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Week Beginning 14th December 2014

Fines Contingency Not Enough: Barclays CEO

18th December 2014
The £500 million set aside by Barclays to settle fines resulting from regulatory action, including those for activity in FX markets, are insufficient according to the bank’s chief executive

Platforms Halt Ruble Trading Amid Continued Volatility

18th December 2014
A number of FX trading venues have suspended trading on the Russian ruble amid continued volatility of the currency and concerns about emerging market contagion

BAML Appoints Co-Heads of FICC Trading

18th December 2014
Bank of America Merrill Lynch has appointed co-heads of global fixed income, currencies and commodities (FICC) trading, effective 1 January, 2015

BGC Continues Consolidation With RP Martin Takeover

18th December 2014
BGC Partners has acquired the UK assets and subsidiaries of FX and European rates specialist RP Martin Group

Indonesian Rupiah Edges Up From 16-Year Low

18th December 2014
After plummeting on Monday to near its weakest point since the Asian crisis, the Indonesian rupiah strengthened marginally as the central bank intervened to stem losses in the currency

FXDD: A Correction

18th December 2014
In Monday’s issue of Squawkbox, in our report "FXDD Hit by Further NFA Fine", we erroneously stated that FX DirectDealer (FXDD) had been banned from operating trading services

And Another Thing...

18th December 2014
I am no expert when it comes to corporate finance but I was reading some numbers the other day that rather surprised me

Arinc Named Deutsche’s New Head of Global FX

16th December 2014
Deutsche Bank has announced Ahmet Arinc as the new head of global FX, a position left vacant by Kevin Rodgers’ retirement from the industry this summer

Commerzbank to Shelve FXPB

15th December 2014
Commerzbank has decided to close its foreign exchange prime brokerage business

Societe Generale Makes Cuts in FX

15th December 2014
Societe Generale has made a number of cuts to its FX division with at least nine people leaving the company in London and New York, according to market sources

Court Dismisses BNY FX Charge

15th December 2014
A New York State appeals court has rejected claims brought by an investor who says that investigators into the allegations that BNY Mellon cheated investors in FX did not act in good faith

European Commission Extends Deadline for Capital Requirements

15th December 2014
The European Commission has extended the transitional period for capital requirements for EU banking groups’ exposures to central counterparties (CCPs) under the Capital Requirements Regulation

Thomson Reuters Volumes Second Lowest This Year…

15th December 2014
The total average daily volume of FX trading across Thomson Reuters’ platforms in November totalled $347 billion, up 16% year-on-year

…As Firm Launches Economic Surprises Model

15th December 2014
Thomson Reuters has released StarMine SmartEconomics, a model the firm claims can generate more accurate forecasts of macroeconomic data and foreign exchange rates for investment managers than consensus forecasts

FCA Develops New Way of Working…

15th December 2014
The Financial Conduct Authority has released plans to revamp the way it works, at a time when the regulator’s resources are stretched and arguably need to be deployed more efficiently to fulfil its duties

…As it Reviews Level of Bank Fines

15th December 2014
Following last month’s £1.1 billion settlement with five banks over FX rigging charges, the UK’s Financial Conduct Authority has indicated that it will be reviewing its process and how much it fines firms amid complaints from banks about the increased size of the penalties

Republicans Include Dodd-Frank Reform in Spending Bill

15th December 2014
Republicans in the US House of Representatives have included a provision easing certain rules relating to swaps trading to a $1.1 trillion government spending package that was passed by Congress last week

Cyber Security Continues its Rise up the US Regulatory Agenda

15th December 2014
Cyber security is increasingly becoming an area of focus for regulators and lawmakers overseeing the financial services industry in the US

FxPro Launches Prime-of-Prime Service

15th December 2014
FxPro Financial Services has launched FxPro Prime

BGC Extends Offer for GFI Into 2015

15th December 2014
BGC Partners has extended the expiration date of its tender offer to acquire all of the outstanding shares of GFI Group it does not currently own for $5.25 per share in cash

FXDD Hit by Further NFA Fine…

15th December 2014
FX Direct Dealer has been hit by another fine from the National Futures Association in the US and has voluntarily withdrawn its licenses

…As CFTC Targets IBFX

15th December 2014
The Commodity Futures Trading Commission has filed and simultaneously settled charges against Interbank FX related to activity at its TradeStation Forex division

Portware and Markit Deliver TCA Tool

15th December 2014
Portware and Markit have announced a deal that will see Markit’s pre- and post-trade transaction cost analysis (TCA) platform integrated with Portware’s execution management system

Trad-X Prepares CCP Switch

15th December 2014
Tradition’s swaps trading platform Trad-X is preparing to launch a new CCP switch service for EUR interest rate swaps (IRS) between CME's Clearing House and LCH.Clearnet in January 2015

FastMatch Publishes Volumes for the First Time

15th December 2014
FastMatch has started publishing daily trading volume in real time and claims to be introducing "the tape" to the FX spot and metals markets

Swiss Continue to Enforce Exchange Rate Cap

15th December 2014
The Swiss National Bank (SNB) on Thursday (11 December) reaffirmed its commitment to prevent the Swiss franc from strengthening beyond CHF 1.20 per euro

Managed Futures Continue to Perform

15th December 2014
Managed futures continue their good performance in 2014, with all of the Newedge CTA performance indices posting positive returns for the fourth consecutive month in November

France Fights to Keep FTT Alive

15th December 2014
Talks between the 11 EU Member States committed to rolling out a financial transaction tax (FTT) have faltered due to disagreements over how to collect the levy and the scope of the FTT for derivatives; however, French Finance Minister Michel Sapin told other finance ministers a deal was still possible early next year

Australian FX Fund Improves Compliance Following ASIC Scrutiny

15th December 2014
Calibre Investments, a provider of Australian managed discretionary accounts (MDAs), has become the latest licensee caught up in the Australian Securities and Investments Commission’s (ASIC) crackdown on the retail FX industry

AIMA Updates Guide for Selecting a Prime Broker

15th December 2014
The Alternative Investment Management Association (AIMA) has published an updated guide for hedge fund managers to use when selecting a prime broker

City Index Deploys Velocimetrics

15th December 2014
Spread betting, contracts for difference (CFDs) and FX trading firm, City Index, has implemented Velocimetrics to increase the speed and quality of its foreign exchange pricing

DTCC, TriOptima Link Goes Live

15th December 2014
The data connectivity between TriOptima’s portfolio reconciliation service and the DTCC’s UK derivatives repository (DDRL) in now live and operational

GMEX Broadens IRS Futures Scope

15th December 2014
Derivatives exchange Eurex plans to license the Global Markets Exchange Group’s (GMEX) euro-denominated constant maturity future (CMF) to enable interest rate swap (IRS) futures trading and clearing

ICE Suspends ISDAFIX Swiss Franc From Benchmarks

15th December 2014
ICE Benchmark Administration (IBA) will suspend the ISDAFIX Swiss franc from its portfolio of benchmarks following the resignation of one of the submitting banks

On the Move

15th December 2014
HSBC, Newedge, Citi, Rabobank, 4Cast, Saxo…

Tech Corner

15th December 2014
A round up of the latest technology news...

Around the World

15th December 2014
Russia gets regulated, China gets a more open FX market and Singapore gets a new resident…

And Finally...

15th December 2014
The foreign exchange market has long been a creature of habit regarding where people trade, but one gets the sense that could be changing a little

Clearing Head Lichter to Join CLS Board

15th December 2014
FX settlement service provider CLS Group has elected Gilbert Lichter, EBA Clearing’s CEO, to serve as an outside director on the CLS Group board of directors