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New Round of Cuts to BAML’s FX Team

Several senior FX sales dealers have left Bank of America Merrill Lynch in the US

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Concern Mounts of the “No” Vote Impact as Scotland Takes to the Polls

On the eve of Scotland’s referendum to determine whether it will exit the UK and return to independence, warnings of the negative fall-out from a “Yes” vote are now being matched by growing concern over the potential impact of a narrow “No” vote

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Pepper on Leave During State Street’s Internal Review of FX

Simon Pepper, State Street’s head of FX spot trading, has been asked to stay at home while the bank conducts an internal review of its FX business

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Most FX ‘Reforms’ Were Already Taking Place Prior to Fix Probe – Sources

The majority of FX trading and compliance changes made by some leading banks – reportedly in reaction to the global investigation into allegations of currency benchmark rigging – were already in place or underway for reasons other than the manipulation claims, sources close to the banks tell Profit & Loss

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CME Announces Senior Management Reshuffle

CME Group has made a series of changes to its leadership structure. One of which is Sean Tulley taking over responsibility for managing its FX products from Derek Sammann

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C-View Unveils New Fund

UK-based currency manager C-View has launched the C-View Stelrox Systematic Currency Programme

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EU in ‘Daily Discussions’ With CFTC Over Derivatives…

Michel Barnier, EU Commissioner for Internal Market and Services, has stepped up pressure yet again on the US Commodity Futures Trading Commission (CFTC) to agree a common set of standards and rules for dealing with derivatives

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…As CFTC Wins Cross-Border Court Challenge

A US Federal Court has largely rejected the legal challenge from three financial services industry groups to the Commodity Futures Trading Commission’s cross-border swaps rules

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And Another Thing...

Is in a grumpy mood this morning…

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EBS Unveils Latest Version of Ai

EBS will be rolling out the latest version of its API-based trading protocol, Ai 6.6, in October with several new features, including Iceberg orders and Midpoint Match

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Buy Side Slow to Trade on SEFs

Although buy-side firms are still avoiding trading on SEFs, market participants expect to see more of them using these platforms in the future

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Klein Departs BAML

Peter Klein, global head of FX prime brokerage and clearing for Bank of America Merrill Lynch, is understood to have left the bank

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An Independent Scotland Will Need ‘Billions in Currency Reserves’

An independent Scotland would need to set aside billions of pounds of currency in reserves if it uses sterling without a formal agreement with the UK government and without having the Bank of England as a lender of last resort for its banking sector, Mark Carney, the BoE’s governor said last week

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Chapdelaine FX Teams Up With Integral

Chapdelaine FX has teamed up with Integral to launch upgrades to its FX platform

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Ex-Citi FX Trader Ramchandani Joins London Capital Group

A former London-based senior trader at Citi, who was suspended and dismissed as part of the investigation into the possible manipulation of the FX markets, has joined London Capital Group

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CLS FX Settlement Volumes Up in August

According to data from FX settlement system CLS, it handled 11.9% more daily volume of instructions in August from July

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CLS Confirms Delay to RUB Intro

FX settlement system CLS has confirmed it will be delaying plans to add the Russian ruble (RUB) to its service, coinciding with the further tightening of EU and US economic sanctions against Russia

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CME Europe Confirms Vermaas as New CEO

CME Group has officially named Cees Vermaas as managing director and CEO of its London-based derivatives exchange, CME Europe

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AFEX Buys Second Canadian FX Business

AFEX, a non-bank global payment and risk management solutions company, has acquired GFX Partners, a payment and FX company headquartered in Toronto

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London and Singapore to Join Hong Kong as Dominant RMB Hubs

Competition between Singapore and London for market share in RMB offshore payments is likely to mutually benefit both centres, according to BNY Mellon analysis

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UK Firms Contribute Expertise to China FTZ Development

TheCityUK and the China-Britain Business Council (CBBC) have published eight new expert working papers on the approaches China could take to develop its landmark free trade zone (FTZ) policy and the Shanghai pilot FTZ

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BoE Approves ICBC’s Wholesale Branch Licence

The Bank of England has authorised ICBC to operate in the UK as a wholesale-only branch

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RavenPack Upgrades News Analytics

RavenPack, a provider of real-time news analysis services to financial institutions, has added new sentiment indicators to its global macro service

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Brazil to Slow Pace of Currency Swaps Rollover

Brazil’s central bank is aiming to slow the recent strengthening of the real by offering less daily currency swaps contracts in October

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BoE Weighs in on Digital Currencies as Tera Launches Bitcoin Derivatives…

The Bank of England has published a paper arguing that the key innovation of digital currencies is the “distributed ledger”, which allows a payment system to operate in an entirely decentralised manner

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...And New Asset-Backed Crypto-Currency Listed

Crowd for Angels, a Financial Conduct Authority-approved debt and equity crowdfunding site, is now listing the virtual currency LXCCoin

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FxPro Targets Institutional Business With Quotix Acquisition

Online foreign exchange broker FxPro Group has acquired spot FX aggregator and distributor Quotix in a move that will enable it to provide more institutional-focused services

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EM Hedge Fund Assets Mark Two Years of Quarterly Growth – Report

Hedge funds investing in emerging markets posted strong gains in Q2 and pushing total EM hedge fund assets to an eighth consecutive quarterly record

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On the Move

Standard Chartered, Credit Agricole, AFEX, Spotex…

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Tech Corner

A round up of the latest technology news…

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Around the World

Citic Sued over FX losses, Apple unveils new digital wallet and Broton gets high profile EU financial services role…

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And Finally...

A friend of mine expressed surprise last week over the number of traders that are reputedly “under suspicion” (to use my friend’s phrase), currently getting jobs in FX

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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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