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Latest

ASIC Confirms Benchmark Conduct Investigation

The Australian Securities and Investment Commission (ASIC) has released a report outlining the regulatory reforms being pursued in relation to financial benchmarks as well as recommending courses of action for market participants. The report confirms that the regulator is investigating financial institutions over possible breaches of conduct guidelines

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FCA Publishes Final Rules to Hold Bankers to Account

UK watchdog, the Financial Conduct Authority (FCA), has today published the final rules of its new personal liability regime that will see bankers held to account if misconduct happens on their watch

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GMEX Constant Maturity IRS Contracts Ready for Launch

From 7 August 2015, GMEX will provide a euro-denominated IRS Constant Maturity Future (CMF) for trading and clearing on Eurex

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AUD 2 Trillion Notional Eliminated in First Compression Cycle for AUD IRS

Twenty financial institutions reduced notional principal outstanding by AUD 2.15 trillion in the first TriReduce compression cycle for unlinked, cleared Australian dollar interest rate swaps (IRS) in LCH.Clearnet’s SwapClear, according to TriOptima

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Greek Finance Minister Resigns; Euro Holds Strong

The euro finished only marginally down against the US dollar after the first day of trading following Greece’s historic referendum decision to reject Eurozone bailout terms and the resignation of its finance minister

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Feig Leaves Fortress

Jeff Feig has left Fortress Investment Group, less than a year after joining the firm from Citi

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Greece Votes “No”: Markets React Calmly, Eye China

Greece’s historic referendum on whether to accept the terms of a new bailout has voted ‘no’ by a wider than expected margin

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Brazil Wades into FX Scandal

A total of 15 of the world’s largest banks are being investigated on suspicion of manipulating the Brazilian currency, Brazil’s financial watchdog Cade has announced

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Volumes Heat Up on Exchanges in June

Foreign exchange volumes rose last month according to those platforms to report data with only one indicating a decline in activity

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Three Exit Citi

Citi has seen three unrelated departures recently from its FX teams

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BlackRock Expands its Currency-Hedged ETF Suite

BlackRock has added 11 new ETFs to its suite of currency-hedged ETFs, after seeing demand for the products spike in the past year

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Wanted: FX Participants to Take Part in Aite Group Survey

Aite Group, an independent research and advisory firm, has launched a survey to explore how Asia-Pacific market participants in the foreign exchange market are responding to topics such as competitive devaluations by some nations and a migration to trading FX electronically

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On the Move

BAML, ICE, Icap, Nomura, HSBC, ESMA…

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Tech Corner

A round up of the latest technology news…

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Around the World

It’s all about Asia…

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And Finally...

There were those, in the wake of the findings over Bloomberg chat room activity surrounding the Fix, that asserted this meant FX would head to an exchange mechanism – only the total transparency available on an open exchange would curb this type of activity it was proclaimed. Hmmm….

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Registration Open for Profit & Loss Scandinavia

Join Profit & Loss, ACI Forex Danmark and fellow FX professionals at Profit & Loss Scandinavia on 16 September for a full-day of networking and panel discussions dedicated to the local market and exploring current topics most pertinent to the region

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MAS Releases Mandatory OTC Clearing Proposals

The Monetary Authority of Singapore has commenced a consultation over its proposed regulation for central clearing of OTC derivatives

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FastMatch Builds Up London Sales Team

Foreign exchange ECN FastMatch has hired two directors of sales for Europe as it separates its operations from parent company FXCM

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Fitch Ratings Warns of FX Risk Mismatch Amongst LatAm Corporates

There is a high FX risk mismatch for companies in five Latin American countries, according to Fitch Ratings

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BoE Sets Date for Open Forum on FICC Market Functioning

The Bank of England’s open forum to assess the accumulative impact of new regulations will take place on 11 November

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Profit & Loss Talks Series: Alex Dunegan

In the latest P&L Talk Series Alex Dunegan, CEO and founder of Lumint Currency Management, talks about the growing emphasis on best execution amongst asset managers trading FX and why he’s expecting competition to heat up between firms provide FX hedging services

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And Another Thing...

The entire financial world seems to like joining the US on its national holiday so I know there aren’t many of you out there bothering to read this

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Thomson Reuters Matching Goes Down in London

Matching, Thomson Reuters’ anonymous electronic FX matching application, suffered an outage yesterday afternoon (30 June) in London

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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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