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ASIC: No Suspicious Activity Ahead of RBA Decisions, Investigation Continues

The Australian Securities and Investment Commission (ASIC) says it believes that fluctuations in the Australian dollar ahead of the Reserve Bank of Australia’s monetary policy announcements in February, March and April are the result of “normal market operations in an environment of lower liquidity”

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FX OTC Derivatives Increase in 2H14, While Total OTC Markets Decline

Foreign exchange OTC derivatives contracts have increased slightly in the second half of 2014, according to Bank for International Settlements (BIS) statistics, while the total OTC derivatives markets experienced a drop of almost 10%

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Parker FX Index Up 1.5% in March

The Parker FX Index, a performance-based benchmark that measures the returns of global currency managers, reported a gain of 1.5% for the month of March and 3.9% year-to-date

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Report: Growing Buy Side Adoption of TCA in Fixed Income

Greenwich Associates has released a new report stating that a growing number of institutional investors are adopting transaction cost analysis to assess the effectiveness of their trades in the fixed income market

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Prestige Equity Launches PFX Network for Institutional Investors

Hong Kong-based global asset manager Prestige Equity has launched Prestige FX Network (PFX Network), an end-to-end trading solution for the buy-side community for netting, execution and allocation of foreign exchange transactions

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On the Move

JP Morgan, Balyasny Asset Management, Pimco, CIBC, Citi, Phillip Capital…

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Tech Corner

A round up of the latest technology news…

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Around the World

Canada does more RMB, ESMA accepts more CCPs, Russia backs the BRICS fund, SEC offers lighter swaps rules for foreign firms, Australia gets a Bitcoin exchange and good news all round, the ECB says euro money markets are recovering!

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And Finally...

Very few of us will be surprised by the initial findings of ASIC’s review into activity in the AUD ahead of the three most recent Reserve Bank of Australia monetary policy announcements (see top story), but I don’t buy all of the regulator’s conclusions – one in particular

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Platforms See Drop in April FX Volumes

Hotspot, recently acquired by BATS Global Markets, has seen a month-on-month drop in average daily notional FX volume of 10.3% for April, while Fastmatch saw its volume drift 1.8% lower

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Citi CEO’s Pay Cut by 10% Over FX Rigging

Citi has cut chief executive Michael Corbat’s 2014 compensation package due to his failure in stopping FX traders from participating in currency market manipulation

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SNB Posts CHF 30 Billion Loss for Q1

The Swiss National Bank reported a CHF 30 billion loss for Q1, its biggest quarterly loss on record

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FXall Suffers Outage

FXall customers faced an interruption to relationship trading services on 28 April

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Barclays Hints At Expected Size of FX Settlement In Q1 Results

Barclays is the latest bank to report an upturn in FX trading during Q1, while also indicating the potential size of its impending combined settlement with UK and US regulators over alleged FX malpractice

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BGC Sees FX Revenue Boost Following GFI Acquisition

BGC Partners reported a 40% year-on-year increase in distributable earnings for the first quarter of 2015 and has revealed its future plans for the continued merger of the GFI business

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ESMA’s Latest EMIR Q&A Update Focuses on Reporting

The European Securities and Markets Authority (ESMA) has released its 13th update of the Q&A document addressing the implementation of the European Markets Infrastructure Regulation

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Survey: North American CFOs Concerned About Currency Headwinds

Currency concerns, such as a strengthening US dollar, have increased for finance heads at large North American companies in Q1 2015, according to the Deloitte CFO Signals survey

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On the Move

BNP Paribas, JP Morgan, CBA, Lloyds, 360T…

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And Another Thing...

This industry is always abuzz with rumours of this platform or that platform being for sale, but the latest whispers are intriguing me, because they concern one of the major players

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CLS Sees Currency Trading Volumes Rise in March

Average daily volume in the foreign exchange market rose by nearly 13% in March from the previous month, according to data from FX settlement system provider CLS

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Integral Launches New OTC Exchange Platform

Integral has launched the Open Currency Exchange (OCX), a new OTC exchange platform for trading FX

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FX Volatility Helps Push BNY Mellon to Q1 Profit

The Bank of New York Mellon reported strong growth in FX revenues for Q1 2015, increasing 68% year-on-year due to higher trading volumes and volatility

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Deutsche Bank Hit With Record Fines For Libor and Euribor Failings

Deutsche Bank has been fined the highest penalty yet by the UK’s Financial Conduct Authority for Libor and Euribor manipulation, while the US Commodity Futures Trading Commission imposed the largest fine in its history for the same failings

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Irwin Joins Gerko Spin-Off as COO

Michael Irwin has been appointed chief operating officer of XTX Markets, the proprietary multi-asset market making company that was set up by GSA Capital’s Alex Gerko

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UBS and Citi Win Top Honours at the Profit & Loss 2015 Digital FX Awards

Profit & Loss unveiled its 2015 Digital FX Awards winners last night, with UBS scooping the Best Platform award for Neo and Citi carrying off the Best FX Platform prize

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Tradermade Systems Boosts Productivity With Platform Upgrade

Tradermade Systems, the market data and proprietary analytics software provider, launched an upgraded version of its Maverick charting solution in bid to further improve productivity for its clients

