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Week Beginning 23rd November 2014

EBS Appoints Head of G10

27th November 2014
Industry veteran Bill Marsden has joined EBS in London as head of G10 currencies, according to an internal memo seen by Profit & Loss

Citi Stands Out as Sole Change from ECB’s FXCG Members List

27th November 2014
The European Central Bank’s FX Contact Group (FXCG) appears to have dropped Citi from its newly published members list in which the bank’s absence is the only change recorded

HSBC Targeted By DoJ…

27th November 2014
The US Department of Justice is investigating whether an HSBC employee may have leaked confidential information to a hedge fund

…As Trader Dismissed, Swiss Targets Named

27th November 2014
The fallout from the investigation into FX market practices continues with reports naming some of the traders targeted by the Swiss financial authority, Finma, in its investigation into events around the WMR Fix; and news that Bank of New York Mellon dismissed a trader earlier this year due to code of conduct breaches

ISDA Report Advocates Greater CCP Transparency

27th November 2014
The International Swaps and Derivatives Association (ISDA) has released a paper claiming that central counterparties should implement certain operational changes, including providing greater transparency around their ability to absorb a major default

Icap Veteran Ferreri to Depart

27th November 2014
Chris Ferreri is planning to leave Icap after more than 30 years with the brokerage, Profit & Loss understands

And Another Thing...

27th November 2014
Happy Thanksgiving Day to our American friends; the rest of you will be unsurprised to hear I am a little grumpy so today’s column has plenty of sarcasm and irony, and very few glad tidings

New FX Consultancy Launches

24th November 2014
Simon Jones, formerly global head of FX e-trading at Citi, has launched a new FX consultancy, PierrepointFX

Exchanges Make Strategic Moves in NDF Trading

24th November 2014
Exchange operators are working hard to strategically position themselves in response to the changing regulatory conditions of the non-deliverable forward (NDF) market, with Deutsche Börse acquiring a minority stake in R5FX and Nasdaq apparently preparing to launch listed non-deliverable FX contracts

EBS Launches Third Platform, EBS Select

24th November 2014
Icap’s electronic FX business EBS is planning to launch a third liquidity pool in early 2015 called EBS Select, in addition to EBS Market and EBS Direct, driven by the apparent growth in demand to trade anonymously

BNP Paribas Moves FX Under New Global Markets Division

24th November 2014
BNP Paribas has moved its FX business from its fixed income division to a newly created global markets unit, Profit & Loss has learnt

Risk Continues to Shift from Banks to Buy Side

24th November 2014
Empirical evidence that risk is moving out of the banks and towards the buy side is growing, according to market experts

Has the SNB Been Intervening?

24th November 2014
General weakness in the euro has brought the Swiss National Bank’s artificial 1.2000 floor in EUR/CHF fully into focus, with market sources reporting the central bank stands ready to purchase an unlimited quantity of euros to defend the floor

BGC Continues GFI Chase

24th November 2014
BGC Partners has extended its offer to acquire GFI Group

CLS Volumes Hit 2014 Record Daily High

24th November 2014
CLS has reported an average input daily value of $5.29 trillion, up year-on-year but down 10.9% from September’s record total of $5.94 trillion

Omgeo Alert Attracts Investment Managers to FX SSI Service

24th November 2014
Omgeo says that over 225 investment managers worldwide are now using Omgeo Alert for FX standing settlement instructions (SSI), with FX proving to be one of the strongest growing asset classes on the service in recent years

Better Education Needed on Chinese Regulatory Change

24th November 2014
With an increasing number of multinational corporates looking to use renminbi in their day-to-day business, banks need to step up their efforts in providing information and education to this sector regarding the latest rule changes being implemented by the Chinese regulators

Managed Futures Benefitting From Shifting Central Bank Policies

24th November 2014
The recent volatility witnessed in the equity markets, combined with the macroeconomic backdrop of divergent central bank policies, is highlighting the benefits of managed futures

Advanced Markets Launches Anonymous FX Block Trading for Buy Side

24th November 2014
Direct market access (DMA) solutions provider Advanced Markets has launched its Full Order Execution (Fox) block trading mechanism

OptionsCity Software Buys Optionshop

24th November 2014
OptionsCity Software has acquired futures trading technology provider Optionshop for an undisclosed sum

Regulators Continue to Stake Claim in Bitcoin

24th November 2014
The regulatory landscape for Bitcoin is becoming increasingly complicated with the Commodity Futures Trading Commission (CFTC) laying claim to jurisdiction over the virtual currency

On the Move

24th November 2014
Credit Suisse, Avadeo Capital, JP Morgan, Gelber, FIA, Calastone, Jefferies, R5FX, Stone Milliner, Nomura…

Tech Corner

24th November 2014
A round up of the latest technology news...

Around the World

24th November 2014
More RMB clearing hubs, Russia finally passes Forex Bill and concerns over Brazil...

And Finally...In Memoriam

24th November 2014
Sad news reached me over the weekend that Rita Saverino, known to many of us from her work in trading and e-commerce at Citi and Deutsche Bank, passed away last week