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Week Beginning 14th September 2014

New Round of Cuts to BAML’s FX Team

18th September 2014
Several senior FX sales dealers have left Bank of America Merrill Lynch in the US

Concern Mounts of the “No” Vote Impact as Scotland Takes to the Polls

18th September 2014
On the eve of Scotland’s referendum to determine whether it will exit the UK and return to independence, warnings of the negative fall-out from a “Yes” vote are now being matched by growing concern over the potential impact of a narrow “No” vote

Pepper on Leave During State Street’s Internal Review of FX

18th September 2014
Simon Pepper, State Street’s head of FX spot trading, has been asked to stay at home while the bank conducts an internal review of its FX business

Most FX ‘Reforms’ Were Already Taking Place Prior to Fix Probe – Sources

18th September 2014
The majority of FX trading and compliance changes made by some leading banks – reportedly in reaction to the global investigation into allegations of currency benchmark rigging – were already in place or underway for reasons other than the manipulation claims, sources close to the banks tell Profit & Loss

CME Announces Senior Management Reshuffle

18th September 2014
CME Group has made a series of changes to its leadership structure. One of which is Sean Tulley taking over responsibility for managing its FX products from Derek Sammann

C-View Unveils New Fund

18th September 2014
UK-based currency manager C-View has launched the C-View Stelrox Systematic Currency Programme

EU in ‘Daily Discussions’ With CFTC Over Derivatives…

18th September 2014
Michel Barnier, EU Commissioner for Internal Market and Services, has stepped up pressure yet again on the US Commodity Futures Trading Commission (CFTC) to agree a common set of standards and rules for dealing with derivatives

…As CFTC Wins Cross-Border Court Challenge

18th September 2014
A US Federal Court has largely rejected the legal challenge from three financial services industry groups to the Commodity Futures Trading Commission’s cross-border swaps rules

And Another Thing...

18th September 2014
Is in a grumpy mood this morning…

EBS Unveils Latest Version of Ai

15th September 2014
EBS will be rolling out the latest version of its API-based trading protocol, Ai 6.6, in October with several new features, including Iceberg orders and Midpoint Match

Buy Side Slow to Trade on SEFs

15th September 2014
Although buy-side firms are still avoiding trading on SEFs, market participants expect to see more of them using these platforms in the future

Klein Departs BAML

15th September 2014
Peter Klein, global head of FX prime brokerage and clearing for Bank of America Merrill Lynch, is understood to have left the bank

An Independent Scotland Will Need ‘Billions in Currency Reserves’

15th September 2014
An independent Scotland would need to set aside billions of pounds of currency in reserves if it uses sterling without a formal agreement with the UK government and without having the Bank of England as a lender of last resort for its banking sector, Mark Carney, the BoE's governor said last week

Chapdelaine FX Teams Up With Integral

15th September 2014
Chapdelaine FX has teamed up with Integral to launch upgrades to its FX platform

Ex-Citi FX Trader Ramchandani Joins London Capital Group

15th September 2014
A former London-based senior trader at Citi, who was suspended and dismissed as part of the investigation into the possible manipulation of the FX markets, has joined London Capital Group

CLS FX Settlement Volumes Up in August

15th September 2014
According to data from FX settlement system CLS, it handled 11.9% more daily volume of instructions in August from July

CLS Confirms Delay to RUB Intro

15th September 2014
FX settlement system CLS has confirmed it will be delaying plans to add the Russian ruble (RUB) to its service, coinciding with the further tightening of EU and US economic sanctions against Russia

CME Europe Confirms Vermaas as New CEO

15th September 2014
CME Group has officially named Cees Vermaas as managing director and CEO of its London-based derivatives exchange, CME Europe

AFEX Buys Second Canadian FX Business

15th September 2014
AFEX, a non-bank global payment and risk management solutions company, has acquired GFX Partners, a payment and FX company headquartered in Toronto

London and Singapore to Join Hong Kong as Dominant RMB Hubs

15th September 2014
Competition between Singapore and London for market share in RMB offshore payments is likely to mutually benefit both centres, according to BNY Mellon analysis

UK Firms Contribute Expertise to China FTZ Development

15th September 2014
TheCityUK and the China-Britain Business Council (CBBC) have published eight new expert working papers on the approaches China could take to develop its landmark free trade zone (FTZ) policy and the Shanghai pilot FTZ

BoE Approves ICBC’s Wholesale Branch Licence

15th September 2014
The Bank of England has authorised ICBC to operate in the UK as a wholesale-only branch

RavenPack Upgrades News Analytics

15th September 2014
RavenPack, a provider of real-time news analysis services to financial institutions, has added new sentiment indicators to its global macro service

Brazil to Slow Pace of Currency Swaps Rollover

15th September 2014
Brazil’s central bank is aiming to slow the recent strengthening of the real by offering less daily currency swaps contracts in October

BoE Weighs in on Digital Currencies as Tera Launches Bitcoin Derivatives…

15th September 2014
The Bank of England has published a paper arguing that the key innovation of digital currencies is the "distributed ledger", which allows a payment system to operate in an entirely decentralised manner

...And New Asset-Backed Crypto-Currency Listed

15th September 2014
Crowd for Angels, a Financial Conduct Authority-approved debt and equity crowdfunding site, is now listing the virtual currency LXCCoin

FxPro Targets Institutional Business With Quotix Acquisition

15th September 2014
Online foreign exchange broker FxPro Group has acquired spot FX aggregator and distributor Quotix in a move that will enable it to provide more institutional-focused services

EM Hedge Fund Assets Mark Two Years of Quarterly Growth – Report

15th September 2014
Hedge funds investing in emerging markets posted strong gains in Q2 and pushing total EM hedge fund assets to an eighth consecutive quarterly record

On the Move

15th September 2014
Standard Chartered, Credit Agricole, AFEX, Spotex…

Tech Corner

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

Around the World

15th September 2014
Citic Sued over FX losses, Apple unveils new digital wallet and Broton gets high profile EU financial services role…

And Finally...

15th September 2014
A friend of mine expressed surprise last week over the number of traders that are reputedly “under suspicion” (to use my friend's phrase), currently getting jobs in FX