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Latest

What Now Following 360T Sale?

There are three obvious questions that spring to mind as a result of the latest M&A news in the FX world this week

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CME Chairman: EU Regulators Putting US Clearing Houses at Disadvantage

CME’s executive chairman and president, Terry Duffy, has accused European regulators of deliberately disadvantaging US clearing houses in order to provide their European counterparts with a competitive advantage

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Barclays' Revenues Grow

In its Interim Statement for the first half of 2015, Barclays has revealed that its macro products business, which includes foreign exchange, saw revenues increase by 12%.

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Thomson Reuters Adds Icebergs to Matching

Thomson Reuters this week added Iceberg order functionality to its Matching platform

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BGC Records Fourth Consecutive Quarter of Record Profits…

BGC’s second quarter post-tax distributable earnings grew by 48.6% year-over-year to $64.6 million, while it revenues increased by approximately 59.1% to $684.6 million, according to the results that it released yesterday

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…Lutnick Expects More Buy Side Business for IDBs

Howard Lutnick, chairman and CEO of BGC, says that he expects to see more buy side business coming through the inter-dealer brokers (IDBs), which will help drive growth in the industry

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Thomson Reuters Sees Revenue Dip on Currency Impact

Thomson Reuters’ half year financial report shows the firm’s revenues were down 4%, but it says this was entirely due to the impact of currency movements. Revenues grew 2% before the currency effect

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SGX Profit Up 9% For the Year

Singapore Exchange (SGX) has announced an annual net profit of $348.6 million, up 9% from the previous year, on revenue of $778.9 million, up 13% from a year earlier

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FSB Wants More Done on Benchmarks

Firms still have to do further work to identify the full range of their benchmark activities and improve their management of the associated risks according to the Financial Conduct Authority’s thematic review of oversight and controls of financial benchmarks published today

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360T Purchase Part of New Growth Program: Deutsche Boerse CEO

Deutsche Boerse, the German exchange group that recently agreed at deal to purchase the OTC FX trading platform 360T, has announced an ambitious growth program amid second quarter results that showed its revenue was up nearly 20% from the first quarter

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FXPA Meets with Regulators, Policymakers in Washington

Members of the Foreign Exchange Professionals Association (FXPA) spent two days in Washington DC last month meeting with senior members of the Federal Reserve, US Treasury and Commodity Futures Trading Commission (CFTC), as well as held a series of educational briefings for Congressional staffers on such key committees as the House Financial Services Committee, both the House and Senate Agriculture Committees, and the Senate Banking Committee

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Around the World

LME Clear, adds CNH, One Financial adds staff, offices…

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RBC GAM Unveils EMFX Fund

RBC Global Asset Management has announced the launch of the RBC Emerging Markets Foreign Exchange Fund

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EBS BrokerTec Integrates My Treasury

EBS BrokerTec has combined MyTreasury into its product portfolio bringing FX into the corporate treasury-orientated business

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UBS Sees FRC Revenue Drop in Q2

UBS has become the latest bank to report a pullback in earnings from its financial markets business as volatility dampened in Q2

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Turnover Data Reveals Drop in e-Ratios, Surprising Leap in Voice

The latest round of FX committee turnover surveys indicates an accelerating decline in the share of volume handled electronically

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Mihocko-Tierney Leaves BAML

Jen Mihocko-Tierney has left her position as head of e-solution sales at Bank of America Merrill Lynch

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Manulife Asset Management Appoints Head Currency Trader

Manulife Asset Management has hired Jason Fromer as managing director and head currency trader, a new position at the firm

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FX Committee Surveys Shows Divergence in Trading Activity

The turnover survey results released by the Foreign Exchange Committees around the world show little by way of unifying trends with regards to FX trading activity in April 2015

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BIS Establishes FX Working Group to Strengthen Code of Conduct Principles

A Foreign Exchange Working Group (FXWG), announced by the Bank for International Settlements (BIS) governors in May to strengthen code of conduct standards and principles in foreign exchange markets, has now been established

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ParFX to Introduce Decimalised Pricing, CNH Trading

The founder banks of ParFX have mandated that the electronic trading platform introduce decimalised pricing on a range of currency pairs

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FSB Report Outlines Progress on G20 Derivatives Reforms

The Financial Stability Board (FSB) has published a report stating the implementation of the G20-mandated OTC derivatives market reforms is well underway and that the foundational authority needed to give effect to the full range of these reforms is in place in most FSB member jurisdictions

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State Street Reports Y-o-Y FX Revenue Rise…

State Street has reported a year-on-year revenue increase from foreign exchange trading, although quarter-on-quarter revenue dropped

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…While Uncertainty over Greece Hits Credit Suisse FICC Revenue

Following the pattern of its Wall Street rivals, Credit Suisse’s fixed income sales and trading business, which includes foreign exchange, was down in the second quarter, hit by ongoing uncertainty over Greece’s relationship with its European creditors

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Dalton Joins RJ O’Brien as Head of FX

Tony Dalton has joined RJ O’Brien in New York as head of FX

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Harris to Join EBS-BrokerTec?

Phil Harris is rumoured to have taken a senior FX role at EBS-BrokerTec

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On the Move

LMAX Exchange, IG Group, RenCap securities, DTCC…

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Around the World

Exchanges sign MoUs, China to widen trading range against the US dollar, and more RMB products…

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And Finally...

Normally around this time of the year I announce this column will be taking a break and leave you with a prediction – often something along the lines of “markets will get busier”

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Deutsche Boerse to Acquire 360T

Deutsche Boerse AG has today announced that it will buy Frankfurt-based 360T’s FX trading platform.

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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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