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Latest

Fines Contingency Not Enough: Barclays CEO

The £500 million set aside by Barclays to settle fines resulting from regulatory action, including those for activity in FX markets, are insufficient according to the bank’s chief executive

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Platforms Halt Ruble Trading Amid Continued Volatility

A number of FX trading venues have suspended trading on the Russian ruble amid continued volatility of the currency and concerns about emerging market contagion

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BAML Appoints Co-Heads of FICC Trading

Bank of America Merrill Lynch has appointed co-heads of global fixed income, currencies and commodities (FICC) trading, effective 1 January, 2015

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BGC Continues Consolidation With RP Martin Takeover

BGC Partners has acquired the UK assets and subsidiaries of FX and European rates specialist RP Martin Group

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Indonesian Rupiah Edges Up From 16-Year Low

After plummeting on Monday to near its weakest point since the Asian crisis, the Indonesian rupiah strengthened marginally as the central bank intervened to stem losses in the currency

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FXDD: A Correction

In Monday’s issue of Squawkbox, in our report “FXDD Hit by Further NFA Fine”, we erroneously stated that FX DirectDealer (FXDD) had been banned from operating trading services

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And Another Thing...

I am no expert when it comes to corporate finance but I was reading some numbers the other day that rather surprised me

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Arinc Named Deutsche’s New Head of Global FX

Deutsche Bank has announced Ahmet Arinc as the new head of global FX, a position left vacant by Kevin Rodgers’ retirement from the industry this summer

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Clearing Head Lichter to Join CLS Board

FX settlement service provider CLS Group has elected Gilbert Lichter, EBA Clearing’s CEO, to serve as an outside director on the CLS Group board of directors

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Commerzbank to Shelve FXPB

Commerzbank has decided to close its foreign exchange prime brokerage business

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Societe Generale Makes Cuts in FX

Societe Generale has made a number of cuts to its FX division with at least nine people leaving the company in London and New York, according to market sources

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Court Dismisses BNY FX Charge

A New York State appeals court has rejected claims brought by an investor who says that investigators into the allegations that BNY Mellon cheated investors in FX did not act in good faith

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European Commission Extends Deadline for Capital Requirements

The European Commission has extended the transitional period for capital requirements for EU banking groups’ exposures to central counterparties (CCPs) under the Capital Requirements Regulation

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Thomson Reuters Volumes Second Lowest This Year…

The total average daily volume of FX trading across Thomson Reuters’ platforms in November totalled $347 billion, up 16% year-on-year

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…As Firm Launches Economic Surprises Model

Thomson Reuters has released StarMine SmartEconomics, a model the firm claims can generate more accurate forecasts of macroeconomic data and foreign exchange rates for investment managers than consensus forecasts

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FCA Develops New Way of Working…

The Financial Conduct Authority has released plans to revamp the way it works, at a time when the regulator’s resources are stretched and arguably need to be deployed more efficiently to fulfil its duties

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…As it Reviews Level of Bank Fines

Following last month’s £1.1 billion settlement with five banks over FX rigging charges, the UK’s Financial Conduct Authority has indicated that it will be reviewing its process and how much it fines firms amid complaints from banks about the increased size of the penalties

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Republicans Include Dodd-Frank Reform in Spending Bill

Republicans in the US House of Representatives have included a provision easing certain rules relating to swaps trading to a $1.1 trillion government spending package that was passed by Congress last week

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Cyber Security Continues its Rise up the US Regulatory Agenda

Cyber security is increasingly becoming an area of focus for regulators and lawmakers overseeing the financial services industry in the US

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FxPro Launches Prime-of-Prime Service

FxPro Financial Services has launched FxPro Prime

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BGC Extends Offer for GFI Into 2015

BGC Partners has extended the expiration date of its tender offer to acquire all of the outstanding shares of GFI Group it does not currently own for $5.25 per share in cash

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FXDD Hit by Further NFA Fine…

FX Direct Dealer has been hit by another fine from the National Futures Association in the US and has voluntarily withdrawn its licenses

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…As CFTC Targets IBFX

The Commodity Futures Trading Commission has filed and simultaneously settled charges against Interbank FX related to activity at its TradeStation Forex division

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Portware and Markit Deliver TCA Tool

Portware and Markit have announced a deal that will see Markit’s pre- and post-trade transaction cost analysis (TCA) platform integrated with Portware’s execution management system

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Trad-X Prepares CCP Switch

Tradition’s swaps trading platform Trad-X is preparing to launch a new CCP switch service for EUR interest rate swaps (IRS) between CME’s Clearing House and LCH.Clearnet in January 2015

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FastMatch Publishes Volumes for the First Time

FastMatch has started publishing daily trading volume in real time and claims to be introducing “the tape” to the FX spot and metals markets

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Swiss Continue to Enforce Exchange Rate Cap

The Swiss National Bank (SNB) on Thursday (11 December) reaffirmed its commitment to prevent the Swiss franc from strengthening beyond CHF 1.20 per euro

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Managed Futures Continue to Perform

Managed futures continue their good performance in 2014, with all of the Newedge CTA performance indices posting positive returns for the fourth consecutive month in November

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France Fights to Keep FTT Alive

Talks between the 11 EU Member States committed to rolling out a financial transaction tax (FTT) have faltered due to disagreements over how to collect the levy and the scope of the FTT for derivatives; however, French Finance Minister Michel Sapin told other finance ministers a deal was still possible early next year

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Australian FX Fund Improves Compliance Following ASIC Scrutiny

Calibre Investments, a provider of Australian managed discretionary accounts (MDAs), has become the latest licensee caught up in the Australian Securities and Investments Commission’s (ASIC) crackdown on the retail FX industry

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AIMA Updates Guide for Selecting a Prime Broker

The Alternative Investment Management Association (AIMA) has published an updated guide for hedge fund managers to use when selecting a prime broker

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City Index Deploys Velocimetrics

Spread betting, contracts for difference (CFDs) and FX trading firm, City Index, has implemented Velocimetrics to increase the speed and quality of its foreign exchange pricing

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DTCC, TriOptima Link Goes Live

The data connectivity between TriOptima’s portfolio reconciliation service and the DTCC’s UK derivatives repository (DDRL) in now live and operational

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GMEX Broadens IRS Futures Scope

Derivatives exchange Eurex plans to license the Global Markets Exchange Group’s (GMEX) euro-denominated constant maturity future (CMF) to enable interest rate swap (IRS) futures trading and clearing

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ICE Suspends ISDAFIX Swiss Franc From Benchmarks

ICE Benchmark Administration (IBA) will suspend the ISDAFIX Swiss franc from its portfolio of benchmarks following the resignation of one of the submitting banks

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On the Move

HSBC, Newedge, Citi, Rabobank, 4Cast, Saxo…

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Tech Corner

A round up of the latest technology news…

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Around the World

Russia gets regulated, China gets a more open FX market and Singapore gets a new resident…

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And Finally...

The foreign exchange market has long been a creature of habit regarding where people trade, but one gets the sense that could be changing a little

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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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