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Aspinall and Hynes Found Black Lake Financial

Two former CMC colleagues, Marc Aspinall and Roger Hynes, have founded a London-based consultancy for banks and brokerages called Black Lake Financial

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ACI Officially Launches Updated Model Code and e-Learning Portal

ACI – The Financial Markets Association has officially launched its updated Model Code for 2015 alongside a new online learning portal, as first reported by Profit & Loss in February

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ETX Capital Buys Client List of Bankrupt Alpari UK

UK forex broker ETX Capital has acquired the client list of Alpari UK from the bankrupt firm’s special administrators, KPMG

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RMB Adoption Moves into the Mainstream, Finds HSBC Survey

2014 was clearly the year that RMB entered the business mainstream, according to a recent renminbi (RMB) internationalisation survey from HSBC

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Treasury Select Committee Lists Further Questions for Lord Grabiner

UK MPs sitting on the Treasury Select Committee have outlined outstanding issues concerning Lord Anthony Grabiner’s investigations for the Bank of England into the foreign exchange market and the conduct of liquidity auctions

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FXCM Spins Off FXCM Japan to Rakuten Securities

FXCM has signed a definitive agreement to sell its Japanese business to Rakuten Securities for a purchase price of approximately $62 million

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DTCC Calls for Early Start to Derivatives Trade Reporting Under ASIC

The Depository Trust and Clearing Corporation is warning firms to consider opting-in early to the upcoming derivatives trade reporting deadlines in Australia in order to avoid the risk of non-compliance

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Report: Buy Side Quest for Best Execution Fosters FX TCA

Buy-side market participants are increasingly embracing best execution philosophy for FX as they begin treating it as a separate asset class and a source of alpha, says Aite Group in a new report

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New Change FX Launches Service to Help Buy Side Monitor FX Costs

FX benchmark provider New Change FX has launched NCFX Umpire, which gives pension funds and asset managers a complete breakdown of their foreign exchange costs

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Bitcoin Marketplace to Use Nasdaq’s Trading Technology

New York-based Noble Markets’ soon-to-be launched digital currency marketplace is to run on Nasdaq’s X-stream trading technology

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FCA Sets Out Key Areas of Work for 2015/16

The Financial Conduct Authority has published its business plan for 2015/16, outlining areas of focus and creating new supervision and authorisation divisions

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New York Top Financial Centre for Second Year

New York has maintained its position as the top financial centre in the world for the second year in a row, narrowly beating out London by one point

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CLS Activity Back to Normal After SNB Move

FX market activity recorded by CLS dropped 16.5% in February to an average daily volume of instructions submitted of 1.18 million

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Standard Chartered Appoints Head of e-FX Sales, Americas

Robert Gomprecht has joined Standard Chartered as head of e-FX sales for the Americas, reporting to Singapore-based Michelle Wee

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First North American RMB Hub Opens in Toronto

The first North American offshore trading hub for the Chinese renminbi (RMB) opened this week (23 March) in Toronto

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CCB Extends Use of Trace to Comply With MAS’ Trade Reporting Requirements

China Construction Bank (CCB) has extended its use of Catena Technologies’ Trace system to report FX derivatives to the Monetary Authority of Singapore

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BATS Plans Hotspot Expansion With London Matching Engine Launch

BATS Global Markets is planning to launch the first Europe-based FX matching engine for newly acquired Hotspot later this year in a bid to expand its European and Asian reach

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Wells to Focus on ForexClear Under LCH.Clearnet Reshuffle

Frank Soussan has been appointed global head of LCH.Clearnet Group’s CDSClear, taking over the role from Gavin Wells who will now focus exclusively on ForexClear

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FX Committees to Unveil New Global Guidelines

A group of the leading FX market committees agreed upon a combined global code of conduct for the industry earlier this month, providing additional guidance around key topics such as sharing market colour and use of trading jargon

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FXCM to Impose New Negative Balance Policy

FXCM has updated its negative balance policy, offering retail clients protection for the first $50,000 of losses over a 24-hour period

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CME Reportedly in Talks With BGC Over Fenics, Trayport

CME Group, which last month lost out in its bid to acquire inter-dealer broker GFI Group, is reportedly in discussions with BGC Partners to acquire GFI’s software assets, Fenics and Trayport

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BoE Outlines Timeline for Libor Alternative; FCA Bans Trader for Libor Fraud

