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Latest

Are Regulators Finally Harmonising on NDF Clearing Rules?

The European Securities and Markets Authority (ESMA) has released a new consultation paper on the mandated clearing of FX NDFs, a move which could signal a greater degree of harmonisation between US and European regulators

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Industry Supports FSB’s Proposals for Fixing the Fix…

The Financial Stability Board released its final report on foreign exchange benchmarks on Tuesday (30 September), which is aimed at repairing the reputation of an industry struggling with accusations of collusion around the FX rate benchmarks

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…And WM/Reuters Counters Iosco Benchmark Criticisms

The WM Company has responded to the findings of the International Organisation of Securities Commissions (Iosco) review of how effectively its 4pm closing spot rate conforms to the Iosco principles, stating that it complies with the guidelines for financial benchmarks on a “proportionate basis”

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UBS Confirms FX Settlement Talks With Regulators

UBS has become the first bank to confirm it is discussing a possible settlement with certain investigating authorities to resolve the claims of alleged misconduct in the FX markets

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Yuan Begins Direct Trading with Euro

The People’s Bank of China has allowed the yuan and the euro to be exchanged directly in the interbank foreign exchange market in Shanghai in a move to strengthen economic and trade connections between China and the European Union

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And Another Thing...

I was heartened last week at Forex Network Chicago by the number and strength of opinions being expressed by both speakers and attendees at the conference, for this tells me that people are gradually becoming more confident in the shape of the FX world we face

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FSB Said to Back Five-Minute WMR Fixing Window

The proposal for widening the WM/Reuters 4pm London fixing window to five minutes has been broadly accepted at the Financial Stability Board (FSB) plenary meeting in Cairns, according to industry sources

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UK Consults on Extending Libor Laws to Currency Markets

Traders who manipulated currency, gold and other key benchmarks could be handed the same huge fines or jail sentences as those who rigged Libor, under new UK government proposals to tackle market abuse

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Vos Moves to Head Deutsche Bank FX in North America

Deutsche Bank has appointed Adam Vos as head of foreign exchange in North America to replace David Wayne

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Gulf Narrowing Between Best and Worst Hedge Funds

The gap between the best and worst performing hedge funds has narrowed during the first half of 2014, according to BlackRock’s analysis of the hedge fund industry

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Citi’s Global Head of FX Services Departs

Stephane Knauf, global head of FX services and products at Citi, has left the bank

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Deutsche Launches FX Commodity Indices

Deutsche Bank has launched its FX Commodity Indices to track the average price of commodity exports for Australia, New Zealand and Canada

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European Head of Spot FX Leaves Goldman Sachs

Mitesh Parikh, European head of spot FX for Goldman Sachs, has left the bank

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FXDD Fined by CFTC

The US Commodity Futures Trading Commission has hit retail FX broker FXDD with a $600,000 fine for failing to adhere to CFTC regulations prior to it pulling out of the US market

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Global Payments in RMB Triple in Value

Renminbi payments worldwide have nearly tripled in value over the past two years, according to the latest RMB Tracker report from financial messaging service Swift

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FIA Global Launches Guide to Clearinghouse Rules

Futures industry association FIA Global has unveiled a new guide to the rules of central clearing counterparties to help clearing members and end users navigate the changing landscape of regulatory and capital requirements

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Thomson Reuters and Markit Boost Messaging Service

Markit has integrated the industry’s first vetted, cross-network directory for open messaging with Thomson Reuters Eikon Messenger

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B-Next Launches FX Fix Monitoring System

Trading surveillance vendor B-Next has launched CMC: Benchmark Fixing Analysis, a system the company claims helps identify suspicious trading activity at the time of the fix

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FXCM New Pricing Model to Reduce Trading Costs

Retail brokerage firm FXCM has introduced a new pricing model for its US subsidiary, which displays “raw” FX spreads and commission costs separately

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On the Move

HSBC, BAML, Newedge, Lombard Risk…

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Tech Corner

A round up of the latest technology news…

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Around the World

MOU’s, approvals, regional expansions, and developments in Bangladesh and India…

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And Another Thing…

Although the subject was not discussed too often during the panel sessions at Forex Network Chicago, conversations on the sidelines clearly highlighted how the subject of last look continues to vex many in the industry

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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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