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EBS Unveils Aggregator Certification Programme
EBS has unveiled proposals for best practices relating to aggregation in FX markets, the EBS Certified Aggregation Partner Programme ...
Singapore Raps Banks over Fixings
The Monetary Authority of Singapore has completed its investigations into benchmark rate fixings in the island state and has released a proposed regulatory framework to govern the process going forward. As part of the process, the MAS says that 20 banks and 133 traders have been found in breach of best practice and that it has taken “supervisory actions” against institutions and individuals...
Profit & Loss Forex Network Chicago 2012 - Panel 3: KYC: Keeping Your Customer
In a panel looking at the role of the second tier bank, speakers at Profit & Loss Forex Network Chicago looked at the role aggregation has to play in the life of the lower tier bank operator. Aggregation is very important, said Takis Spiropoulos, managing director and global head, e-Commerce Solutions at CIBC World Markets, but argued against co-mingling of different liquidity pools. In discussing the role of the single dealer platform, Jorn Sodborg (Luffe), chief dealer, spot FX, at Jyske Bank in Copenhagen noted that while it formed an important part of a bank’s offering in the early days of e-FX, he was unsure about the benefit going forward in light of increasing regulatory and compliance requirements ...
Profit & Loss Forex Network Chicago 2012 - Panel 1: Market Making in an Electronic World
Bank and non-bank marketing makers came together to discuss regulation, fragmentation and risk management at Profit & Loss Forex Network Chicago, which drew a crowd of nearly 600 to the Windy City in September. Chris Concannon, partner at Virtu Financial; Peter Nabicht, executive vice president at Allston Trading; Chris Purves, MD and global head of FX e-trading at UBS Investment Bank; and Greg Wood, director, algorithmic execution, FX and listed derivatives at Deutsche Bank, started the session looking at the benefits of more regulation to the sector. Fragmentation within the FX market led to discussions on IT risk management, with Purves suggesting that the industry would benefit by defining a common mechanism for connectivity and therefore avoiding the need to recode every time a platform adds a new feature. ...