The Bank of England has given clear instructions to the working group set up to develop an alternative to the London Interbank Offered Rate (Libor) that they have less than a year to begin implementing a near risk-free reference rate

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Six Banks Sign Up to Participate in New Gold Price Benchmark

Six global banks have committed to submitting orders for calculating the new electronic benchmark for gold price

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KPMG Appoints Debt Collector to Go After Alpari UK Clients; Alpari RU Ceases Trading Most CFDs

KPMG, the administrator for Alpari UK, which became insolvent due to client losses on the Swiss franc move, has appointed UK debt collecting firm CCI Legal to assist in the recovery of debts from clients with negative balances

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On the Move

FastMatch, Campbell & Co, Citadel, TradeNext, CFH, Pepperstone, KCG Holdings…

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Tech Corner

A round up of the latest technology news…

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Around the World

Clearstream adds more RMB accounts and DTCC opens in Manila…

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And Finally...

I fully expect other brokers to follow FXCM’s lead in imposing a ceiling on the losses the firm will forgive clients in the event of another event in markets, but how moral is such a practice?

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UK to Apply AML Laws to Bitcoin Exchanges

The UK government plans to regulate digital currency exchanges by applying anti-money laundering regulation, in order to support innovation and prevent criminal use

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Credit Suisse Becomes 10th Liquidity Provider to Join FXSpotStream

Credit Suisse has joined FXSpotStream’s price aggregation service, becoming the 10th bank to make liquidity available to the platform’s clients

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FCA Sets Out ‘Near-Final Rules’ for Senior Banker Regime

The UK’s financial watchdog has taken its next steps in addressing individual responsibility and accountability in the banking sector, outlining strict new rules that will make it easier for firms and regulators to hold individuals to account

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LMAX Exchange Enters Prime of Prime Space

LMAX Exchange has launched LMAX Prime, a prime of prime service, taking advantage of the opening created by many banks either reducing their prime brokerage operations, or closing them down altogether

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Investors Need Clarity on CCP Default Management: Report

A clear majority (80%) of institutional investors believe that mandatory central clearing of derivatives has reduced systemic risk in global financial markets. Yet a lack of understanding about the processes clearinghouses use to manage defaults is contributing to a widespread belief that additional measures are needed to mitigate risk

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Report: Best Practices in Conduct Risk 2015

As global regulators increase scrutiny over company culture and employee behaviour, investment firms must begin implementing measures to offset the risk that they could be fined for employee misconduct, according to research from GreySpark Partners

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Boakes Gets 10 Years for Fraudulent FX Trading

Southwark Crown Court has sentenced Phillip Boakes, who ran FX spread betting firm CurrencyTrader, to 10 years in prison for defrauding investors of at least £3.5 million

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Barclays Signs Up for SunGard Clearing Solution

SunGard is launching a new industry utility for post-trade futures and cleared OTC derivatives operations

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LMAX Exchange, Z.com Trade Team Up

LMAX Exchange and Z.com Trade, a subsidiary of Japan-headquartered GMO Click, have extended their partnership to provide retail traders with access to a no “last look” liquidity solution and exchange quality execution

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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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Tullett Prebon Sheds 166 Brokers in Cost-Cutting Exercise

Tullett Prebon made 217 employees redundant in 2014, including 166 brokers and 51 support staff, according to its annual report. The inter-dealer broker attributed the headcount reduction to a challenging market environment and shrinking profits

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Citi Cuts EMEA Jobs While Goldman Sachs Reduces Singapore Business

Citi is planning a further round of redundancies from its markets and securities business in the Europe, Middle East and Africa region, coinciding with Goldman Sachs having reduced the size of its investment banking team by about a third so far this year

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Mallett Could Have Brought BoE Into Disrepute, Says Carney

The Bank of England governor Mark Carney says that its former FX chief dealer’s various misjudgements could have brought the Bank into “disrepute”

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FXPro Releases Slippage Statistics in Transparency Boost

FXPro has released its slippage statistics for February, claiming that such a move will help encourage greater transparency within the retail FX industry

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Hotspot Sees FX Volume Drop in February

Hotspot FX, KCG’s ECN soon to be handed over to BATS Global Markets, reports a 23% decrease in average daily volume (ADV) last month compared with January, a trend expected to be replicated across other FX trading platforms

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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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