Profit & Loss talks to Marshall Bailey, president of ACI -
The Financial Markets Association, about the implementation of the Global Code
of Conduct within the FX industry.
Profit & Loss: One of the biggest concerns
that is always brought up regarding the Global Code of Conduct is whether it
will have teeth. What do you make of this concern?
Marshall Bailey: I understand that view, but I don’t believe
that it’s genuinely a concern and there are a number of reasons why.
Firstly, although ther...
Gil Mandelzis has decided to step down from his position as CEO of EBS BrokerTec, and will be leaving the company in due course, Icap announced today.
In a statement issued today regarding this news, Michael Spencer, CEO of Icap, hails Mandelzis as “a truly outstanding leader” of the firms’ electronic market division who has played “a central role in the successful expansion and integration of the EBS and BrokerTec businesses”.
He continues: “Gil co-founded Traiana back in 2000, a business IC...
Mark Johnson, the head of global FX cash trading at HSBC and
Stuart Scott, former head of FX cash trading for EMEA at HSBC, have been officially
charged by the US Justice Department with conspiring to defraud HSBC clients by
front running orders.
Profit & Loss reported yesterday
on the reports emerging that Johnson had been arrested at JFK airport in New
York in connection with the Justice Department’s ongoing FX rigging
investigation, which have now been confirmed. Profit & Loss also reported...