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Latest

P&L Forex Network NY Takes Place This Week

Profit & Loss Forex Network New York – taking place this Thursday 28 May – promises a day of lively and insightful discussions covering the critical issues facing the foreign exchange industry

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Buthorn to Head PB Services at Icap?

Joseph Buthorn is reportedly set to join Icap, with market sources suggesting that the firm could be looking to build a prime brokerage service for FX and fixed income

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ICE Set for a Further Delay in Singapore Launch

Intercontinental Exchange (ICE) has delayed the start date of its Singapore futures market for a second time

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EBS-BrokerTec Joins FXPA

The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has added EBS-BrokerTec to its Founders’ Council, bringing the total number of institutional members now part of FXPA to 21

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Profit & Loss Talk Series

Profit & Loss continues to sit down with the movers and shakers in the industry for its Talk Series

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Saxo Bank Pursues 12 Singapore Clients Following CHF Chaos

Danish broker Saxo Bank has taken legal action against 12 clients in Singapore for losses sustained following the Swiss National Bank’s sudden decision to remove its long-held EURCHF floor on 15 January

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ECB Stops Embargoed Press Releases Following Coeuré Leak

The European Central Bank (ECB) says it will stop sending out embargoed press releases of key speeches, following widespread criticism of its delay in making public an executive board member’s speech which gave those in attendance a trading advantage over the rest of the market

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Icap’s new EBS and BrokerTec Brand

Icap’s electronic FX and fixed income business, EBS BrokerTec, says that it has made significant progress in combining its business operations as it launches a new brand and website

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Thomson Reuters April FX Volumes Rise Y-o-Y

Combined FX trading volumes on Thomson Reuters’ Matching and FXall platforms rose 5% year-on-year in April despite tailing off from the previous month’s average daily volume

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EC Asks Market for Feedback on EMIR Implementation

The European Commission has launched a public consultation to determine the market’s early experiences of how the European Market Infrastructure Regulation (EMIR) is being implemented

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LMAX Reports First Full Year in Profit Despite Market Conditions

LMAX Exchange has reported an increase in annual net profits for 2014 of £500,000 year-on-year, resulting in first full year of profitability

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Dealers Under Strain as Corporate Use of Derivatives Increases

Corporates’ use of derivatives has increased by half since before the global financial crisis, with the annual interest rate derivatives trading volume of a typical big corporate user growing to $3 billion in 2014 from $2 billion in 2006, according to research by Greenwich Associates

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FastMatch Looks to Reduce Latency with Binary API Offer

FastMatch plans to offer its clients a binary API in addition to the current FIX API in a bid to increase the speed of its platform

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Former FX Head to Leave Deutsche Bank

Alan Cloete, co-CEO of Asia Pacific with Deutsche Bank, will be leaving in the near future following a major reshuffle of its management board

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On the Move

CLS, LCG, FXSpotStream…

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And Finally...

The FX Fines: What Next for the Banks?

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Banks Move to Clarify FX Practices

Following the fines levied against several banking institutions by UK and US authorities, the Royal Bank of Scotland (RBS) and Barclays have published disclosure notices to their clients, explaining some of their FX practices and pricing

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JP Morgan Issues FX Practices Client Letter

JP Morgan has published a letter to its clients aimed at clarifying the nature of the trading relationship between the bank and customers, as well as to disclose relevant practices of JP Morgan when acting as a dealer, on a principal basis, in the wholesale spot FX markets

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Why Barclays’ FCA Fine is Different to its Competitors

As part of the latest round of FX settlements announced by the various US and UK authorities, the latter’s Financial Conduct Authority fined Barclays £248.4 million for its part in manipulation of the Fix as well as actions around client stop losses and confidential information. One element of the FCA’s finding differed from those delivered against five other banks in November, however

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Questions Remain Following FX Settlements

As the FX industry starts to digest the latest settlements by major banks for colluding to try and manipulate the FX spot market, questions are being raised about who is responsible for the behaviour within the banks and who will ensure that it changes in the future

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ECB Dinner Speech Moves EUR Markets Ahead of Public Release

Questions have been raised about the European Central Bank’s procedures to ensure market transparency and fairness, following the uneven release of market moving information from one of its own executive board members

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Citi Agrees to $394m Settlement in US Civil Court Case

Citi has agreed to a $394 million settlement in the antitrust litigation case filed against it in the US civil courts for FX market manipulation

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Tradition to Launch New Repo Matching Platform

Tradition has announced that it will launch DBV-X, a new EU regulated marketplace for collateral and secured deposits, in Europe later this year

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On the Move

Currenex, Santander, LCH.Clearnet…

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Around the World

SNB takes a broader view and SocGen unveils a CME-dedicated service…

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And Another Thing...

You’d love to think this is the end of it but that would be naïve. Rather than go over old ground, just a couple of observations on what we discovered last night and how they play into two long running themes of mine

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Major Banks Hit With Over $5.8 Billion in FX Probe Fines

Six major banks have been required to pay over $5.8 billion in fines with five pleading guilty to FX market abuse

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UBS Granted Immunity; Settles US FX, Libor Cases

UBS has been granted “conditional immunity” after it entered into resolutions with the US Department of Justice (DoJ), the Board of Governors of the Federal Reserve System and the Connecticut Department of Banking in their investigations of the global foreign exchange markets

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EU Benchmark Law Approved by MEPs, Moves to National Negotiations

This week members of the European Parliament (MEPs) approved a draft EU law aimed at improving the benchmark-setting process for critical rate fixes

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South Africa Joins Global FX Manipulation Probe

The South African competition commissioner launched an investigation this week into alleged manipulation of ZAR currency pairs by a number of banks

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One Year On: EBS eFix Matching Sees “Significant Growth”

Icap’s eFix Matching has seen its average daily volume (ADV) increase by more than 160% over the past year, effectively “meeting the FX market’s need for auditable electronic fix execution”, according to the company

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Icap Unveils CNH Hub

Inter-dealer broker Icap has launched CNH Hub, which pools offshore Chinese renminbi (CNH) data from across the Icap Group to offer a consolidated view of the market

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Sterling's Election Surge Expected to be Short-Lived

Despite a Sterling jump on Thursday evening after a BBC exit poll indicated a surprise outcome in the UK general elections, market analysts believe that the rally will be short-lived as the currency markets settle down to business as usual

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Q1 FX Activity Hard to Replicate, Says Virtu CEO

Virtu Financial’s CEO, Douglas Cifu, has warned the FX trading activity that lead to a 103% year-on-year increase in revenue in the first quarter of this year is unlikely to be replicated in Q2

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FX Activity Q1 Upturn for UBS on Back of SNB Action

UBS has reported a marked increase in FX trading revenues for Q1 2015 and is one of the few banks to attribute the increase to the Swiss National Bank’s removal of the CHF ceiling in January

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Eight Liquidity Providers to Support FX Outrights and Swaps on EBS Direct

Eight major liquidity providers have agreed to support the beta launch of FX outrights and swaps on EBS Direct. Icap’s electronic FX business plans to add the products in Q4 2015, subject to regulatory approvals

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Mixed News on EBS Volumes

April’s FX volume on Icap’s EBS trading platform has decreased 15% month-on-month, while increasing 41% year-on-year

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Nixon Joins Virtu Financial’s Board of Directors

Virtu Financial, a global liquidity provider and market maker, has appointed John Nixon to its board of directors

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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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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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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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