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Week Beginning 17th August 2014

BNP Paribas Boosts Electronic Markets FX Unit With New Appointments

20th August 2014
BNP Paribas has made three new appointments to its electronic markets FX business, according to an internal memo seen by Profit & Loss

New Proposals Could Help US Agency Brokers

20th August 2014
The new proposals allowing for firms to act as intermediaries for their clients to facilitate FX derivatives transactions could help to revive US agency brokerage businesses after a difficult year for some of these companies

ICE Follows CME in Banning Transitory EFRPs

20th August 2014
The InterContinental Exchange (ICE) has followed the CME in changing its rules regarding exchange for related position (EFRP) contracts

Marex Agency FX Team Resurface at Gain GTX

20th August 2014
The three FX sales executives that left Marex Spectron in May have joined Gain Capital to strengthen the firm’s GTX agency desk

Citi Hires European Head of Spot G10 FX Trading

20th August 2014
Danny Wise has joined Citi as its new European head of spot G10 FX trading

Cantor Confirms Ex-Goldman Duo to its FX Team

20th August 2014
Cantor Fitzgerald has confirmed the appointments of former Goldman Sachs executives Joseph Pinto and Stephan McElreath to its FX team, as first reported by Profit & Loss in May

BTIG Launches New Chicago-Based FX Desk

20th August 2014
BTIG has hired three former Newedge staff to run its new Chicago-based FX desk

And Another Thing...

20th August 2014
I have often discussed the “equitisation” of FX markets from a market structure perspective; now though, I can talk about it from a market behaviour angle

UniCredit Appoints Palmer to Head Up CEE Rates and FX

17th August 2014
UniCredit has hired Warwick Palmer, former Bank of America Merrill Lynch emerging markets rates and currency trading head, as global head of rates and FX, CEE trading

Banks Threaten to Stop Using Libor Benchmark

17th August 2014
The American Bankers Association (ABA) says that some banks may stop using Libor as a benchmark for interest rates on loans because of new licensing fees being charged by Intercontinental Exchange

FCA Starting FX Fine Talks in September - Report

17th August 2014
The Financial Conduct Authority (FCA) is understood to be scheduling meetings with banks to negotiate potential fines related to claims of FX market manipulation, despite many firms still being unaware of what they will be charged with

Traiana Launches Enhanced Matching Engine

17th August 2014
Traiana has launched an upgraded version of its post-trade cross-asset allocation, matching and confirmation service for both buy- and sell-side firms

CTA Data Shows Poor Performance in July

17th August 2014
Commodity trading advisors (CTAs) suffered a difficult trading period in July, according to new performance data from Newedge

Caplin Launches FX Mobile Trading App

17th August 2014
Caplin Systems has launched an FX trading app for mobile devices

China and Russia Sign Currency Swap Agreement…

17th August 2014
The monetary authorities of China and Russia have agreed a national currency swaps arrangement, which will reduce reliance on the US dollar for bilateral payments

…As BoC Extends RMB Clearing Hours to Cover Global Trading

17th August 2014
The Bank of China’s clearing business in Hong Kong is extending its renminbi clearing service hours in October to cover US and European trading hours

FXCM Deal with FXDD US Worth $4.4 million

17th August 2014
It has emerged that FCXM’s May acquisition for FXDD’s US clients was concluded for significantly less than originally announced

Gain Seeks Acquisitions to Counter Revenue Drop

17th August 2014
Gain Capital is looking for new acquisitions to boost profits after reporting losses for the second quarter and first half of this year

ATC Brokers to Launch UK FX Brokerage

17th August 2014
ATC Brokers, a US-based introducing broker, will launch a Financial Conduct Authority-registered brokerage later this month in London

TMX Group to Buy Microwave Network from GTS

17th August 2014
Global Trading Systems has agreed to sell its ultra-low latency microwave network, StrikeNet, to TMX Group

On the Move

17th August 2014
Marex, Societe Generale, Tradovate…

Tech Corner

17th August 2014
A round up of the latest technology news...

Around the World

17th August 2014
Lots happening in the exchange world, and the Old Lady has a Plan B…

And Finally...

17th August 2014
News that we finally have movement in the rigging fiasco has to be welcome, even if that news is unlikely to be positive