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Volcker Calls For SEC and CFTC Merger

Paul Volcker has called for the urgent restructuring of the US financial regulatory system in order to deal effectively with threats to financial stability

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Tullett Prebon Broker Pleads Not Guilty to Libor Manipulation

Noel Cryan, the former Tullett Prebon broker accused of conspiring to manipulate Libor, has pleaded not guilty in Southwark Crown Court, London

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MoltenFX ECN Adds Precious Metals Trading

Molten Markets has made precious metals available for trading on its MoltenFX ECN, citing strong demand from clients

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Hotspot to Provide Free Gold Trading for Clients From 1 May

Hotspot, the FX platform recently acquired by BATS Global Markets, plans to offer free spot precious metals trading to its customers. The “Free Gold” campaign applies to spot gold and spot silver pairs

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Pimco Calls For Urgent Re-think of Basel III Capital Rules

Pacific Investment Management Company (Pimco), the US-based asset management firm, has warned regulators that new capital rules being introduced under Basel III could have a negative effect on derivatives clearing, concentrating market risk in the process

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FXCM Outlines Institutional Business in Light of Non-Core Sell-Off

FXCM, an online provider of foreign exchange trading and related services, has announced its plans to continue specific institutional services despite having to dispose of a number of non-core assets

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Multinationals Expect RMB Transaction Volumes to Double in Five Years

More than six out of 10 of companies in Asia-Pacific, Europe and the US expect renminbi (RMB) transaction volumes to more than double in the next five years, according to research by Allen & Overy

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Standard Chartered to Launch Full FX Intermediation Service

Standard Chartered Bank has launched its spot FX intermediation service and is planning to rollout full FX intermediation and FX clearing services in the second half of the year

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De Souza Departs Tradenext

Larry De Souza has resigned from his position at foreign exchange broker Tradenext after just 14 months as director, sales and trading

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Survey: Institutional Investors Using Social Media as Information Source

A new study from Greenwich Associates reveals that social media is joining traditional financial news media as a key source of information used by institutional investors in their investment processes

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IBA Canvasses Market on LMBA Gold Price Auction Process

ICE Benchmark Administration has launched a market consultation regarding three aspects of the London Bullion Market Association Gold Price auction process

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Gensler to Oversee Clinton’s Finances…

Hillary Clinton is planning to name Gary Gensler, the former chairman of the Commodity Futures Trading Commission and strong advocate for strict rules, as the chief financial officer of her campaign

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…While Bernanke to Work with Citadel

Ben Bernanke, the former Federal Reserve chairman, will become a senior adviser to Citadel, the $25 billion hedge fund

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On the Move

Markit, Skrill, Advanced markets, LCH.Clearnet, Icap, Sigma…

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Around the World

Exchanges and regulators sign agreements, Thomson Reuters deploys in Nigeria and INR helps DGCX…

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Tech Corner

A round up of the latest technology news…

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And Finally…

Of all the outcomes the FX industry may face in the coming months as the world continues to digest the fallout from 15 January, I hope one of them will be the re-separation of retail and institutional

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Bloomberg Terminal Outage Result of Network Failure

Bloomberg terminals around the globe crashed with the outage affecting the close of trading in Hong Kong and the London open

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Citi Assigns New Roles to Lofthouse and Zanette

James Lofthouse and David Zanette have settled into new roles at Citi, following the departure of Alex Jackson, head of European investor sales, foreign exchange and local markets, at the beginning of the year

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Tradition Appoints Former ISDA CEO to TraditionSEF Board

Robert Pickel, the former chief executive of the International Swaps and Derivatives Association, has joined Tradition as non-executive director to the board of TraditionSEF

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Silverman Exits Hotspot FX Following BATS Acquisition

Howard Silverman, managing director, has decided to leave Hotspot FX just one month after BATS Global Markets completed its acquisition of the ECN from Knight Capital Group

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FX Volatility Helps Goldman Sachs’ Revenues Hit Four Year High

Goldman Sachs is the latest bank to highlight the impact of higher volatility levels in fuelling “significantly higher” revenue from currency and rates trading in Q1

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Citi’s FX Revenue Growth Not Enough to Stem Decline

Citi reports an 11% decline in Q1 from its fixed income trading revenues, which it says is primarily driven by lower spread product revenues, but was “partially offset by growth in rates and currencies”

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Citi Looks to Sell Off Retail FX Trading Arm

Citi is reportedly planning to exit the retail foreign exchange market by selling off its CitiFX Pro retail trading business, sources say

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Mispriced Risk in Australia

Before last month’s RBA rate cut to 2.25%, divergence in views between domestic and international market analysts had become apparent. Symptomatic of the divide were contrasting portrayals of the drop in Australian yields by the Sydney Morning Herald (7 January) as indicative of risk-haven demand for Australian dollar assets, versus opinions from international analysts (such as UBS, cited by Bloomberg earlier on 3 December), who saw the writing on the the wall last month’s RBA cut to 2.25%. From domestic analysts’ perspective, the RBA’s action was a surprise last month, which led them to downgrade their expectations after-the-fact. But once downgraded, the RBA trumped expectations in the opposite direction today.

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