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New UK Consumer Bill Could Open ‘Super Highway’ to Class Actions

The UK Consumer Rights Bill 2015, which increases the remit of the Competition Appeals Tribunal (CAT), has the potential to radically change the legal landscape, effectively opening up a “super highway” to the type of civil litigations common in the US, according legal experts speaking at the Profit & Loss Forex Network London 2015 on Thursday

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Hedin to Head Global FX Trading at SEB

Svante Hedin, who has been acting head of global FX trading at SEB, has been appointed to the position

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Lawsky to Pursue FX Settlements Regardless of DoJ Deal

The superintendent of New York State’s Department of Financial Services (DFS), Benjamin Lawsky, plans to continue his probe into FX trading activity even if banks settle with the US Department of Justice

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Thomson Reuters Sees Growth in March FX Volumes

Thomson Reuters has seen a month-on-month increase in foreign exchange average daily volume

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ISDA Research Shows Continued Derivatives Fragmentation

New research conducted by the International Swaps and Derivatives Association (ISDA) shows that global derivatives markets are continuing to fragment along jurisdictional and geographical lines

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LCH.Clearnet Opens AUD Account With RBA

Clearing house LCH.Clearnet has established new deposit and liquidity facilities with the Reserve Bank of Australia

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On the Move

Citi, Symphony, Bats

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And Finally...

Apart from the obvious (and predictable) conclusion that I cannot socialise into the early hours, one of the top level “takeaways” I had from Forex Network London is how different approaches by the authorities can have different outcomes

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Deutsche Bank Hit With Record Fines For Libor and Euribor Failings

Deutsche Bank has been fined the highest penalty yet by the UK’s Financial Conduct Authority for Libor and Euribor manipulation, while the US Commodity Futures Trading Commission imposed the largest fine in its history for the same failings

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Irwin Joins Gerko Spin-Off as COO

Michael Irwin has been appointed chief operating officer of XTX Markets, the proprietary multi-asset market making company that was set up by GSA Capital’s Alex Gerko

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UBS and Citi Win Top Honours at the Profit & Loss 2015 Digital FX Awards

Profit & Loss unveiled its 2015 Digital FX Awards winners last night, with UBS scooping the Best Platform award for Neo and Citi carrying off the Best FX Platform prize

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Tradermade Systems Boosts Productivity With Platform Upgrade

Tradermade Systems, the market data and proprietary analytics software provider, launched an upgraded version of its Maverick charting solution in bid to further improve productivity for its clients

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UniCredit Hires Leal to Head Up Global Electronic Markets FX

Jeff Leal is joining UniCredit as global head of electronic markets FX. He will be based in London and reports into Bernd Bröker, global head of G10 FX

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UBS Strengthens Compliance With 350 Additional Hires

UBS is planning to add up to 350 people to its compliance team worldwide. This is a 30% increase, bringing the number of staff in the Swiss bank’s compliance and operational risk control unit to approximately 1,500.

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FSB Updates G20 on Post-Crisis Work Plans

The Financial Stability Board has provided the G20 Finance Ministers and Central Bank Governors meeting in Washington with an update on ongoing work to finalise post-crisis reforms, including a coordinated work plan to promote central counterparty (CCP) resilience and initiatives to make derivatives markets safer.

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Volcker Calls For SEC and CFTC Merger

Paul Volcker has called for the urgent restructuring of the US financial regulatory system in order to deal effectively with threats to financial stability

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Tullett Prebon Broker Pleads Not Guilty to Libor Manipulation

Noel Cryan, the former Tullett Prebon broker accused of conspiring to manipulate Libor, has pleaded not guilty in Southwark Crown Court, London

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MoltenFX ECN Adds Precious Metals Trading

Molten Markets has made precious metals available for trading on its MoltenFX ECN, citing strong demand from clients

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Five Banks to Pay Billions to DoJ in FX Settlement Next Month: FT

The US Department of Justice wants five banks – Barclays, Citi, JP Morgan, RBS and UBS – to reach one “mega settlement” to allegations that some of their traders manipulated foreign exchange markets, according to a report

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No Evidence of Monetary Policy Leak: RBA Minutes

The Reserve Bank of Australia (RBA) has found no evidence that the outcome of its monetary policy meetings in February and March were leaked ahead of official announcements, in spite of sharp movements in the Australian dollar just seconds before the decisions

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Hotspot to Provide Free Gold Trading for Clients From 1 May

