JPMorgan’s $100 million settlement of a currency manipulation lawsuit has sparked a flood of interest from potential new claimants, and marks a new victory in their fight for compensation, according to a leading lawyer involved in negotiations.

The yen has been quietly strengthening in recent days, amid renewed concerns about global demand pushing down the price of oil and fresh fears over Europe. If this trend persists, it could be problematic for Japanese prime minister Shinzo Abe, who is closely associated with a policy of yen weakness.

Negative publicity around cryptocurrencies such as Bitcoin has deflected attention from the potential of the underlying technology to facilitate real-time – and therefore much cheaper – international payments.

Concerns that Greece could be on the verge of leaving the euro are back to the fore after the country called elections that could usher in a government determined to rip up the existing aid agreement – but analysts doubt the brinkmanship will lead to Greece leaving the single currency, let alone a full-scale euro break-up.

Mind the gap

Rouble brews trouble for Russia

A fine time for the top 10

Foreign-exchange options traders are feeling the pressure as regulators shine a spotlight on the derivatives market and investigate commonplace practices, such as barrier running, which traders fear might attract criticism.

It has been a year of two halves for FX, with an opening seven months characterized by low volatility and few attractive trading opportunities for FX managers, before a dollar bull market roared into life in August. It is arguably the first such market for 20 years, bringing with it a rise in volatility and enhanced opportunities for FX traders.

Weak global trade and increasing import substitution have signalled bad news for emerging-market FX in 2014, particularly in those countries that rely on a vibrant export sector to drive their economies. 2015 should provide some respite for manufacturers, but commodity exporters will remain in the line of fire.

Investment in FX technology is expected to mirror growth in wider financial services IT expenditure over the next few years.

EM currencies have taken a savage beating this year, tumbling to a decade low, thanks to falling oil prices, weaker growth, a stronger dollar and fears over reform inertia. Euromoney surveys the FX landscape for 2015.

Banks face a tough task proving to regulators that foreign-exchange traders are not front-running clients, as they respond to the government’s consultation on reinforcing confidence in the fairness and effectiveness of fixed-income, currency and commodities markets (FICC).

Companies are recognizing the benefits of applying the principles of Sepa to payment and collection processes beyond the single euro payments area, helping to boost liquidity and cross-border flows, consolidate treasury processes and reduce FX risks.

While other leading markets are yet to follow Switzerland’s lead and mandate automated trading of currency, the industry moves inexorably towards automation. But the push creates new market risks for both the buy side and sell side.

Corporate treasurers and asset managers are turning to innovative predictive tools that help identify FX volatility and liquidity opportunities, bankers say. However, not everybody on the buy side is convinced the new solutions are for them.

Despite depreciation risk next year, amid the global currency war, market players say the battle between RMB offshore financial hubs and trading volumes will go from strength to strength.

The Ukrainian hryvnia has been ravaged in 2014, with the conflict with Russia exacerbating the challenges faced by this highly indebted economy.

New market regulations governing the FX industry have done more harm than good for FX trading desks, according to an October survey by TradeTech FX.

The disruption associated with the electronification of FX trading has overwhelmed some market participants, but while policymakers ponder stronger efforts to regulate market structure, especially high-frequency trading (HFT), market players say the latest generation of innovations are now revitalizing FX trading.

The Hong Kong-Shanghai Stock Connect, which was launched amid much fanfare on November 17, has triggered a jump in CNH-funded arbitrage opportunities. However, rising Stock Connect volumes and easing by the People’s Bank of China – triggering a convergence between onshore and offshore rates – will remove current funding advantages.

It’s time to get some perspective back into the debate about global foreign exchange.

A war of all against all in currency markets will not be pretty. For some countries it may also be too little, too late. The International Monetary Fund has failed in its role as the arbiter of currency values.

Deutsche Börse's acquisition of a minority stake in R5FX, the London-based electronic trading venue specializing in emerging markets (EM) FX, is the latest in a series of strategic moves by the exchange to break into the FX market. Up to 20 banks have signed up for the March launch of a bank-to-bank liquidity pool for EM FX.

It has been a chastising few years for currency hedge funds. Several high-profile currency managers have closed down due to poor performance while many that have survived have struggled with redemptions. But some hedge fund allocators are predicting an imminent return to form for FX strategies.

Despite cutting rates to a record low of 0% end-October, the Swedish Riksbank is under increasing pressure to launch more radical action – from asset purchases, QE and a dual mandate that includes employment, to a currency floor – as deflation fears grow.

Technology companies are gearing up for a potential gold rush around FX benchmark trading, amid expectations the multi-billion dollar fines imposed on banks last week will accelerate appetite for solutions to boost transparency, oversight and pricing, analysts say.

Investment banks are keen to close the chapter on the foreign-exchange rate-rigging scandal after Wednesday’s announcement of regulatory fines totalling $4.2 billion, but more banks are expected to be fined and industry participants believe other nefarious practices should now be thoroughly investigated.

Analysts support the Central Bank of Russia’s (CBR) response to the collapse of the rouble, arguing it will shift market expectations and could stabilize the currency in the medium-term. In an interview with Euromoney before the move, a CBR official discusses the opportunities and challenges in the regime shift.

European proposals for mandatory clearing of non-deliverable forwards (NDFs) published in October seemed to be a decisive step toward a new framework for FX derivatives trading. However, responses to the consultation reveal deep divisions among FX market participants over the way forward.