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CME Appoints Global Head of FX

in News, People

CME Appoints Global Head of FX

Paul Houston is set to join CME Group in April as its new global head of FX, according to market sources. A spokesperson for CME declined to comment on the news, but Profit & Loss understands that Houston is joining the group in London and will report to Sean Tully, senior managing director, financial and OTC products, in New York. Houston, who sources say is currently on gardening leave, had most recently been working for Deutsche Bank in London as EMEA head of FX prime brokerage and OTC clearing and the head of EMEA listed derivatives solutions. Prior to joining Deutsche Bank in 2012, Hou...
Gain Changes Methodology as More Platforms Report

in News, Brokers

Gain Changes Methodology as More Platforms Report

Gain Capital has changed how it reports its average daily volume to reflect the wider market convention and to ensure conformity of reporting across its venues. Previously Gain reported its ECN institutional volumes on a double count basis, it has now switched to single count from January 2016 and adjusted its historical data. The firm’s ECN volume represents spot FX volume executed via its proprietary trading platform and NDF volume executed through its Swap Execution Facility (SEF).  Gain’s swap dealer volume represents spot, forwards, swaps, options and non-deliverable forwards executed t...
European Regulators Push MiFID II Deadline Back to 2018

in News, Regulation

European Regulators Push MiFID II Deadline Back to 2018

The European Commission has proposed a one-year delay to the implementation of MiFID II. The Commission says that this delay is “to take account of the exceptional technical implementation challenges faced by regulators and market participants”. The new deadline by which the national competent authorities and market participants have to comply with the MiFID II rules is now January 3, 2018. The reason for the extension lies in the technical infrastructure that needs to be set up for the MiFID II package to work effectively. The European Securities and Markets Authority (ESMA) has to collec...
EU, US Regulators Agree Common CCP Rules

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EU, US Regulators Agree Common CCP Rules

The European Commission (EC) and the US Commodity Futures Trading Commission (CFTC) have today announced the agreement of a common approach regarding requirements for central clearing counterparties (CCPs). Following the agreement, the EC says it intends to shortly adopt an equivalence decision with respect to CFTC requirements for US CCPs, which will allow the European Securities and Market Authority (ESMA) to recognise US CCPs as soon as is practicable.  Once recognised by ESMA, US CCPs may continue to provide services in the EU whilst complying with CFTC requirements. US CCPs will also be...
BGC’s 2015 FX Revenues Up 44.4% YoY

in News, Brokers

BGC’s 2015 FX Revenues Up 44.4% YoY

BGC Partners’ FX revenues grew by 44.4% in 2015 to reach $310.6 million, according to its end of year financial results. Additionally, its Q4 2015 FX revenues were $71.6 million, up 33.12% from the $56.7 million reported in Q4 2014. The total revenues of Fenics, which BGC acquired as part of its deal to buy rival brokerage firm GFI, was $224.3 million for 2015, up 126.6% from the $99 million in revenue that it generated the previous year. Fenics’ Q4 2015 revenue was $59.1 million, up 112.1% from the $27.9 million it generated in Q4 2014. BGC’s post-tax distributable earnings for Q4 2015 wa...
CLS Volumes Rebound from December, Down YoY

in News, Institutional

CLS Volumes Rebound from December, Down YoY

The average daily value of trades submitted to CLS in January was $4.84 trillion, up 8.3% from December 2015, but down 8.9% year-on-year. This is consistent with the volumes being reported by the OTC multibank platforms, which – with the exception of Fastmatch – have all reported trading volumes that are up from December, but down YoY. The most obvious explanation for this trend is the spike in volatility and subsequent trading activity caused when the Swiss National Bank (SNB) pulled its peg to the euro on January 15, 2015.  It should be noted that CLS reports both sides of an FX transacti...
Open-Source Blockchain Group Announces 30 Founding Members

in News, Technology

Open-Source Blockchain Group Announces 30 Founding Members

The Hyperledger Project, an open source project dedicated to advancing blockchain technology, has announced its 30 founding members, a formal open governance structure and a series of technical updates to the project. The founding members of the initiative are: ABN Amro, Accenture, ANZ Bank, Blockchain, BNY Mellon, Calastone, Cisco, CLS, CME Group, Consensys, Credits, The Depository Trust & Clearing Corporation (DTCC), Deutsche Börse Group, Digital Asset Holdings, Fujitsu Limited, Guardtime, Hitachi, IBM, Intel, IntellectEU, JP Morgan, NEC, NTT DATA, R3, Red Hat, State Street, Swift, Symbiont...
CFTC $80m Funding Increase Requested

in News, Regulation

CFTC $80m Funding Increase Requested

The US President’s office is requesting an $80 million increase in the Commodity Futures Trading Commission’s (CFTC) budget for the fiscal year 2017. In the budget report released Tuesday it shows the President is requesting from the Committee on Appropriations a budget of $330 million and 897 full-time equivalents (FTE) for the CFTC next year. This is an increase of $80 million and 183 FTE of the funding allocated for the 2016 fiscal year, a change which the budget request notes “is effectively the President’s FY 2016 budget, with adjustments for inflation”. According to the budget, 36% of...
Icap Revenues Fall in Q3

in News, Brokers

Icap Revenues Fall in Q3

Icap has released its third quarter (to December 2015) trading statement, revealing that group revenue from continuing businesses was 5% lower than the same period in 2014 on a constant currency and on a reported basis. “Overall market conditions have remained challenging,” the company says. “Risk appetite remains subdued amongst our clients as they continue to deleverage their balance sheets. The first step in the normalisation of the US interest rate environment was taken as the US Federal Reserve raised interest rates by a quarter percentage point. However, volatility remained relatively b...
Australia Provides Feedback on Rate Setting Process

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Australia Provides Feedback on Rate Setting Process

The Council of Financial Regulators (CFR), the coordinating body for Australia's main financial regulatory agencies, has released a discussion paper on the evolution of the Bank Bill Swap Rate (BBSW), Australia’s rate setting mechanism. The document summarises the feedback received from 15 submissions, but also sets out a proposal for the evolution of the BBSW methodology for discussion with the administrator of the setting, the Australian Financial Markets Association (AFMA) and market participants. The CFR says it sought feedback on the mechanism because turnover at the BBSW rate set “has...