Premium Content

Free Two Week Trial
Two minutes to sign up!

Sign Up For Squawkbox
Free Weekly Newsletter

Forex Network
Annual Sponsors

Platinum

Gold

Silver

Supporting Sponsors

Login Form

Squawkbox

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”

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

CLS Hits Record $5.94 Trillion Daily Settlement

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

Read more...

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

Read more...

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

Read more...

Internationalisation of the RMB: Profit & Loss Shanghai

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

Read more...

On the Move

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

Read more...

Tech Corner

A round up of the latest technology news…

Read more...

Around the World

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

…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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

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

Read more...

On the Move

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

Read more...

Around the World

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

Read more...

Tech Corner

A round up of the latest technology news…

Read more...

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

Read more...

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

Read more...

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.

Read more...