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Week Beginning 22nd March 2015

Deutsche Bank’s Head of Asia eFICC Sales Departs

27th March 2015
David Wilkins, head of Asia eFICC sales at Deutsche Bank, has resigned, Profit & Loss has learned

Aspinall and Hynes Found Black Lake Financial

27th March 2015
Two former CMC colleagues, Marc Aspinall and Roger Hynes, have founded a London-based consultancy for banks and brokerages called Black Lake Financial

ACI Officially Launches Updated Model Code and e-Learning Portal

27th March 2015
ACI – The Financial Markets Association has officially launched its updated Model Code for 2015 alongside a new online learning portal, as first reported by Profit & Loss in February

ETX Capital Buys Client List of Bankrupt Alpari UK

27th March 2015
UK forex broker ETX Capital has acquired the client list of Alpari UK from the bankrupt firm’s special administrators, KPMG

RMB Adoption Moves into the Mainstream, Finds HSBC Survey

27th March 2015
2014 was clearly the year that RMB entered the business mainstream, according to a recent renminbi (RMB) internationalisation survey from HSBC

Treasury Select Committee Lists Further Questions for Lord Grabiner

26th March 2015
UK MPs sitting on the Treasury Select Committee have outlined outstanding issues concerning Lord Anthony Grabiner’s investigations for the Bank of England into the foreign exchange market and the conduct of liquidity auctions

FXCM Spins Off FXCM Japan to Rakuten Securities

26th March 2015
FXCM has signed a definitive agreement to sell its Japanese business to Rakuten Securities for a purchase price of approximately $62 million

DTCC Calls for Early Start to Derivatives Trade Reporting Under ASIC

26th March 2015
The Depository Trust and Clearing Corporation is warning firms to consider opting-in early to the upcoming derivatives trade reporting deadlines in Australia in order to avoid the risk of non-compliance

Report: Buy Side Quest for Best Execution Fosters FX TCA

26th March 2015
Buy-side market participants are increasingly embracing best execution philosophy for FX as they begin treating it as a separate asset class and a source of alpha, says Aite Group in a new report

New Change FX Launches Service to Help Buy Side Monitor FX Costs

26th March 2015
FX benchmark provider New Change FX has launched NCFX Umpire, which gives pension funds and asset managers a complete breakdown of their foreign exchange costs

Bitcoin Marketplace to Use Nasdaq’s Trading Technology

26th March 2015
New York-based Noble Markets’ soon-to-be launched digital currency marketplace is to run on Nasdaq’s X-stream trading technology

CLS Activity Back to Normal After SNB Move

25th March 2015
FX market activity recorded by CLS dropped 16.5% in February to an average daily volume of instructions submitted of 1.18 million

FCA Sets Out Key Areas of Work for 2015/16

25th March 2015
The Financial Conduct Authority has published its business plan for 2015/16, outlining areas of focus and creating new supervision and authorisation divisions

New York Top Financial Centre for Second Year

25th March 2015
New York has maintained its position as the top financial centre in the world for the second year in a row, narrowly beating out London by one point

First North American RMB Hub Opens in Toronto

24th March 2015
The first North American offshore trading hub for the Chinese renminbi (RMB) opened this week (23 March) in Toronto

CCB Extends Use of Trace to Comply With MAS’ Trade Reporting Requirements

24th March 2015
China Construction Bank (CCB) has extended its use of Catena Technologies’ Trace system to report FX derivatives to the Monetary Authority of Singapore

BATS Plans Hotspot Expansion With London Matching Engine Launch

24th March 2015
BATS Global Markets is planning to launch the first Europe-based FX matching engine for newly acquired Hotspot later this year in a bid to expand its European and Asian reach

FX Committees to Unveil New Global Guidelines

24th March 2015
A group of the leading FX market committees agreed upon a combined global code of conduct for the industry earlier this month, providing additional guidance around key topics such as sharing market colour and use of trading jargon

Wells to Focus on ForexClear Under LCH.Clearnet Reshuffle

24th March 2015
Frank Soussan has been appointed global head of LCH.Clearnet Group’s CDSClear, taking over the role from Gavin Wells who will now focus exclusively on ForexClear

Standard Chartered Appoints Head of e-FX Sales, Americas

24th March 2015
Robert Gomprecht has joined Standard Chartered as head of e-FX sales for the Americas, reporting to Singapore-based Michelle Wee

FXCM to Impose New Negative Balance Policy

23rd March 2015
FXCM has updated its negative balance policy, offering retail clients protection for the first $50,000 of losses over a 24-hour period

CME Reportedly in Talks With BGC Over Fenics, Trayport

23rd March 2015
CME Group, which last month lost out in its bid to acquire inter-dealer broker GFI Group, is reportedly in discussions with BGC Partners to acquire GFI’s software assets, Fenics and Trayport

BoE Outlines Timeline for Libor Alternative; FCA Bans Trader for Libor Fraud

23rd March 2015
The Bank of England has given clear instructions to the working group set up to develop an alternative to the London Interbank Offered Rate (Libor) that they have less than a year to begin implementing a near risk-free reference rate

Six Banks Sign Up to Participate in New Gold Price Benchmark

23rd March 2015
Six global banks have committed to submitting orders for calculating the new electronic benchmark for gold price

KPMG Appoints Debt Collector to Go After Alpari UK Clients; Alpari RU Ceases Trading Most CFDs

23rd March 2015
KPMG, the administrator for Alpari UK, which became insolvent due to client losses on the Swiss franc move, has appointed UK debt collecting firm CCI Legal to assist in the recovery of debts from clients with negative balances

On the Move

23rd March 2015
FastMatch, Campbell & Co, Citadel, TradeNext, CFH, Pepperstone, KCG Holdings…

Tech Corner

23rd March 2015
A round up of the latest technology news...

Around the World

23rd March 2015
Clearstream adds more RMB accounts and DTCC opens in Manila…

And Finally...

23rd March 2015
I fully expect other brokers to follow FXCM’s lead in imposing a ceiling on the losses the firm will forgive clients in the event of another event in markets, but how moral is such a practice?