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Week Beginning 19th October 2014

BGC Partners Launches Hostile Takeover Bid for GFI

22nd October 2014
BGC Partners commenced its fully financed tender offer to acquire all of the outstanding common shares of GFI Group, claiming attempts at negotiating with the GFI board of directors had been met with “unreasonable demands and delay tactics”

Pimco Makes Case for CCP Recovery Over Resolution

22nd October 2014
Pimco has released an opinion piece arguing that, should a central clearinghouse fail, recovery of the CCP would be better than resolution

Banks in Singapore Face Competition in NDF Market Making

22nd October 2014
Banks in Singapore are increasingly facing competition from small hedge funds and prop shops in making markets in NDF products, according to local sources

Honeywell Begins FX Hedging Due to Weakening Euro

22nd October 2014
US technology and manufacturing company Honeywell International will reverse its policy of leaving its FX exposures unhedged amid concerns that the euro will depreciate further

Banks Could Pay Up to $41 Billion in FX Fines

22nd October 2014
The probe into FX benchmark rigging could cost banks more than $40 billion in fines, according to Citi analysts

O'Hara and Rogers Depart Thomson Reuters

22nd October 2014
Matt O’Hara and Tom Rogers have left Thomson Reuters in New York, a spokesperson for the company confirms

Regulatory Disharmony Continues to Fragment Swaps Market

19th October 2014
The lack of international harmonisation regarding swaps regulation is continuing to fragment this market, a trend that could have negative implications in more volatile trading conditions

Experts Warn of New Legal Exposures in Futures Trading

19th October 2014
Changing regulatory language within the futures market is leaving trading firms exposed to new liabilities, according to legal experts in New York

Buy Side Remains Wary as Bank’s Adopt Cross-Border Swaps Protocol

19th October 2014
The buy side is likely to be the next focus of global regulatory bodies after a number of global banks adopted a protocol to impose a stay on the winding up of swap positions in the event of default, Profit & Loss sources indicate

Thomson Reuters to Offer PHP, MYR

19th October 2014
Thomson Reuters has been given permission to launch onshore Philippine peso and Malaysian Ringgit on Thomson Reuters Matching, Profit & Loss can exclusively reveal

EBS Matching Engine Glitch Interrupts London FX Trading

19th October 2014
An outage on Icap’s EBS platform halted FX trading last week after the London matching engine went down on October 15 for a period of 25 seconds

Chinese Central Bank Signals Further FX Reforms

19th October 2014
People’s Bank of China Governor Zhou Xiaochuan has indicated that structural adjustments and reforms will continue to be pushed forward in the Chinese markets, specifically with regards to renminbi liberalisation

Boutique Asset Managers Grapple with Regulatory Hurdles

19th October 2014
Regulation is the greatest threat to success for boutique asset management firms, according to a new survey by the Tabb Group

Russia, China Agree Currency Swap; MoEx to Clear Trade in Yuan

19th October 2014
The Russian and Chinese central banks have finalised a RMB150 billion bilateral national currency swap agreement, first announced in August

CLS Hits Record $5.94 Trillion Daily Settlement

19th October 2014
In September, CLS settled $5.94 trillion – a record average daily value for CLS

FXCM Reports Record Trading Activity

19th October 2014
Foreign exchange broker FXCM has benefitted from the recent rise in volatility, reporting record institutional trading volume of $362 billion in September, 41% higher than in August and 100% higher than the year before

Buy Side to Buy Side Trading Increasing on Bank-to-Bank Venues

19th October 2014
Buy-side firms are increasingly accessing spot FX liquidity by trading with other buy-side firms within trading venues that were previously considered bank-only platforms, according to research from GreySpark Partners, a London-based capital markets consultancy

Internationalisation of the RMB: Profit & Loss Shanghai

19th October 2014
Profit & Loss returns to Shanghai this week for the last in its 2014 EM series of conferences.

On the Move

19th October 2014

Tech Corner

19th October 2014
A round up of the latest technology news…

Around the World

19th October 2014
ACI launches a North American chapter, ASIC takes action against Monarch FX and an exit from Japan...

Special Feature: A Turning Point in the Currency Wars?

19th October 2014
In this Q&A, Simon Derrick, managing director, chief currency strategist, the Bank of New York Mellon, looks at the recent inflows into USD and makes a number of predictions in terms of a ‘brave new world’ in 2015