A Singapore man has been sentenced to 16 weeks’ imprisonment for spoofing contracts for difference (CFD) markets in the city state.
ACI – The Financial Markets Association has announced that 2017 it is mandating its 9,000 members to explicitly commit to the FX Global Code of Conduct, the complete version of which will be released on May 25.
“In the three years since the process began to develop a single, global code of conduct for the FX market, the Foreign Exchange Working Group (FXWG) and Market Participants Group (MPG) have made enormous strides forward,” says Brigid Taylor, managing director of ACI.
A US judge has reportedly dismissed a class action brought against a group of banks and brokers alleging manipulation of Yen Libor rate settings.
According to a release from Nex Group, Icap Plc and Icap Europe were among the defendants in two lawsuits, the Sonterra Yen Libor Class Action and the Laydon Yen Libor Class Action, along with 43 others, mainly banking groups and subsidiaries. Nex says that a US judge in the Southern District of New York has dismissed the Sonterra action in its entirety.
Despite the numerous technological advances in the FX industry in recent years, panellists at Profit & Loss Latin America emphasised the significant role that humans, and human relationships, still play in regional markets.
However, seemingly juxtaposed against the importance of human relationships is the inevitable drift towards further automation of FX trading activity.
As John Ashworth, CEO of Caplin Systems, explained: “The thing that separates regional markets from mainstream markets is that there’s still a very strong focus on relationships in the sales function, where human beings want to talk to human beings."
The City Against Motor Neurone Disease (MND) Network, a group for those working in and around the City of London who have in some way been “touched" by MND and would like to help find a cure and improve care/services for those living with it, announces supporter Thom Lant will be walking the historic Jarrow March to raise awareness of MND starting in Jarrow, North East of England on Monday March 6.
The 300 mile walk will follow the route of the original Jarrow March of 1936, travelling through many of England’s major cities and towns including Darlington, Harrogate, Leeds, Barnsley, Sheffield, Nottingham, Leicester, Northampton, Bedford, Luton, St Albans and finishing in London.
Bloomberg is continuing its push into China with the announcement that Haier Finance has adopted its FX electronic trading platform (FXGO) and Multi-Asset Risk System (MARS).
A subsidiary of the Chinese home appliance company Haier Group, Haier Finance provides financial services including deposits and loans, financial advisory, insurance and investment services. The firm officially adopted FXGO and MARS in the third quarter of 2016.
"Bloomberg's FX solutions have enhanced our efficiency by allowing us to streamline our workflow from front to back," says Zhang Bing, head of trading at Haier Finance.
The Banco de Mexico (Banxico) has announced that it will offer FX hedging instruments to the market for up to US$20 billion, a move that led to a bounce in the peso and has gained approval from some local economists.
Banxico’s Foreign Exchange Commission (FEC) did not specify the exact details of the instruments that will be offered, stating that the first auction will take place on March 6 for up to US$1 billion and will be settled in Mexican pesos.
Bloomberg has launched Canadian FX benchmark rates (BFIX) a week ahead of the Bank of Canada’s planned changes to the timing, frequency and calculation of the daily average rate for currencies against the Canadian dollar.
The central bank said these changes, due to go into effect on March 1, will reinforce the distinction between FX rate fixings used as benchmarks for transactional purposes and Bank of Canada exchange rates that are provided as a public good – for statistical, analytical and informational purposes only.
Settlement services provider CLS Group and Nex Group’s TriOptima say that counterparties have eliminated $1 trillion in gross notional value from their outstanding FX forward and swap portfolios using the TriReduce CLS FX Forward Compression Service.
The service offers regular compression cycles to reduce operational, credit, and counterparty risk, and enhance capital efficiency. The firms say participation has grown steadily, with the last two cycles reducing notional principal by more than $200 billion, a trend that both companies say they expect to continue.
Officials from Paris made a pitch for financial firms thinking of moving staff or operations to continental Europe post-Brexit to consider moving to the French capital at an event in London last week.
“Brexit is an earthquake,” said Jean-Louis Missika, Vice Mayor of the City of Paris, at the event, Europe - Where To Next? Winning Business Strategies in the Eurozone. He continued: “Brexit is a slow earthquake and it will reshape the economic and financial landscape in Europe.”
Missika added that right now political and regulatory authorities, as well as corporates and financial companies, are trying to figure out what this new landscape will look like.