Begin Charging from Feb. 15
By Chiara Albanese and Katie Martin
Banks including Barclays PLC, Deutsche Bank AG and Credit Suisse AG are planning to charge clients for carrying out foreign exchange trades at the so-called 4 p.m. fix, according to people familiar with the matter.


SEC Proposes Rules for Hedging Disclosure
The Securities and Exchange Commission today announced it has approved the issuance of proposed rules that would enhance corporate disclosure of company hedging policies for directors and employees, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Best execution comes in for an examination
By Chris Hall, Financial News
Equity markets have been portrayed as being in need of careful scrutiny for the last 12 months, with high-frequency traders waiting in the wings allegedly to rig markets against fund managers.

UK’s FCA says not formally told of HSBC tax allegations
Britain’s tax authority has not formally told the Financial Conduct Authority about allegations that HSBC bank’s Swiss unit may have helped people to avoid paying tax, FCA Chief Executive Martin Wheatley said on Tuesday.

New York financial regulator sends subpoenas in forex probes – sources
By Karen Freifeld, Reuters
New York’s financial regulator has sent subpoenas to Goldman Sachs (GS.N), Credit Suisse (CSGN.VX), BNP Paribas (BNPP.PA) and Societe General (SOGN.PA), expanding its probe into the possible rigging of foreign exchange rates through computer programs, people familiar with the matter said.

Regulators curb high-frequency trading
Futures & Options World – Let’s Talk Derivatives

Exchanges & Trading Facilities

Deutsche Börse Market Data + Services to offer global reporting solution for energy market
Deutsche Börse Group
Deutsche Börse: Deutsche Börse Market Data + Services plans to introduce a strategic global regulatory reporting application for the energy market. The reporting solution will automate, and thereby facilitate, reporting of orders and trades on spot and derivatives markets as required under the EU Regulation on wholesale energy market integrity and transparency (REMIT), which will come into effect in 2015.

LME’s planned warehouse crackdown may drive metal off radar
By Eric Onstad, Reuters
Executives say rules could drive metal out of LME network
Reporting of storage deals seen violating confidentiality
A new layer of tough rules proposed by the London Metal Exchange (LME) for operating warehouses may boost costs and drive more metal out of the regulated system and into unregistered depots.

Quality, security and transparency
SIX Swiss Exchange
At the FINANZ’15, visitors were able to discover the common values of and SIX Structured Products Exchange Ltd.
At the inaugural edition of the Swiss financial trade fair FINANZ’15, the attendance of 6’300 visitors – 2’900 professional investors on 4 February and 3’400 private investors on 5 February 2015 – met the expectations of the organizers. The 113 exhibitors included and which participated with a joint booth and presented the fascinating and unique universe of passive financial products.

Data Scientist Internship
CME Group Jobs
Data Scientist Internship As a Data Scientist the individual will be responsible for analyzing select sets of exchange or operational data, presenting findings and recommendations to the organization, and assist with packaging any results/outcomes.

CME Group Notices
REVISED Credit Event Advisory- Credit Event declared for RadioShack Corporation 09 Feb 2015
Monthly-to-Daily Conversion for Power Contracts begins on May 29, 2015

SAFE ORTHOPAEDICS LISTS ON EURONEXT; Raises EUR9.6 million with market capitalisation of EUR33 million
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for SMEs Small and medium-size companies, today announced the listing of Safe Orthopaedics, a French medical technology company, in Compartment C of the Euronext Paris regulated market.

Hedge Funds & Managed Futures

BlackRock appoints new global head of impact investing
By James Comtoism, Pensions & Investments
Deborah Winshel was named managing director and global head of impact investing at BlackRock (BLK), spokesman Ed Sweeney said.

Janus Sees Smallest Inflows Into Fund Since Gross Arrived; Fund Saw $86 Million in Inflows Last Month, Down From $176 Million in December
By Kirsten Grind, WSJ
Bill Gross in January took in his lowest amount from investors since he took the helm of a new mutual fund at Janus Capital Group Inc. about four months ago, according to new data Monday from fund-research firm Morningstar Inc.

