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Consolidation Begins in the New Swaps Environment?

Market participants are predicting that there will be consolidation amongst swap execution facilities and related infrastructures

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UK’s FEMR Launches ‘Forward Facing’ Consultation

The Fair and Effective Markets Review (FEMR) established in June by UK chancellor George Osborne and Mark Carney, governor of the Bank of England, has launched a consultation aimed at determining what needs to be done to reinforce confidence in the fairness and effectiveness of the fixed income, currency and commodities markets

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SGX Content With RMB Futures Launch

The Singapore Exchange (SGX) has officially launched renminbi (RMB) futures, with approximately RMB1.1 billion in notional value traded on the first day

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Deutsche Bank Names Wisnia Head of FIC Structuring Role

Deutsche Bank has appointed Sam Wisnia as head of fixed income and currencies structuring and head of strategic analytics for corporate banking and securities

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And Another Thing...

I am not conversant with the investigative processes of the various authorities around the world, but it seems to me that both sections of the media and those investigating dealer activity around the Fix are getting a little more desperate

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How Real is the Threat of Regionalisation for Swaps Trading?

Following the introduction of SEFs last year, some market participants are now warning that the global swaps markets will become fragmented along geopolitical lines unless there is a greater degree of harmonisation from international swaps regulators. How real is the threat of regionalisation, and what would be its impact on the market?

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Banks in Asia Focused on Capital Requirements Over Clearing

Many banks in Asia are more concerned about new regulations regarding capital requirements than clearing and collateral obligations, say FX market participants in Singapore

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GFI Will Review BGC Partners’ Unsolicited Tender Offer

GFI Group has acknowledged the unsolicited tender offer announced by BGC Partners last week, but urged its stockholders not to take any action until it had completed its review of the terms

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Mako FX Aquired by Xenfin; Jones and Patten Depart

Xenfin Group has acquired the London-based Mako FX Partnership, including the Liquidity Pool platform established under Adrian Patten and Simon Jones

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BAML Adds FX and Equity Options to Trader Instinct

Bank of America Merrill Lynch (BAML) has recently added FX and equity options to its Trader Instinct platform

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BoE Chief Economist Indicates Low Rates for Longer

The Bank of England’s chief economist, Andrew Haldane, has indicated that interest rates could remain lower for longer, “certainly longer than I had expected three months ago”

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Rabobank FX Traders Depart Bank Following Investigation

The two FX traders placed on leave by Rabobank following an internal investigation into trading practices are understood to have since left the bank

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Bitcoin Developments Continue Apace, With New Currencies and Venue

The advance of Bitcoin as a broadly accepted currency is gathering pace. In the past week, one Bitcoin exchange launched three new currency markets, while a new exchange was opened in Australia. In New York, proposed restrictions are being challenged in court

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Canadian RMB Hub Could Boost Exports to China

A Canadian Chamber of Commerce report calculates that establishing a Chinese renminbi (RMB) hub – likely in Toronto or Vancouver – could boost Canadian exports to China by as much as CAD32 billion, plus potential discounts on imports totalling CAD2.8 billion

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Credit Suisse CEO Sees No Material Issue UK Relating to Fix Probe

Brady Dougan, Credit Suisse CEO, claims the bank still does not see any material issues relating to its implication in the global FX investigations

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IBA Calls for Feedback on Libor Reform

ICE Benchmark Administration (IBA) has published a summary of the changes it has made to the way the London Interbank Offered Rate (Libor) is calculated

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China’s FX Regulator ‘Not Concerned’ About Capital Outflows

China’s State Administration of Foreign Exchange (SAFE) is “not concerned” over capital outflows, a senior official told a news conference in Beijing last week

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Currenex Adds Seven Non-CLS Currency Pairs

Currenex has expanded its asset coverage by including a range of Asian and Eastern European crosses

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Indian Central Bank Warns Companies on Lack of FX Hedging

The Reserve Bank of India (RBI) might consider making FX hedging mandatory if banks can’t encourage corporates to properly mitigate their currency risk

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DGCX CEO Steps Down Due to Ill Health

Gary Anderson, CEO of the Dubai Gold and Commodities Exchange (DGCX), has stepped down due to ill health

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TriOptima Seeks Remedy to TR Mismatches

TriOptima claims its triResolve service can solve the unmatched trade repository data problem reporting institutions face in European trade repositories

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Blackwell Global Deploys FlexTrade

Blackwell Global has deployed FlexTrade Systems’ MaxxTrader as its full straight-through processing and white label foreign exchange trading system

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Pickel, Beeston and Cohen Join Droit in Derivatives Compliance Push

Droit Financial Technologies, a provider of pre-trade front office and post-trade compliance services for derivatives, has appointed three industry heavyweights to a new advisory board

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UK Charities Lose Up to £125 Million Per Year Due to Poor FX Strategies

UK charities are potentially losing up to £125 million due to insufficient currency procurement strategies and risk management processes, says Ebury, a financial technology company

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On the Move

RBC, HSBC, CIBC, Standard Chartered, Unicredit, JP Morgan

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Tech Corner

A round up of the latest technology news…

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And Finally...

