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Squawkbox

Bonuses of 18 RBS Employees on Hold Due to FX Review

The Royal Bank of Scotland (RBS) has suspended the bonuses of 18 individuals pending the outcome of its review into the failings of its foreign exchange business, as per the UK regulatory watchdog’s instruction

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UK Government Confirms FX Manipulation Will be Made a Criminal Offence

The UK’s Chancellor of the Exchequer George Osborne has confirmed the government will be making manipulation of FX benchmarks a criminal offence, punishable by up to seven years in prison

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UK Makes First Arrest in FX Criminal Investigation

The UK’s Serious Fraud Office (SFO) is understood to have initiated its first arrest in connection with its criminal investigation in alleged manipulation of the FX markets, potentially marking the next stage in the global probe

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Hong Kong Finds No Evidence of FX Benchmark Collusion

The Hong Kong Monetary Authority says it has found no evidence of collusion among banks in rigging benchmarks in the foreign exchange market between 2008 and 2013

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Killen Gets Wider Westpac Role

Westpac’s global head of foreign exchange, Hugh Killen, has been promoted to a broader role at the bank

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London’s RMB FX Trading More Than Doubled in 1H14

London’s position as an offshore RMB hub strengthened in the first half of 2014, according to a report published by the City of London Corporation

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EBS to Offer Data Analytics Via First Derivatives’ Delta Stream

EBS will be making First Derivatives’ Delta Stream product available through its trading platforms as part of a new Data Analytics as a Service initiative aimed at further enhancing customers’ trading experience

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CLS Volume Dips in November

CLS has reflected lower activity in the FX market by reporting a drop in its average daily level of instructions sent to its settlement and aggregation services for October

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Societe Generale Adds ForexClear to its Prime Services Business

Societe Generale Corporate and Investment Banking (SG CIB) has added LCH.Clearnet’s ForexClear service as a new central counterparty clearinghouse (CCP) to its client OTC clearing offering, allowing its clients to clear NDFs

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MYR and PHP Launches on Thomson Reuters Matching

Thomson Reuters has confirmed the launch of spot and forward Malaysian ringgit and Philippines peso trading on its Matching platform, as first reported by Profit & Loss in October

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TriOptima Completes Compression Cycles in USD/TRY and JPY IRS

TriOptima has completed the first USD/Turkish lira (TRY) cross-currency swap triReduce compression cycle

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Clearstream Picks Standard Chartered as Correspondent Bank in ME

International clearing and settlement organisation, Clearstream, has appointed Standard Chartered Bank to service Middle Eastern currencies

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Russian Exporters Agree Level for FX Assets

In an attempt to stabilise the ruble, Russia’s largest exporters reached an agreement with the government and central bank officials to limit their foreign currency assets to levels held previously on 1 October

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China Concerned Over Russian Ruble Rout

China’s foreign exchange regulator voiced its concerns over the weakening Russian ruble, as it plummeted to a historic low on 16 December, and indicated that it is closely monitoring the slide

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Russian Government Passes FX Bill

The State Duma of the Russian Federation has voted in favour of foreign exchange market regulations on 16 December, following a third reading of the long-awaited FX bill

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Interactive Brokers to Refund Customers AUD 1.5 Million

Interactive Brokers, a US-based online brokerage firm, will refund approximately AUD 1.5 million in fees and commission payments to its Australian retail margin lending customers following an investigation by the Australian Securities and Investments Commission

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MF Global Settles with CFTC

MF Global has agreed to settle charges of wrongdoing with the Commodity Futures Trading Commission

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BGC Raises its Bid for GFI

BGC Partners has increased its bid for GFI Group from $5.25 per share to $5.45, according to a regulatory filing made by GFI

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Global FX Volume Likely Reached $5.5 Trillion Per Day in 2014: Aite Group

Global foreign exchange volume for 2014 will likely reach $5.5 trillion per day, predicts Aite Group in its new report

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BTIG Launches New Low-Touch Execution Platform

BTIG has expanded its foreign exchange offering with the launch of TradeSave FX, the firm’s electronic FX trading platform

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EC Hopes for Swaps Clearing Resolution With US in Coming Year

The new EU commissioner for financial services and stability, Jonathan Hill, says he would be “very disappointed” if the equivalence rules for swaps clearing cannot be resolved with the US before the 15 June deadline

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HKeX Builds RMB Capabilities

Hong Kong Exchanges and Clearing (HKEx) is introducing additional measures to solidify the development of the RMB currency futures market

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Bitcoin Venue Netagio Launches USD and EUR Books…

Bitcoin exchange Netagio has launched additional USD and EUR order books on its existing Bitcoin/GBP exchange, which launched in July 2014

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…As CFTC Looks at Bitcoin Options Platform

The Commodity Futures Trading Commission (CFTC) is seeking public comment on an application submitted by LedgerX to register as a trading and clearing facility for Bitcoin options

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On the Move

Societe Generale, Sucden Financial

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Tech Corner

A round up of the latest technology news…

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Around the World

Belarus averts impact of Russian crisis and EMIR approves another clearinghouse…

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And Finally...

This will, in all probability, be the last column of the year, unless something happens that needs expert(!) analysis

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Fines Contingency Not Enough: Barclays CEO

The £500 million set aside by Barclays to settle fines resulting from regulatory action, including those for activity in FX markets, are insufficient according to the bank’s chief executive

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Platforms Halt Ruble Trading Amid Continued Volatility

A number of FX trading venues have suspended trading on the Russian ruble amid continued volatility of the currency and concerns about emerging market contagion

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BAML Appoints Co-Heads of FICC Trading

Bank of America Merrill Lynch has appointed co-heads of global fixed income, currencies and commodities (FICC) trading, effective 1 January, 2015

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BGC Continues Consolidation With RP Martin Takeover

BGC Partners has acquired the UK assets and subsidiaries of FX and European rates specialist RP Martin Group

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Indonesian Rupiah Edges Up From 16-Year Low

After plummeting on Monday to near its weakest point since the Asian crisis, the Indonesian rupiah strengthened marginally as the central bank intervened to stem losses in the currency

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FXDD: A Correction

In Monday’s issue of Squawkbox, in our report “FXDD Hit by Further NFA Fine”, we erroneously stated that FX DirectDealer (FXDD) had been banned from operating trading services

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And Another Thing...

I am no expert when it comes to corporate finance but I was reading some numbers the other day that rather surprised me

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Arinc Named Deutsche’s New Head of Global FX

Deutsche Bank has announced Ahmet Arinc as the new head of global FX, a position left vacant by Kevin Rodgers’ retirement from the industry this summer

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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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