IA launches transaction cost paper ahead of governance deadline
The Trade
The Investment Association has published its long-awaited discussion paper on transaction cost best practice.

ISDA Americas Credit Derivatives Determinations Committee:RadioShack Bankruptcy Credit Event
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of RadioShack Corporation.

Banks & Brokers

Goldman: Jack of all trades, not master of one – CEO
By Lauren Tara LaCapra, Reuters
Goldman Sachs Group Inc is trying to convince investors that its business model is more eclectic than meets the eye.

Memorandum to All Goldman Sachs Employees on John C. Whitehead
Goldman Sachs

New Claims That HSBC Aided Tax Evaders
By Chad Bray, NY Times
HSBC found itself under fire again on Monday after news reports over the weekend provided more details about long-running accusations that its Swiss private banking arm helped clients hide billions of dollars in assets from international tax authorities before 2007.

US and UK politicians press for HSBC clampdown
Martin Arnold and George Parker in London and Gina Chon in Washington, FT
US and UK politicians called for a regulatory clampdown on HSBC after Europe’s biggest bank by assets was hit by detailed allegations that it colluded in tax-dodging by clients of its Swiss operation.

UBS trebles dividend but warns on outlook
Madison Marriage in Zurich and Laura Noonan in London, FT
UBS trebled its full-year dividend for 2014, but Swiss currency turmoil prompted the bank to pare back some of its earnings targets, and management warned that litigation costs could drag down future profits.

UBS Fourth-Quarter Profit Up 5% on Lower Legal Costs and a Tax Gain
By Chad Bray, NY Times
The Swiss bank UBS said on Tuesday that its fourth-quarter profit rose 5 percent as the lender benefited from lower provisions for potential litigation and a tax gain.

UBS faces pressure from strong franc
By John Letzing, The Wall Street Journal
UBS reported a 5% rise in fourth-quarter net profit on Tuesday, as the Swiss bank benefited from a significant tax gain and sharply reduced the amount of money set aside to deal with legal issues.

Morgan Stanley’s bet on Russia property exposes risks
Henny Sender, New York, FT
In 2012 and 2013, Morgan Stanley’s real estate fund set a record for Russian property deals by investing $2.3bn in two shopping centres in St Petersburg and Moscow.

BGC Adds Yen Rate Swaps to Trader
Timothy Bourgaize Murray, Waters Technology
Electronic brokerage BGC has added Yen-denominated interest rate swaps to its multi-asset BGC Trader platform.

SEFs face reckoning with unintended consequences warns report
by Elliott Holley, Banking Technology
Like opening Pandora’s box, the emergence of swap execution facilities in US derivatives markets has brought unexpected consequences and problems as well as benefits. In some cases, asset managers are actively looking to avoid trading on the new platforms and even turning to other asset classes, according to a new report by OpenLink.

Clearing & Settlement

LCH ‘disappointed’ by Esma’s FX clearing decision
By James Rundle, Financial News
The chief executive of LCH.Clearnet’s specialist foreign exchange clearing house has criticised the decision by European regulators to abandon clearing for certain types of FX trades.

Clearstream’s January 2015 figures; Clearstream continues record development in assets under custody / 16 percent increase in German CSD settlement transactions / Stefan Lepp: “Clearstream a natural choice for customers to succeed under T2S”
Deutsche Boerse Group
In January 2015, the overall value of assets under custody held on behalf of customers registered an increase of 7 percent to EUR 12.8 trillion (compared to EUR 12.0 trillion in January 2014).

DTCC’s Legal Entity Idenitifier Service, the GMEI Utility, Gathers Significant Momentum in 2014
The Depository Trust & Clearing Corporation’s (DTCC) Global Markets Entity Identifier (GMEI) utility, offered in collaboration with SWIFT, today announces that it has issued over 165,000 legal entity identifiers (LEIs) to entities from over 140 jurisdictions, representing approximately 50% share of the LEIs issued worldwide. With this progress, DTCC and SWIFT have played a significant role in the growth of the Global Legal Entity Identifier System (GLEIS) and are key partners with the Global LEI Foundation (GLEIF), which was created last year to help manage the overall system.

