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Latest

Marex Closes Door on FX Business

Independent commodities broker Marex Spectron has confirmed its decision to shut down its FX business

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FX Revenue Declines Take Their Toll on H1 Banking Revenues

Bank revenues were hit in H1 by the highest year-on-year decline in G10 FX since 2008, according to Coalition Index data

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BGC and GFI Saw Most FX Volume in July: FIA SEF Tracker

BGC Partners and GFI Group were the leading swap execution facilities in terms of foreign exchange volume in July, according to the Futures Industry Association’s latest SEF Tracker

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ESMA Selects Members for OTC, Trading Platforms Group

Several senior managers in the financial and foreign exchange markets have been selected by the European Securities and Markets Authority (ESMA) to participate in a new consultative working group to assist the Secondary Markets Standing Committee

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European Hubs Fuelling RMB Internationalisation

Europe represents 10% of renminbi payments worldwide in value, with use of the currency in the UK and Germany more than doubling over the last year

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MoEx Makes Changes to FX Futures Fixings; RUB Fix Talks With EBS Stall

Moscow Exchange will be using new fixings to determine the settlement prices of FX futures and is understood to be pushing ahead with the development of its own RUB benchmark independently, as a joint venture with EBS is postponed

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Parker FX Index Up in July

The Parker FX Index returned to positive territory in July

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Thomson Reuters to Begin Calculating Taipei Interbank Offered Rate

Thomson Reuters will today (1 September) begin publishing the Taipei interbank offered rate

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CFTC Allows FCM’s to Use UK Banks for Segregated Customer Funds

The Commodity Futures Trading Commission (CFTC) says it will permit futures commission merchants (FCMs) to deposit customer funds margining foreign futures positions with UK-licensed investment firms, following confusion caused by new rules it passed in the wake of MF Global’s collapse

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Canada Strives to be Top RMB Trading Centre for the Americas

The Toronto Financial Services Alliance (TFSA) and AdvantageBC are working together to promote Canada as a trading hub for the renminbi

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ICBC Completes RMB FX Put Option Transactions for Corporates

ICBC has completed its first batch of RMB foreign exchange put option transactions for multiple corporate clients

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Eurex Prepares Launch of Europe’s First Swap Futures

Eurex Exchange will be launching physically deliverable euro-swap futures today, the first exchange-traded swap instrument available for trading on a European venue

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Bull Moose Partners With Krechendo: Readies for Fund Launch

London-based proprietary trading firm, Bull Moose Derivatives, is joining forces with the largest trading arcade in Paris, Krechendo Trading, to offer combined services in market access and trader training

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On the Move

Citi, Standard Chartered, Credit Suisse, Newedge, CFTC, MMI, ADS Securities…

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Tech Corner

A round up of the latest technology news…

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Around the World

More M&A detail, more structured products in Asia, more room for investors in China, and more money at Moex…

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And Finally...

To paraphrase Monty Python…what has the CFTC ever done for us?

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Majority of UK Firms Opt to Settle FCA Fines Early

Over the past three years 93% of firms have decided to settle Financial Conduct Authority (FCA) fines in advance, instead of challenging the financial watchdog in court, according to analysis by UK law firm Freshfields

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CME Hit by Globex Outage

CME Group’s electronic trading platform, Globex, was closed down for four hours on 25 August, delaying the start of futures and options trading in Asia

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UK Competition and Markets Authority Joins Fix Probe – Report

The UK’s Competition and Markets Authority (CMA) is understood to have shared information from its own investigations into alleged manipulation of the FX markets with the Financial Conduct Authority

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UniCredit Appoints Head of FX Exotic Trading

Peter Billington has joined UniCredit in London as head of FX exotic trading

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EU and US Must Recognise Differences in Swaps Rules: CCMR

The Committee on Capital Markets Regulation, a US-based non-partisan lobby group representing financial firms from all sides of the market, has sent a letter to the European Commission and Commodity Futures Trading Commission, detailing steps that each regulator must take to agree a coordinated approach to prevent disruption to cross-border OTC derivatives trading

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And Another Thing...

First of all, thank you to those who chose to nominate me for the Ice Bucket Challenge, it’s nice having friends who like to see you tortured (you can see the result here) Back on more prosaic matters, I thought I would discuss what seems to be an accelerating trend on the part of banks to focus on agency execution at the expense of principal–based trading

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Lewis and Yoshida Depart State Street Amid Reshuffle

Cliff Lewis, head of eExchange and executive vice president of State Street Global Markets and Rodney Yoshida, CFO at State Street Global Markets, have left their roles at the company as Jeff Conway is named to lead data and analytics services for clients amid a reorganisation at the firm.

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