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WM to Adopt FXBG Recommendations

The WM Company is to alter its methodology for calculating its FX benchmark rates, effective 14 December, in response to the recently published FX Benchmark Group’s recommendations

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CTA Expo Returns With the Emerging Manager Forum, Florida

The Emerging Manager Forum, the 13th conference organised by CTA Expo, is due to be held on 9 December

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Cahill Departs Goldman’s Under HSBC Chat Room Cloud

Frank Cahill was asked to leave Goldman Sachs in London on Tuesday, following his alleged involvement in the HSBC chat room transcripts which formed part of the regulatory evidence against banks in the recent FX settlements

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FX Banks Set to Claw Back Bonuses from ‘Bad’ Traders

Five of the world’s biggest FX banks involved in a multi-billion dollar settlement for FX rate manipulation are reportedly looking to claw back bonuses paid to those FX traders involved in wrongdoing

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Citi Cuts 35 Jobs From its Markets Division

Citi has made around 35 jobs redundant across its markets sales and trading divisions, Profit & Loss understands

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EBS Direct is Rising Star in Icap Portfolio…

Trading on Icap’s disclosed liquidity service EBS Direct hit a daily volume high of $28 billion in October and has the potential to reach many multiples of that, said Michael Spencer, Icap’s group CEO on Wednesday

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…As Electronic Markets Dominate Icap Profits

Interdealer broker Icap said on Wednesday that 83% of its first-half operating profit has come from electronic markets and post-trade and information services – up from 69% last year – following a restructuring of its global broking business

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Wetjen the Latest Commissioner Advocating Dodd Frank Changes

Mark Wetjen has become the latest commissioner at the Commodity Futures Trading Commission (CFTC) to advocate changes to US swaps regulations

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Newedge Targets US Prime Brokerage Growth

Newedge has made three new appointments to its capital introduction and advisory teams in North America

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Basel Chairman Defends Banking Reform

Stefan Ingves, chairman of the Basel Committee on Banking Supervision and governor at Sveriges Riksbank, has spoken out in defense of reforming the banking sector

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ANZ Suspends Seven Over Benchmarking

ANZ Bank says it has suspended seven members of its markets trading division in a move related to the ongoing investigation of the BBSW (Bank Bill Swap) interest rate benchmark fix being conducted by Australian regulator ASIC

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And Another Thing...

Two consistent themes of this column over the years have been the electronification of markets and consolidation in the number of providers – often they seem at odds with each other because the aforementioned electronification often lowers the barriers to entry, leading to a glut of providers, rather than a reduction. Not in the inter-dealer broker world, however, and there are lessons to be heeded in all segments of financial markets from the IDB market

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Saxo Opens NDD Accounts for FX and Offers Better Pricing Structures

Saxo Bank has launched no dealing desk (NDD) account structures for FX, as well as an integrated MetaTrader4 (MT4) solution to provide clients with a choice of pricing structures

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New CEO at Caplin Systems

Caplin Systems has appointed John Ashworth as its chief executive officer, succeeding the company’s founder Paul Caplin, who remains on the board as executive chairman.

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CFTC Reviewing Anonymous SEF Trading…

The Commodity Futures Trading Commission (CFTC) has admitted that it is reviewing its rules around trade anonymity on swap execution facilities (SEFs) following claims that they are effectively preventing firms from trading on the venues

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…As Giancarlo Criticises CFTC Swaps Reform…

Commodity Futures Trading Commissioner (CFTC), Christopher Giancarlo, is advocating rolling back a number of the Commission’s previous rules regarding trade execution on swap execution facilities

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…And CFTC Extends Relief for Packaged Transactions

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) has issued an extension of no-action relief for swap execution facilities (SEFs), designated contract markets (DCMs) and swap counterparties from the trade execution requirement for certain “package transactions”

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Gain CEO Expects More Consolidation Amongst Retail Firms

Gain Capital CEO, Glenn Stevens, is predicting more consolidation in the retail FX market following his firm’s recent acquisition of City Index

