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ICBC Adopts FXall, Electronic Trading After being the first Chinese bank to stream spot CNH prices during the Asian time zone, ICBC (Asia) is now the first Chinese bank to initiate a 24-hour price stream on Thomson Reuters’ FXall platform via Electronic Trading (ET). Thomson Reuters (TR) says the move supports increasing demand from clients of ICBC to price CNH across Asia, as well as facilitate the development and liquidity of the offshore CNH market. FXall and ET are available on FXT, TR’s desktop platform.
Nex Group Gets Election Bounce: Future Uncertain Nex Group has released its first quarterly results since the official formation of the group, and while it reports a good bounce in trading volumes around the US election in November, its CEO, Michael Spencer has flagged more “muted” volumes since. Nex Group’s Q3 revenue was up 11% on the third quarter of 2015 and is 4% higher across the first three quarters of 2016 compared to the same period in 2015. Growth was evenly spread across the firm's Markets and trade lifecycle businesses.
Aphelion Hires Collins FX liquidity management solutions provider Aphelion has announced the appointment of Peter Collins as its new global head of sales.
South Africa Sues Banks over FX Collusion South Africa’s Competition Commission says it is commencing prosecution proceedings against 14 banks over alleged collusion in ZAR markets. The Commission has been investigating the issue since April 2015 and says it has now referred the case to the country’s Tribunal for prosecution. The banks are Bank of America Merrill Lynch; BNP Paribas; JP Morgan; Investec; HSBC; Standard Chartered Bank; Credit Suisse; Standard Bank of South Africa; Commerzbank; ANZ; Nomura International; Macquarie Bank; ABSA Bank; and Barclays. In some cases the case is being brought against two entities with the same organisation, if found guilty, the banks could face fines of up to 10% of their annual turnover.
Invast Global Hires Two

in News, Brokers

Invast Global Hires Two

Brokerage and prime services provider Invast Global has made two appointments to its team in Asia. Andrew Pal and Cassandra Lister are joining the firm as specialist consultants in the firm’s Asian PB and liquidity offering. Pal joins after two years at consultancy firm DerivAsia, which he joined after a 20-year career at UBS, most latterly as CEO of UBS Futures in Singapore.Lister joins Invast via her independent consulting firm, Euforia Consulting. Based in Hong Kong for the past decade, she has held senior executive and regional roles at JP Morgan, Societe Generale and Deutsche Bank.
CLS Appoints Wood as General Counsel

in News, People

CLS

CLS Appoints Wood as General Counsel

CLS Group has appointed Gaynor Wood to the role of general counsel. Wood succeeds Alan Marquard, who has led both CLS’s legal division and the Corporate Strategy and Development (CSD) division, and will now focus exclusively on the latter. In her new role, Wood reports into David Puth, CEO of CLS, and becomes a member of CLS’s Executive Management Committee.“Gaynor has in-depth knowledge of all aspects of the legal framework supporting CLS, as well as legislation and regulatory guidelines affecting our members and ecosystem participants,” says Puth.
Paris Officials Pitch for London Financial Business 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.
Bowen Warns of “Reckless” Dodd-Frank Repeal Sharon Bowen, commissioner at the US Commodity Futures Trading Commission (CFTC), warned that it could prove “reckless” to repeal Dodd-Frank, despite calls from Donald Trump to do so while he was campaigning for the presidency. Speaking at the 2017 Brodsky Family Northwestern JD-MBA Lecture Series, Bowen acknowledged that the regulatory agenda under a Trump presidency is likely to be very different compared to when she joined the commission almost three years ago. “When I first became a commissioner, it was with the expectation that the CFTC would continue its mission, established by long-standing laws and reaffirmed under the Dodd-Frank Wall Street Reform and Consumer Protection Act,
CFTC Extends the Runway for Margin Rule Compliance The US Commodity Futures Trading Commission (CFTC) has issued a no action letter stating that it will not enforce the variation margin requirements that come into effect for swap dealers (SD) on March 1 for six months. The CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a time-limited no-action letter stating that, from March 1, 2017 to September 1, 2017, it will not recommend an enforcement action against an SD for failure to comply with the variation margin requirements for swaps.
TradAir Announces Platform Upgrade TradAir has released a major platform upgrade, Version 5.0, which focuses on providing added functionality, reduced latency and continued improvement of execution performance. TradAir says that its new ‘micro services’ based modular architecture significantly reduces platform latency, improving execution performance. In a release announcing the upgrade, the firm says that the modular design streamlines and optimises liquidity management, such that bank and broker customers receive optimised relationship-based pricing from TradAir’s range of banks, regional specialists and non-bank liquidity providers, offering separate sweepable and full-amount streams, as well as access to anonymous ECNs.