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Saxo Expecting Legal Challenges to Re-Pricing of Trades

Retail broker Saxo Bank is anticipating legal disputes following its decision to retroactively re-price FX trades that occurred during the Swiss franc’s volatile swing on 15 January

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Retail Landscape Continues to Shift Following SNB Move

The fallout from the Swiss National Bank’s (SNB) decision to drop the EUR/CHF peg is continuing in the retail FX market, as a further two brokers cease trading, more losses are reported and firms consider purchasing their damaged competitors’ businesses

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FX Market Manipulation Case Allowed to Proceed in US Courts

A US judge says that investors may pursue their antitrust litigation against 12 major banks alleging that they manipulated the foreign exchange market

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Oversight Failure in FX is Changing How Banks View Risk

The failure of banks to effectively monitor human communications around FX trading is having far-reaching consequences for the industry, according to market experts

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And Another Thing...

I understand the debate around last look is complex and multi-dimensional, however I think we are seeing, in front of our very eyes, the ultimate in last look

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Currency Trading Hits New Highs in UK and US: FX Committee Surveys

Foreign exchange trading activity in the UK and US rose to record levels in October, reports from the nations’ central bank FX committees show, on the back of increased volatility that was largely triggered by a divergence in monetary policies

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FX Head to Retire From BNY Mellon

Craig Messinger, global head of trading and risk at BNY Mellon in New York, is set to retire, Profit & Loss understands

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NFA Raises Retail FX Margins Following Currency Volatility

The National Futures Association (NFA) has increased the minimum security deposits for certain FX currencies in the retail market following the volatility witnessed after the Swiss National Bank’s decision on 15 January

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Commerzbank to Relocate Traders from London to Frankfurt…

Commerzbank has proposed to relocate 70 foreign exchange and interest rate traders from London to Frankfurt

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...As Hamberger Leaves

Stefan Hamberger, managing director and head of e-fixed income and currency (FIC) sales at Commerzbank, has left the firm

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Swiss Banks Calm Fears of Losses from SNB Move

UBS did not suffer any losses overall in its trading business after the Swiss National Bank’s (SNB) decision to abandon its currency cap, the bank said on Friday

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Prasad to Launch Macro Hedge Fund in April

Anil Prasad, the former global head of foreign exchange at Citi, is preparing to launch his own macro hedge fund in early April

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Brokers Confirm Interest in Alpari UK

Oanda, ETX Capital and IronFX have made bids for fellow retail foreign exchange broker Alpari UK, which applied for insolvency last Monday, according to sources

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France and Austria Attempt to Push Forward on FTT

France and Austria have joined forces to urge the other nine European countries committed to a Financial Transaction Tax (FTT) to overcome an ongoing impasse

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FastMatch Publishes Fee Schedule

In a move it claims to be a first, FX ECN FastMatch has published its fee schedule for trading on the platform

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Banks Report Rebound in FX Revenues

BNY Mellon and State Street, the two largest custody banks, have reported a boost in Q4 profits due to an increase in volume and volatility in the foreign exchange markets

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CAD Declines Following Surprise BoC Rates Cut

The Bank of Canada (BoC) lowered its overnight rate last week, causing a sharp decline in the value of the Canadian dollar

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Report: Liquidity Declining in Fixed Income Markets

Dealers are pulling back from the fixed income market as a result of more stringent capital requirements, causing a decline in market liquidity, according to a new report

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ECB QE Hits FX Markets; EURUSD Plunges to 11-Year Low

The euro set a fresh 11-year low versus the dollar following the European Central Bank’s landmark decision to pump more than €1 trillion into the flagging European economy, a figure higher than most experts predicted

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UK MPs Question Thoroughness of FX Probe

UK MPs have questioned the diligence of the probe into manipulation in the FX market conducted by Anthony Grabiner, the lawyer who was appointed by the Bank of England’s Oversight Committee to lead an independent investigation

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CLS Teams Up With TriOptima on FX Compression Service

CLS Group and TriOptima are to collaborate on a new FX forward compression service

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Thomson Reuters Reports End of Year FX Volumes

Thomson Reuters has exhibited a similar pattern as other FX platforms, showing an overall growth in FX volumes across its platforms year-on-year

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Regulators Likely to Extend Swap Margin Requirements Deadline

Global regulators have indicated that the end of the year deadline for the introduction of margin requirements for swaps transactions is likely to be extended

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FXCM Updates FX and CFD Trading Volumes for January

One week on from its bailout deal with Leucadia and FXCM is reporting month-to-date volumes of $406 billion in FX and CFD trading

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ESMA and Hong Kong SFC Sign MoU on CCP Equivalence

The European Securities and Markets Authority (ESMA) and the Hong Kong Securities and Futures Commission (SFC) have signed a memorandum of understanding (MoU) to allow Hong Kong central counterparties to be recognised by the European regulator

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Newedge CTA Index Finishes +15.58% for 2014

The Newedge CTA Index finished 2014 showing a return of +15.58% following the fifth consecutive month of positive returns for the managed futures industry

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On the Move

UBS, Newedge, Maven Global, Union Bancaire, BAML, Credit Suisse, Dion Global, ISDA…

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Tech Corner

A round up of the latest technology news…

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And Finally...

Any time there is a market event, it is used by people for their own ends. It happens, but it is not particularly helpful at a time when we may need serious, open-minded and honest debate over what happened

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What Does the CHF Story Mean for the FX Industry? – Profit & Loss Webinar

The chaos caused by the Swiss central bank’s decision to pull its three-year old EUR/CHF floor will take some time to unravel. What are the longer-term implications of this unprecedented event on the wider FX industry?

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Fallout Continues Following SNB Action

A number of FX brokers are struggling following yesterday’s (15 January) extreme movement in the Swiss franc.

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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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