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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

in News, Regulation

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...
Aston Swaps TD Securities for Tixall Global Advisors

in News, People

Aston Swaps TD Securities for Tixall Global Advisors

Paul Aston has left TD Securities to become the CEO and director of Tixall Global Advisors (TGA). TGA functions in a fiduciary capacity to provide institutions with managed execution and overlay solutions in global foreign exchange, rates and derivatives markets. Before this move, Aston was a director and head of quantitative and algorithmic solutions at TD securities in New York for over three years.  Prior to that, he was an executive director and head of global quantitative solutions and innovations at Morgan Stanley and a principal, institutional portfolio and risk strategy, at Bank of...
Xiginite Closes $20.5m Funding Round

in News, Institutional

Xiginite Closes $20.5m Funding Round

Cloud-based data supplier, Xignite, has closed a $20.5 million Series C funding round led by a unit of Japan's biggest financial information provider, Nikkei. Nikkei's Quick Corporation was joined by StarVest Partners, Altos Ventures, and Startup Capital Ventures in the round, which brings Xignite's total funding to $37 million. Quick managing director Atsuyuki Nakajima will join Xignite’s board. Xignite CEO, Stephane Dubois, spoke to Profit & Loss last year about how he believes that the way in which firms access market data in the future will change. He argued that offering APIs running...
FX Fraudster Hit With $10m in Fines

in News, Regulation

FX Fraudster Hit With $10m in Fines

4X Solutions (4X) and its principal, Whileon Chay, have been fined more than $10m in connection with an FX trading ponzi scheme. A judge in the Southern District of New York ordered 4X and Chay jointly and severally to disgorge roughly $2.8 million and pay a civil monetary penalty of just over $8.2 million for participating the ponzi scheme. The judge in the case, Richard Berman, found that Chay and 4X fraudulently solicited $4.8 million from at least 19 pool participants by falsely enticing prospective participants with the prospect of earning returns of 24% to 36% per year and claiming the...
BoJ Probes Monetary Policy Leak

in News, Events

BoJ Probes Monetary Policy Leak

The Bank of Japan is continuing to probe events surrounding its monetary policy meeting at the end of January which resulted in the historic decision to cut rates into negative territory. As reported by Profit & Loss that day, Nikkei News released a report suggesting the Japanese central bank was considering negative interest rates whilst the meeting was actually taking place. According to a report today by Bloomberg News, BoJ Governor Haruhiko Kuroda told a parliamentary committee that there was no indication that anyone in the central bank had leaked the information. Senior government offi...
Global Code of Conduct Gets First Airing

in News, Around the World

Global Code of Conduct Gets First Airing

The BIS FX Working Group has circulated to the various foreign exchange committees a first draft of the impending global code of conduct for comment and feedback. The draft covers certain aspects of the FXWG’s brief and does not represent the final version. It focuses on ethics and the management of potential conflicts of interest; the handling of confidential information; the execution process, including order handling; and post-trade processes. Guy Debelle, chair of the FXWG says the first draft represents “around half” of the what the group aims to produce and stresses that it is not a fi...
CME Reports Strong YoY Revenue and Income Growth

in News, Exchanges & Clearing

CME Reports Strong YoY Revenue and Income Growth

CME Group has reported a 7% year-on-year growth in revenue and a net income of $1.3 billion for 2015, the latter of these two representing a 15% increase from 2014. The exchange group’s total revenue for 2015 was $3.3 billion and operating income was $2.0 billion. Net income was $1.25 billion and diluted earnings per share were $3.69.  Adjusted for non-recurring items, 7% year-over-year growth in revenue coupled with operating expenses down 1% drove net income of $1.3 billion, up 15% compared with 2014, and diluted earnings per share of $3.861, up 14%. “In 2015, we reached record levels of...
CBOE Strengthens Vix Administration

in News, Exchanges & Clearing

CBOE Strengthens Vix Administration

The Chicago Board of Options Exchange (CBOE) says the administration of the its Volatility Index (VIX Index) is in alignment with the Principles for Financial Benchmarks established by the International Organization of Securities Commissions (IOSCO). The VIX Index, calculated using real-time bids and offers of S&P 500 Index (SPX) options listed for trading on CBOE, is a recognised and accepted benchmark for futures and options trading under US regulatory standards set by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). CBOE policies and procedures...
Keenan Exits BNP Paribas

in News, People

Keenan Exits BNP Paribas

Market sources says that Lana Keenan has left her role as vice president, sales and marketing and client development, derivatives clearing services, Americas, at BNP Paribas. Although a spokesperson for BNP Paribas did not respond to requests to confirm Keenan’s departure, sources indicate that she left the French bank at the end of 2015.  Keenan, who was based in Chicago, joined BNP Paribas in 2014 from ABN Amro Clearing where she worked in business development focused specifically on alternative investments and corporate hedgers. Prior to that, Keenen had spells with RJ O’Brien, Coleman R...