My access to the wider world has been severely restricted for the past two or three weeks, therefore this missive has an element of a retrospective about it, but I wanted to express an opinion so please forgive me for being a week or so out of date…what is going on with this Fix investigation?

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BGC Partners Launches Hostile Takeover Bid for GFI

BGC Partners commenced its fully financed tender offer to acquire all of the outstanding common shares of GFI Group, claiming attempts at negotiating with the GFI board of directors had been met with “unreasonable demands and delay tactics”

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Pimco Makes Case for CCP Recovery Over Resolution

Pimco has released an opinion piece arguing that, should a central clearinghouse fail, recovery of the CCP would be better than resolution

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Banks in Singapore Face Competition in NDF Market Making

Banks in Singapore are increasingly facing competition from small hedge funds and prop shops in making markets in NDF products, according to local sources

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Honeywell Begins FX Hedging Due to Weakening Euro

US technology and manufacturing company Honeywell International will reverse its policy of leaving its FX exposures unhedged amid concerns that the euro will depreciate further

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Banks Could Pay Up to $41 Billion in FX Fines

The probe into FX benchmark rigging could cost banks more than $40 billion in fines, according to Citi analysts

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O'Hara and Rogers Depart Thomson Reuters

Matt O’Hara and Tom Rogers have left Thomson Reuters in New York, a spokesperson for the company confirms

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Regulatory Disharmony Continues to Fragment Swaps Market

The lack of international harmonisation regarding swaps regulation is continuing to fragment this market, a trend that could have negative implications in more volatile trading conditions

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Experts Warn of New Legal Exposures in Futures Trading

Changing regulatory language within the futures market is leaving trading firms exposed to new liabilities, according to legal experts in New York

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Buy Side Remains Wary as Bank’s Adopt Cross-Border Swaps Protocol

The buy side is likely to be the next focus of global regulatory bodies after a number of global banks adopted a protocol to impose a stay on the winding up of swap positions in the event of default, Profit & Loss sources indicate

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Thomson Reuters to Offer PHP, MYR

Thomson Reuters has been given permission to launch onshore Philippine peso and Malaysian Ringgit on Thomson Reuters Matching, Profit & Loss can exclusively reveal

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EBS Matching Engine Glitch Interrupts London FX Trading

An outage on Icap’s EBS platform halted FX trading last week after the London matching engine went down on October 15 for a period of 25 seconds

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Chinese Central Bank Signals Further FX Reforms

People’s Bank of China Governor Zhou Xiaochuan has indicated that structural adjustments and reforms will continue to be pushed forward in the Chinese markets, specifically with regards to renminbi liberalisation

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Boutique Asset Managers Grapple with Regulatory Hurdles

Regulation is the greatest threat to success for boutique asset management firms, according to a new survey by the Tabb Group

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Russia, China Agree Currency Swap; MoEx to Clear Trade in Yuan

The Russian and Chinese central banks have finalised a RMB150 billion bilateral national currency swap agreement, first announced in August

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CLS Hits Record $5.94 Trillion Daily Settlement

In September, CLS settled $5.94 trillion – a record average daily value for CLS

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FXCM Reports Record Trading Activity

Foreign exchange broker FXCM has benefitted from the recent rise in volatility, reporting record institutional trading volume of $362 billion in September, 41% higher than in August and 100% higher than the year before

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Buy Side to Buy Side Trading Increasing on Bank-to-Bank Venues

Buy-side firms are increasingly accessing spot FX liquidity by trading with other buy-side firms within trading venues that were previously considered bank-only platforms, according to research from GreySpark Partners, a London-based capital markets consultancy

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Internationalisation of the RMB: Profit & Loss Shanghai

Profit & Loss returns to Shanghai this week for the last in its 2014 EM series of conferences.

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On the Move

UBS, HSBC, ABN Amro, SGX, ICE, CME, GTX, 360T and SEB

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Tech Corner

A round up of the latest technology news…

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Around the World

ACI launches a North American chapter, ASIC takes action against Monarch FX and an exit from Japan…

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Special Feature: A Turning Point in the Currency Wars?

