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Week Beginning 24th May 2015

Libor Trial: Bank of England Official Received Alleged Libor-Fix Emails

29th May 2015
A senior Bank of England official was among more than 20 recipients of emails that were part of an alleged campaign to rig lending rates between banks, evidence presented in the trial of trader Tom Hayes in London has revealed.

Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

28th May 2015
Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms

FXCM Sells Hong Kong Business to Rakuten Securities

28th May 2015
FXCM has sold its Hong Kong platform FXCM Asia to Rakuten Securities for approximately $36 million, the Japanese broker which also secured FXCM Japan in April for $62 million.

FX Instructions and Notional Value Fall in April on CLS

28th May 2015
FX settlement provider CLS has reported a decrease in month-on-month average daily instruction volumes, yet year-on-year average daily instructions have risen

Profit & Loss to Host Toronto Conference Next Week

27th May 2015
Join Profit & Loss for its 6th annual foreign exchange conference and trade show in Toronto next week for a front-row seat to lively discussions and a ‘fireside chat’ about the FX topics that matter most to you

FEMR Expected to Propose Equity Market Standards for FICC – Report

27th May 2015
The UK’s Fair and Effective Markets Review (FEMR) will reportedly formally propose an industry ban on front-running of client orders in FX in addition to extending the Bank of England’s senior managers regime to hold a broader range of bank and the buy side managers accountable

Moscow Exchange Joins FXPA

27th May 2015
Moscow Exchange (MOEX) has joined the Foreign Exchange Professionals Association (FXPA) as a full member, bringing the FX trade association’s current institutional member total to 22

FX Start-Up Kantox Raises $11 Million From Existing Investors

27th May 2015
Foreign exchange technology start-up Kantox, which provides a business-to-business matching platform, has raised $11 million via a financing round among existing investors: Partech Ventures, IDinvest Partners, Cabiedes & Partners and a number of business angels

FXCM and Saxo Bank to Acquire CitiFX Pro Accounts

26th May 2015
Citi is selling its margin foreign exchange business, including the CitiFX Pro and TradeStream platforms, to FXCM and Saxo Bank, the companies have confirmed

LCH.Clearnet Extends Buy-Side NDF Clearing to Europe

26th May 2015
LCH.Clearnet’s ForexClear has expanded its US client clearing service to include European model account structures for the first time, ahead of the mandated start of NDF clearing and the expected capital impact of Basel III

FCA Sets Parameters of CIB Market Study

26th May 2015
The Financial Conduct Authority (FCA) has outlined the extent of its market study into competition in corporate and investment banking

Banks in Political Crosshairs After FX Fines

26th May 2015
US politicians could look to use the FX fines issued to the banks last week for their own political purposes, with Senator Elizabeth Warren already being outspoken on this topic

And Another Thing…

26th May 2015
Chatting to a friend the other day he asked the question (regarding the Fix/chatroom issue) “do you think this will just fizzle out?”

P&L Forex Network NY Takes Place This Week

24th May 2015
Profit & Loss Forex Network New York – taking place this Thursday 28 May – promises a day of lively and insightful discussions covering the critical issues facing the foreign exchange industry

Buthorn to Head PB Services at Icap?

24th May 2015
Joseph Buthorn is reportedly set to join Icap, with market sources suggesting that the firm could be looking to build a prime brokerage service for FX and fixed income

ICE Set for a Further Delay in Singapore Launch

24th May 2015
Intercontinental Exchange (ICE) has delayed the start date of its Singapore futures market for a second time

EBS-BrokerTec Joins FXPA

24th May 2015
The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has added EBS-BrokerTec to its Founders’ Council, bringing the total number of institutional members now part of FXPA to 21

Profit & Loss Talk Series

24th May 2015
Profit & Loss continues to sit down with the movers and shakers in the industry for its Talk Series

Saxo Bank Pursues 12 Singapore Clients Following CHF Chaos

24th May 2015
Danish broker Saxo Bank has taken legal action against 12 clients in Singapore for losses sustained following the Swiss National Bank’s sudden decision to remove its long-held EURCHF floor on 15 January

ECB Stops Embargoed Press Releases Following Coeuré Leak

24th May 2015
The European Central Bank (ECB) says it will stop sending out embargoed press releases of key speeches, following widespread criticism of its delay in making public an executive board member’s speech which gave those in attendance a trading advantage over the rest of the market

Icap’s New EBS and BrokerTec Brand

24th May 2015
Icap’s electronic FX and fixed income business, EBS BrokerTec, says that it has made significant progress in combining its business operations as it launches a new brand and website

Thomson Reuters April FX Volumes Rise Y-o-Y

24th May 2015
Combined FX trading volumes on Thomson Reuters’ Matching and FXall platforms rose 5% year-on-year in April despite tailing off from the previous month’s average daily volume

EC Asks Market for Feedback on EMIR Implementation

24th May 2015
The European Commission has launched a public consultation to determine the market’s early experiences of how the European Market Infrastructure Regulation (EMIR) is being implemented

LMAX Reports First Full Year in Profit Despite Market Conditions

24th May 2015
LMAX Exchange has reported an increase in annual net profits for 2014 of £500,000 year-on-year, resulting in first full year of profitability

Dealers Under Strain as Corporate Use of Derivatives Increases

24th May 2015
Corporates’ use of derivatives has increased by half since before the global financial crisis, with the annual interest rate derivatives trading volume of a typical big corporate user growing to $3 billion in 2014 from $2 billion in 2006, according to research by Greenwich Associates

FastMatch Looks to Reduce Latency with Binary API Offer

24th May 2015
FastMatch plans to offer its clients a binary API in addition to the current FIX API in a bid to increase the speed of its platform

Former FX Head to Leave Deutsche Bank

24th May 2015
Alan Cloete, co-CEO of Asia-Pacific with Deutsche Bank, will be leaving in the near future following a major reshuffle of its management board

On the Move

24th May 2015
CLS, LCG, FXSpotStream...

And Finally...

24th May 2015
The FX Fines: What Next for the Banks?