Indexes & Products

Change of Component Issues for RN Prime Index
Osaka Exchange
Following partial change of the components was announced.


Green Key Technologies: Former Goldman Sachs VP, Global Head Of Development- Network & Voice, Joins “Software Turret” Maker Green Key Technologies
PR Newswire
Green Key Technologies, provider of voice software designed specifically for traders, announced today the hiring of Steve Van Deusen as Director of Compliance Technology.

SIX selects UnaVista as partner for its Swiss derivative trade repository solution
Automated Trader
SIX is to establish a central trade repository for derivative transactions in Switzerland. The service from SIX will use the reporting technology of London Stock Exchange Group’s (LSEG) UnaVista platform. The solution will be operated and hosted by SIX and will allow Swiss clients to fulfil their reporting obligations under the Swiss Financial Market Infrastructure Act (FMIA), which is currently in parliamentary consultation.

Lombard Risk International
Bank to automate its regulatory reporting to the OSFI
Lombard Risk International (USA) Inc., a wholly-owned subsidiary of Lombard Risk Management plc (Lombard Risk), a leading provider of integrated regulatory reporting, collateral management and compliance solutions for the financial services industry, is pleased to announce that a major French banking organization has selected Lombard Risk’s automated regulatory reporting solution for its Canadian reporting requirements to the OSFI (Office for the Superintendent of Financial Institutions).


New York Attorney General Eric T. Schneiderman Announces Arrest And Indictment Of New Jersey Broker In $1 Million Securities Fraud Case – Khawaja Saud Masud Charged With Grand Larceny And Securities Fraud For Fraudulently Soliciting Investment In His Purported Hedge Fund – Masud Promised To Conservatively Invest The Victims’ Retirement Monies, But Instead Incurred Losses Of Almost $1 Million In Just Three Months – Schniederman: My Office Will Hold Brokers Who Commit Securities Fraud Accountable
Attorney General Eric T. Schneiderman announced today felony charges against Khawaja Saud Masud, 37, of Jersey City, NJ, for stealing over $1 million from a retired pediatrician and his wife by fraudulently soliciting them to invest in his purported hedge fund, RKS Capital, LP. The defendant is charged with Grand Larceny in the First Degree (a Class B felony) and Securities Fraud under the Martin Act (a Class E felony) and faces up to 25 years in prison.

Case Decision: On February 9, 2015, pursuant to a settlement offer submitted by Global Futures and Hakimian, they were ordered, jointly and severally, to pay a $65,000 fine.

Environmental & Energy

House GOP outlines energy plan
By Timothy Cama – The Hill
House Republicans Monday unveiled a four-part policy framework to guide them in writing comprehensive energy legislation.

Study Claims Oil Divestiture May Hurt College Endowments
By John Schwartz – The New York Times
Universities that decide to shed their investments in fossil fuel stocks could hurt the value of their endowments, according to a new report.

Rise in wildfires may resurrect Chernobyl’s radiation
By Debora MacKenzie – New Scientist
Fallout from the world’s worst nuclear accident just won’t go away. Radioactive clouds may once again spread over Europe, as rising fires release radiation locked up in the upper layers of soil in the dense forests near Chernobyl in Ukraine and Belarus.


SGX on track for minimum trading price introduction
Singapore Exchange’s (SGX) introduction of a minimum trading price (MTP) for Mainboard companies is aimed at improving the quality of the Singapore stock market; higher-priced shares have better liquidity, lowering transaction cost for investors. Such shares are also less susceptible to speculation and market manipulation.

China Injects Funds Into Financial System; China Pumps $7.2 Billion Into Financial System; Adding to 7 Straight Weeks of Injections.
By Shen Hong
China added funds to the financial system Tuesday, adding to seven straight weeks of injections as Beijing seeks to ease a seasonal cash squeeze and cope with a slowing economy and capital outflows.

