12:27 May 30th 2016 in
The Commodity Futures
Trading Commission has issued two orders filing and settling charges against Citi for misconduct in interest rate markets,
including the ISDAfix, Libor and Tibor interest rate benchmark fixings.
The first CFTC order
finds that, beginning in January 2007 and continuing through January 2012, Citi
“on multiple occasions” attempted to manipulate, and made false reports
concerning the US Dollar International Swaps and Derivatives Association Fix
CFTC has subsequently
fined Citi $250 million in civil monetary penalties and ordered it to
immediately cease and d...
12:27 May 30th 2016 in
Around the World
According to Swift, usage of RMB has picked
up in India, as its RMB Tracker shows that the renminbi is the fourth most
active currency for payments between India and China/Hong Kong by value.
However, India still shows one of the
lowest RMB adoption rates among Asian countries, and is only ranked 38th
In April 2016, 3.8% of all payments made
between India and China/Hong Kong were exchanged in RMB, a substantial increase
on the 0.2% seen in April 2014. The dollar remains the predominant currency
used for trade between the regions with a share of almost 80%, followed by the
19:11 May 27th 2016 in
Cochrane is set to join 360T as head of sales for the institutional real money
client segment in New York, after leaving his position as managing director at
new role he will report into Matt O’Hara, CEO Americas at 360T.
"We are very
excited to confirm that Jim will be joining our Americas team to lead our
institutional real money sales and go to market focus in the region. Hiring a seasoned market veteran
of Jim’s caliber further demonstrates our continued commitment and investment
to the evolving real money client segment," says O’Hara.
Cochrane joined ITG in
19:38 May 26th 2016 in
The new Global
Code of Conduct could help improve FX market liquidity, according to Guy
Debelle, FX Working Group (FXWG) chairman and assistant governor of the Reserve
Bank of Australia, and David Puth, head of the Market Participants Group and CEO
Speaking at Profit
& Loss’ Forex Network New York conference shortly after the
Code was released today, the pair claimed that clarity over what is
acceptable market behaviour could benefit market liquidity.
Specifically, they highlighted the principles in the Code
regarding when and how firms can provide market colour as one example of thi...
19:36 May 26th 2016 in
One of the six principles in the first
release of the FX Global Code, released today (May 26 2016) covers information
Broadly speaking, this states: “Market participants
are expected to be clear and accurate in their communications and to protect
confidential information to promote effective communication that supports a
robust, fair, open, liquid and appropriately transparent FX market.”
It is obvious why this topic was included.
What was perhaps slightly surprising though was the way it is being addressed.
As a result of the issue around inappropriate information being shared in
17:00 May 26th 2016 in
Profit & Loss readers cast record numbers of votes for their preferred market makers and service providers this year, and award winners were on hand to collect trophies at the Profit & Loss Hall of Fame & FoXy’s Readers’ Choice Awards luncheon earlier today.
This year, Profit & Loss inducted Citi’s Rafael Quezada into its Hall of Fame. “There are few FX market professionals as respected and admired as Rafael Quezada,” says Profit & Loss’s editor-in-chief, Julie Ros. “I may not have known Rafa as long as others in the industry, but he has truly become one of my favourite people in FX; someone...
15:34 May 26th 2016 in
Before unveiling the Global Code of Conduct (Phase One) for the FX Market at a press conference in New
York, Reserve Bank of Australia Deputy Governor Guy Debelle made it clear why
the new guidelines are necessary.
“Let me remind you why this work is occurring. As I have
stated on previous occasions, the foreign exchange (FX) industry has suffered
from a lack of trust in its functioning….The market needs to rebuild that
trust, so that participants and the public have much greater confidence that
the market is functioning appropriately.”
Debelle says it is in almost universal interest to...
14:20 May 26th 2016 in
You do not have to look at too many participants in the FX
market to find a cynic. So it is not that surprising that there has been a fair
amount of scepticism expressed about how effective the new Global Code of
Conduct, announced earlier today, will prove.
This is mainly because of the obvious difficulty in getting
participants in a truly global market to adhere to its principles when they are
operating across multiple regions and jurisdictions.
But as well as releasing the Code today, the FX Working
Group (FXWG) has also issued an update on how it expects it to be adhered to.
14:00 May 26th 2016 in
The FX Working Group (FXWG), put together by the Bank for
International Settlements, has today released the first stage of the new Global
Code of Conduct.
The Code comprises a set of global principles of good
practice. The intention is that it will provide a common set of guidelines to
promote the integrity and effective functioning of the wholesale FX market.
Today’s release should be seen as an important step in a
much longer process that will, as the FXWG says, lead to a “robust, fair,
liquid, open, and appropriately transparent market in which a diverse set of
market participants, su...
00:53 May 26th 2016 in
A round up of the latest technology news…
CFH Clearing has launched a mobile trading platform, CFH Mobile which has been built
in partnership with NetDania. Notable features on the platform include pattern
recognition, alerts-on-studies, multi-chart interfaces and trading off the
charts. The app also contains news alerts and an economic events calendar and
is available in 15 languages.
CMC Markets has launched new API technology “designed to meet the urgent need for
reliable liquidity among financial institutions”. Richard Elston head of institutional at CMC Markets says, “Technological