In this Q&A, Simon Derrick, managing director, chief currency strategist, the Bank of New York Mellon, looks at the recent inflows into USD and makes a number of predictions in terms of a ‘brave new world’ in 2015

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Demand for SEFs Goes Unmet Outside US

Participant demand for swap execution facilities outside US borders cannot always be fulfilled as some jurisdictions do not recognise or offer licensing to the year-old venues, claims Jodi Burns, head of regulation, post-trade networks at Thomson Reuters

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State Street Makes Two Hires Following Platform Launch

State Street Global Markets has made two hires following the launch of its TruCross/FX platform last week

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HSBC Dismisses Two FX Traders; Another Exits JP Morgan

All three had been suspended during the past year amidst investigations into allegations of trader collusion and possible front running of customer orders in the currency markets

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Charting the Course of a Trade: Profit & Loss Asia

Profit & Loss returns to Singapore for the fourth annual Profit & Loss Asia conference, which is being held in association with ACI Singapore, on 21 October at the Marina Bay Sands Hotel

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CFTC Advocates International Harmonisation of NDF Rules

The Commodity Futures Trading Commission (CFTC) has given its most public indication yet that it will look to harmonise its approach to regulating FX NDF products with its European counterparts

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CFTC Aims to ‘Stay on Top’ of Bitcoin Developments

US regulators at the Commodity Futures Trading Commissioner tentatively acknowledged the potential long-term impact of Bitcoins on financial markets

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Massad, O’Malia to Address SefCon V

Timothy Massad, chairman of the Commodity Futures Trading Commission, will deliver the keynote address at next month’s Wholesale Markets Brokers’ Association Americas SefCon V conference

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BNP Paribas Launches Centric Platform in Europe and Japan

BNP Paribas announced the launch of Centric in Europe and Japan today, as first reported by Profit & Loss in the summer

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State Street’s TruCross/FX Platform Goes Live

State Street Global Markets has gone live with its TruCross/FX platform, now available to institutional investment managers in the US, UK and Canada

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FCA Sets Deadline With Banks to Negotiate FX Probe Settlement

The UK’s Financial Conduct Authority has sent letters to a number of the banks under investigation for alleged failings in their FX business

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…While Others Say Fix Investigations Likely to Drag on

Investigations around currency rate fixing could drag on for some time, despite news reports suggesting that US authorities were preparing charges for this year

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Demand and Supply Gap in FX Mobile Trading, Caplin Finds

A recent survey conducted by Caplin Systems reveals a mismatch between buy-side enthusiasm and sell-side reservations when it comes to mobile trading in FX

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China Explores Allowing Non-Banks into Interbank FX Markets

China is deliberating whether to allow non-banks, including insurance companies, broker-dealer institutions and trust firms, to trade in the interbank foreign exchange market, according to Reuters’ sources with knowledge of the matter

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Parker FX Index Up in August

Currency hedge funds in the Parker FX Index reported an aggregate gain for a second straight month in August – another sign that foreign exchange market activity is picking up amid higher volatility

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Reuters’ Monthly Volumes Up 33% Year-on-Year

Thomson Reuters’ trading volumes for September showed a 33% year-on-year increase, with the trading platform benefiting from a surge of trading activity across the board

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iShares Launches New Currency Hedged ETF for EM

The iShares Currency Hedged MSCI Emerging Markets ETF is a currency-hedged version of its iShares MSCI Emerging Markets ETF

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EU Confirms UK’s Lord Hill as Finance Commissioner

Jonathan Hill was reaffirmed as the new EU Commissioner for financial stability, financial services and capital markets union, despite MEPs expressing concern about appointing a member of the UK’s Eurosceptic Conservative party

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On the Move

12Sided Technology, VTB Capital, Icap, Clarus, the CFTC, Stelrox, Actinver, DTCC-Euroclear, Nomura, UniCredit, ILQ and Iosco…

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Around the World

Political uncertainty in Brazil, the Ukrainian hryvnia rate is suspended and three major firms expand their global reach…

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Tech Corner

A round up of the latest technology news…

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BGC Partners Snares Hirschhorn

BGC Partners has hired rates and currencies technology guru, Eric Hirschhorn, as its chief information officer to help expand and grow its hybrid and electronic trading businesses

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FCA Plans ‘Faster Justice’ for FX Rigging

The UK financial watchdog will speed up its probe into foreign exchange rate rigging compared to the pace of its investigation into Libor manipulation, according to Martin Wheatley, CEO of the Financial Conduct Authority

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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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