HKEx discusses positioning of Hong Kong’s financial markets and its role
Hong Kong Exchanges and Clearing Limited (HKEx) Chief Executive Charles Li discussed the positioning of Hong Kong’s financial markets and HKEx’s role at the company’s annual media lunch today (Tuesday).

RPT-Japan’s deflationary challenge caught in a bottle of ketchup
By Mari Saito, Reuters
Japan struggling to end two decades of deflation
Ketchup maker Kagome sets first price hike in 25 years
Needs to recoup impact of fall in yen and rising food costs
Kagome worried that consumers not ready to pay more
For Tokyo-based condiments maker Kagome, and perhaps for Japan’s government, the challenge of breaking with a decade and a half of deflation boils down to the price of a bottle of ketchup.

Stock price of brokerages takes off as China launches stock options
Paul Pennay, Business Spectator
The stock price of brokerage firms surged as China launched its first stock options on the Shanghai Stock Exchange yesterday.

Frontier Markets

Moscow Exchange Picks TMX Atrium’s Infrastructure for Network Connectivity
Dan DeFrancesco, Waters Technology
The Moscow Exchange (MoEx) has announced it will begin offering customers network connectivity from over 20 points of presence around the world via TMX Atrium’s infrastructure in an effort to expand its international presence.

Securities Commission Malaysia Releases New Guidelines To Facilitate Equity Crowdfunding
Securities Commission Malaysia (SC) today released the Guidelines on Regulation of Markets under Section 34 of the Capital Markets and Services Act 2007 to introduce new requirements for the registration of equity crowdfunding (ECF) platforms and provide governance arrangement for the operator of such platforms.

Corporates should take care of potential risks associated with FX exposures, says Khan
Business Standard
Khan added that it may turn out to be a significant cost for corporates due to unexpected exchange rate movements
Raising concerns on the unhedged foreign exchange exposure of corporates, the Reserve Bank of India (RBI) deputy governor HR Khan urged corporates to take care of the potential risks that are associated with these exposures.

Securities and Exchange Board of India Notices
Order under Section 11 and 11B of the SEBI Act, 1992 and Regulation 11 of the PFUTP Regulations, 2003 in respect of Bhavesh Prakash Pabari, Hemant M Sheth and 40 other entities in the matter of manipulation in the scrip of Crazy Infotech Ltd
PR – Exit order in respect of Bhubaneswar Stock Exchange Ltd (BhSE)
Nice Papers Limited
Public Issue Data of Corporate Debt
In the matter of Vijay Kumar Bohra
In the matter of Abhay Raj Rampher Shukla
Recovery Proceedings against Shri. Swaminathan Rajendran
UTI Flexicap Bluechip Fund
R*Shares CNX Midcap ETF

Bulgarian state starts selling the stock market
FOCUS News Agency
The government is bracing for its third attempt at selling the Bulgarian Stock Exchange (BSE-Sofia). The government intends to sell BSE-Sofia by the end of the year together with the Central Depository, Capital Daily reads.

The fault lines in India’s currency derivatives market; Policymakers must understand that the increasing volumes don’t necessarily point to a healthy market
Mobis Philipose, Livemint
With India’s exchange-traded currency derivatives market, what you see is not what you get. Reported volumes and open interest have risen 73% and 115%, respectively, since mid-2014, after regulators relaxed some of the draconian measures they had taken in 2013.


Cargill says suspending deliveries at Iowa corn mill after ‘mechanical failure’
Cargill Inc on Monday said it was suspending shipments and deliveries at its corn wet mill in Fort Dodge, Iowa, due to a “significant mechanical failure” on Friday.

U.S. warns G20 against using exchange rates to boost exports
By Dasha Afanasieva and Nick Tattersall, Reuters
The United States urged a meeting of the Group of 20 leading economies not to resort to currency devaluations to boost exports, while a draft communique gave a gloomy assessment on Tuesday of the outlook for global growth.

Pin It on Pinterest

Share This Story