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Week Beginning 1st March 2015

Nasdaq Receives Authorisation to Clear FX in Europe

2nd March 2015
Nasdaq OMX Clearing has been re-authorised by the European Securities and Markets Authority (ESMA) to clear exchange-traded and OTC FX derivatives.

Fastmatch Offers Free Trading for Non-Last Look Liquidity Providers

2nd March 2015
FastMatch has announced today that it will be offering free brokerage to liquidity providers that offer firm quotes rather than using last look.

Buy Side Split on Internalisation and Last Look…

2nd March 2015
Buy-side participants have expressed differing opinions as to the risks associated with internalisation and “last look” practices in foreign exchange in their responses to the Fair and Effective Markets Review

…While Banks Warn Against Over-Regulation While Defending Last Look

2nd March 2015
The sell-side appears to be united in general agreement that the industry would benefit more from standardised codes of conduct rather than increased regulatory intervention, according to the various responses submitted to the UK’s Fair and Effective Markets Review

RBS Internal FX Probe Claims Three Jobs, Deputy Head of Markets Suspended

2nd March 2015
Three RBS FX traders who were suspended as part of the bank’s internal investigations into alleged FX malpractice have since been dismissed, according to RBS CEO Ross McEwan

Bank of England Tightens Procedures After FX Investigation

2nd March 2015
The Bank of England has announced tougher rules for its employees after staff failed to spot market malpractice by currency traders at some of the major banks

IG Changes Margin Rates Following EURCHF Cap Removal

2nd March 2015
IG Group has increased its margin rates for a number of retail FX products, notably including the Swiss franc Profit & Loss has learnt

Saxo Clients Increase Calls for Refunds After EURCHF Losses

2nd March 2015
Law firm Andersen Partners, which represents a group of around 20 Saxo Bank customers, is preparing a letter to the bank calling for its clients to be reimbursed for losses made as a result of the bank’s re-pricing of EURCHF trades

Citi Shuts Down Selected FXPB Accounts

2nd March 2015
Citi’s FX prime brokerage (PB) business has terminated selected customer accounts, it has confirmed

Hong Kong’s Tax Reforms Target Corporate FX Hubs

2nd March 2015
Hong Kong is tabling amendments to its tax laws in order to become a more attractive financial centre for multinational companies to trade FX, following up on plans announced last year

Hill Calls For Greater EU/US Cooperation to Reach Clearing Agreement

2nd March 2015
The EU’s financial services commissioner, Jonathan Hill, has called for increased efforts to resolve extraterritorial regulatory disputes with the US, proposing a treaty-based system as the solution

ISDA Calls For Cross-Border Cooperation in Trade Reporting

2nd March 2015
The International Swaps and Derivatives Association (ISDA) has warned that major challenges remain in the realm of trade reporting, mostly due to lack of standardisation within and across jurisdictions in reporting requirements

EBS Direct Signs RBC as Liquidity Provider

2nd March 2015
EBS Direct, Icap’s electronic FX platform, has added the Royal Bank of Canada (RBC) as its 19th – and first Canadian – liquidity provider

RBS Reserves £320 Million for Future FX Settlements

2nd March 2015
The Royal Bank of Scotland is setting aside £320 million for ongoing FX settlements, according to it chief finance officer

Best Execution Enforcement ‘Falls Short’: ESMA

2nd March 2015
ESMA has raised concerns about how national regulators are monitoring and enforcing best execution requirements under the Markets in Financial Instruments Directive (MiFID), which obliges investment firms to provide best execution, or obtain the best possible result, for their clients when executing their orders

Europe and Japan Sign Clearing House Oversight Agreement

2nd March 2015
Regulators in Europe and Japan have signed a Memorandum of Cooperation (MoC), which establishes oversight of Japanese clearing houses in accordance with European rules

Parker FX Index Up 2.71% in January

2nd March 2015
Currency hedge funds in the Parker FX Index reported an aggregate gain for the seventh straight month in January

Giancarlo Share Divestment was “By the Book”

2nd March 2015
Legal experts in Washington have dismissed questions about how the Commodity Futures Trading Commission’s (CFTC) Christopher Giancarlo divested himself of his GFI shares as political maneuvering

Bitcoin Market Development Continues…

2nd March 2015
LedgerX has selected Ancoa to provide real-time market and trade surveillance platform for monitoring Bitcoin options trading on its platform

…And Bank of England Looks at Digital Currencies for Central Banks

2nd March 2015
The Bank of England (BoE) has released a paper examining the potential for central banks to utilise digital currencies

On the Move

2nd March 2015
Credit Suisse, Citi, Tullett Prebon, Credt Agricole, KCG, ICE, SGX, LCH Clearnet…

Around the World

2nd March 2015
East African currency union and the march of the FTT…

And Finally...

2nd March 2015
BGC and GFI: a hostile takeover turned friendly?

Hotspot Sees FX Volume Drop in February

2nd March 2015
Hotspot FX, KCG’s ECN soon to be handed over to BATS Global Markets, reports a 23% decrease in average daily volume (ADV) last month compared with January, a trend expected to be replicated across other FX trading platforms

FXPro Releases Slippage Statistics in Transparency Boost

2nd March 2015
FXPro has released its slippage statistics for February, claiming that such a move will help encourage greater transparency within the retail FX industry