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ISAM Launches FX Brokerage Business

ISAM, the alternative asset manager launched by Lord Stanley Fink in 2008, has launched IS Prime, a foreign exchange brokerage service

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Banks Look to Bolster Surveillance Tools

Banks are looking towards increasingly sophisticated surveillance and monitoring technology in FX, as they seek to reduce their risk exposures and ensure regulatory compliance

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EBS Signs Up 15 Regional Banks for Liquidity Optimization

EBS has signed up at least 15 new customers in one year to its Liquidity Optimization service, which aims to give regional banks the tools to price end-client business more effectively and become prominent players in their local currencies

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Thomson Reuters FX Volumes Slip in October, Up Y-o-Y

Average daily volumes on currency platforms run by Thomson Reuters dipped in October from a 2014 high in September, but rose 21% year-on-year

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New Study Highlights Data Management Fears

A new study published by Aite Group and commissioned by the Depository Trust & Clearing Corporation (DTCC) highlights firms’ concerns around data management

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EU to Recognise More Countries’ Clearing Regimes

The European Commission is planning to recognise four more countries as having equivalent rules to oversee central counterparty clearinghouses (CCPs), in a move to increase cross-border activity in derivatives

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Data Shows Strong Performance From Trend-Following CTAs

Trend-following strategies continued to drive returns amongst CTAs, according to the latest monthly figures from Newedge

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FastMatch Launches New Aggregator

FastMatch has launched ManageMatch, a new aggregation and liquidity management software service, in the latest move by FXCM to boost its global pipeline

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EU Transaction Tax Revenues Will Fall Short of Predictions

Signatories to the proposed European financial transaction tax say they have moved closer to reaching a compromise on how the upcoming levy will be applied

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FICC Revenues Decline Slows Down: Study

Despite a strong third quarter, brought on by uncertainty around US and European monetary policies and geopolitical instability, resulting in increased volatility and client activity, fixed income, currencies and commodities (FICC) revenues continued to decline, albeit at a slower rate

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SEC to Review HFT Access to Public Information

Securities Exchange Commission (SEC) Chair, Jo White, says that the agency is reviewing how it puts out information after reports had suggested that high frequency traders were receiving SEC filings before they went on the Commission’s website

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Integral Launches FX Yield Manager

Integral Development has launched FX Yield Manager, a foreign exchange risk management suite of tools aimed at banks and brokers looking to offer market making services to their customers

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Traiana Expands TR Connect Regulatory Offering

Traiana has announced that TR Connect, its multi-jurisdictional regulatory reporting service, has been expanded into Canada and Singapore

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Virtu to Provide Liquidity on Eris Exchange

Eris Exchange, a US-based exchange offering swap futures, has announced that Virtu Financial is streaming liquidity into its platform and will be offering two-way voice markets for off-exchange trades for Eris swap futures

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SGX Launches Probe into Outage

Singapore Exchange (SGX) has set up an independent, board level inquiry committee following its breakdown on 5 November

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Tradair Launches HTML5 Front End

Tradair, a front-office technology company founded by two former senior managers of Traiana, has launched the Tradair Dynamic HTML5 front-end and patented Tradair TouchPad offerings

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OTC Markets Contract in First Half of 2014; FX Derivatives Contribute to Fall

The Bank for International Settlements has recorded a slight contraction in the OTC derivatives markets in the first half of 2014

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FCStone Acquires GX Clarke & Co.

INTL FCStone has reached agreement to acquire GX Clarke & Co, an SEC-registered institutional dealer in fixed income securities

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Banks Challenged by IT Spend: Report

A new report from Tabb Group, commissioned by Thomson Reuters, has found that capital markets firms can be spending up to $460,000 per front office employee on technology related costs every year

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On the Move

RBS, Standard Chartered, HSBC…

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Around the World

Opposition to euro rising in Poland and China says (Y)oh Canada

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And Finally...

The release of the details behind the fines to several banks last week triggered a frenzy of press releases and contacts promoting their solution to the issue

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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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