Hotspot, the FX platform recently acquired by BATS Global Markets, plans to offer free spot precious metals trading to its customers. The “Free Gold” campaign applies to spot gold and spot silver pairs

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Pimco Calls For Urgent Re-think of Basel III Capital Rules

Pacific Investment Management Company (Pimco), the US-based asset management firm, has warned regulators that new capital rules being introduced under Basel III could have a negative effect on derivatives clearing, concentrating market risk in the process

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FXCM Outlines Institutional Business in Light of Non-Core Sell-Off

FXCM, an online provider of foreign exchange trading and related services, has announced its plans to continue specific institutional services despite having to dispose of a number of non-core assets

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Multinationals Expect RMB Transaction Volumes to Double in Five Years

More than six out of 10 of companies in Asia-Pacific, Europe and the US expect renminbi (RMB) transaction volumes to more than double in the next five years, according to research by Allen & Overy

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Standard Chartered to Launch Full FX Intermediation Service

Standard Chartered Bank has launched its spot FX intermediation service and is planning to rollout full FX intermediation and FX clearing services in the second half of the year

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De Souza Departs Tradenext

Larry De Souza has resigned from his position at foreign exchange broker Tradenext after just 14 months as director, sales and trading

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Survey: Institutional Investors Using Social Media as Information Source

A new study from Greenwich Associates reveals that social media is joining traditional financial news media as a key source of information used by institutional investors in their investment processes

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IBA Canvasses Market on LMBA Gold Price Auction Process

ICE Benchmark Administration has launched a market consultation regarding three aspects of the London Bullion Market Association Gold Price auction process

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Gensler to Oversee Clinton’s Finances…

Hillary Clinton is planning to name Gary Gensler, the former chairman of the Commodity Futures Trading Commission and strong advocate for strict rules, as the chief financial officer of her campaign

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…While Bernanke to Work with Citadel

Ben Bernanke, the former Federal Reserve chairman, will become a senior adviser to Citadel, the $25 billion hedge fund

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On the Move

Markit, Skrill, Advanced markets, LCH.Clearnet, Icap, Sigma…

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Around the World

Exchanges and regulators sign agreements, Thomson Reuters deploys in Nigeria and INR helps DGCX…

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Tech Corner

A round up of the latest technology news…

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And Finally…

Of all the outcomes the FX industry may face in the coming months as the world continues to digest the fallout from 15 January, I hope one of them will be the re-separation of retail and institutional

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Bloomberg Terminal Outage Result of Network Failure

Bloomberg terminals around the globe crashed with the outage affecting the close of trading in Hong Kong and the London open

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Citi Assigns New Roles to Lofthouse and Zanette

James Lofthouse and David Zanette have settled into new roles at Citi, following the departure of Alex Jackson, head of European investor sales, foreign exchange and local markets, at the beginning of the year

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Tradition Appoints Former ISDA CEO to TraditionSEF Board

Robert Pickel, the former chief executive of the International Swaps and Derivatives Association, has joined Tradition as non-executive director to the board of TraditionSEF

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Silverman Exits Hotspot FX Following BATS Acquisition

Howard Silverman, managing director, has decided to leave Hotspot FX just one month after BATS Global Markets completed its acquisition of the ECN from Knight Capital Group

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FX Volatility Helps Goldman Sachs’ Revenues Hit Four Year High

Goldman Sachs is the latest bank to highlight the impact of higher volatility levels in fuelling “significantly higher” revenue from currency and rates trading in Q1

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Citi’s FX Revenue Growth Not Enough to Stem Decline

Citi reports an 11% decline in Q1 from its fixed income trading revenues, which it says is primarily driven by lower spread product revenues, but was “partially offset by growth in rates and currencies”

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Citi Looks to Sell Off Retail FX Trading Arm

Citi is reportedly planning to exit the retail foreign exchange market by selling off its CitiFX Pro retail trading business, sources say

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Mispriced Risk in Australia

Before last month’s RBA rate cut to 2.25%, divergence in views between domestic and international market analysts had become apparent. Symptomatic of the divide were contrasting portrayals of the drop in Australian yields by the Sydney Morning Herald (7 January) as indicative of risk-haven demand for Australian dollar assets, versus opinions from international analysts (such as UBS, cited by Bloomberg earlier on 3 December), who saw the writing on the the wall last month’s RBA cut to 2.25%. From domestic analysts’ perspective, the RBA’s action was a surprise last month, which led them to downgrade their expectations after-the-fact. But once downgraded, the RBA trumped expectations in the opposite direction today.

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