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BNP Paribas Boosts Electronic Markets FX Unit With New Appointments

BNP Paribas has made three new appointments to its electronic markets FX business, according to an internal memo seen by Profit & Loss

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New Proposals Could Help US Agency Brokers

The new proposals allowing for firms to act as intermediaries for their clients to facilitate FX derivatives transactions could help to revive US agency brokerage businesses after a difficult year for some of these companies

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ICE Follows CME in Banning Transitory EFRPs

The InterContinental Exchange (ICE) has followed the CME in changing its rules regarding exchange for related position (EFRP) contracts

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Marex Agency FX Team Resurface at Gain GTX

The three FX sales executives that left Marex Spectron in May have joined Gain Capital to strengthen the firm’s GTX agency desk

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Citi Hires European Head of Spot G10 FX Trading

Danny Wise has joined Citi as its new European head of spot G10 FX trading

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Cantor Confirms Ex-Goldman Duo to its FX Team

Cantor Fitzgerald has confirmed the appointments of former Goldman Sachs executives Joseph Pinto and Stephan McElreath to its FX team, as first reported by Profit & Loss in May

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BTIG Launches New Chicago-Based FX Desk

BTIG has hired three former Newedge staff to run its new Chicago-based FX desk

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And Another Thing...

I have often discussed the “equitisation” of FX markets from a market structure perspective; now though, I can talk about it from a market behaviour angle

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UniCredit Appoints Palmer to Head Up CEE Rates and FX

UniCredit has hired Warwick Palmer, former Bank of America Merrill Lynch emerging markets rates and currency trading head, as global head of rates and FX, CEE trading

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Banks Threaten to Stop Using Libor Benchmark

The American Bankers Association (ABA) says that some banks may stop using Libor as a benchmark for interest rates on loans because of new licensing fees being charged by Intercontinental Exchange

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FCA Starting FX Fine Talks in September - Report

The Financial Conduct Authority (FCA) is understood to be scheduling meetings with banks to negotiate potential fines related to claims of FX market manipulation, despite many firms still being unaware of what they will be charged with

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Traiana Launches Enhanced Matching Engine

Traiana has launched an upgraded version of its post-trade cross-asset allocation, matching and confirmation service for both buy- and sell-side firms

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CTA Data Shows Poor Performance in July

Commodity trading advisors (CTAs) suffered a difficult trading period in July, according to new performance data from Newedge

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Caplin Launches FX Mobile Trading App

Caplin Systems has launched an FX trading app for mobile devices

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China and Russia Sign Currency Swap Agreement…

The monetary authorities of China and Russia have agreed a national currency swaps arrangement, which will reduce reliance on the US dollar for bilateral payments

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…As BoC Extends RMB Clearing Hours to Cover Global Trading

The Bank of China’s clearing business in Hong Kong is extending its renminbi clearing service hours in October to cover US and European trading hours

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FXCM Deal with FXDD US Worth $4.4 million

It has emerged that FCXM’s May acquisition for FXDD’s US clients was concluded for significantly less than originally announced

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Gain Seeks Acquisitions to Counter Revenue Drop

Gain Capital is looking for new acquisitions to boost profits after reporting losses for the second quarter and first half of this year

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ATC Brokers to Launch UK FX Brokerage

ATC Brokers, a US-based introducing broker, will launch a Financial Conduct Authority-registered brokerage later this month in London

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TMX Group to Buy Microwave Network from GTS

Global Trading Systems has agreed to sell its ultra-low latency microwave network, StrikeNet, to TMX Group

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On the Move

Marex, Societe Generale, Tradovate…

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Tech Corner

A round up of the latest technology news…

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Around the World

Lots happening in the exchange world, and the Old Lady has a Plan B…

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And Finally...

News that we finally have movement in the rigging fiasco has to be welcome, even if that news is unlikely to be positive

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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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