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FXCM Sells Hong Kong Business to Rakuten Securities

FXCM has sold its Hong Kong platform FXCM Asia to Rakuten Securities for approximately $36 million, the Japanese broker which also secured FXCM Japan in April for $62 million.

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FX Instructions and Notional Value Fall in April on CLS

FX settlement provider CLS has reported a decrease in month-on-month average daily instruction volumes, yet year-on-year average daily instructions have risen

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Libor Trial: Bank of England Official Received Alleged Libor-Fix Emails

A senior Bank of England official was among more than 20 recipients of emails that were part of an alleged campaign to rig lending rates between banks, evidence presented in the trial of trader Tom Hayes in London has revealed.

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Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms

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Profit & Loss to Host Toronto Conference Next Week

Join Profit & Loss for its 6th annual foreign exchange conference and trade show in Toronto next week for a front-row seat to lively discussions and a ‘fireside chat’ about the FX topics that matter most to you

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FEMR Expected to Propose Equity Market Standards for FICC – Report

The UK’s Fair and Effective Markets Review (FEMR) will reportedly formally propose an industry ban on front-running of client orders in FX in addition to extending the Bank of England’s senior managers regime to hold a broader range of bank and the buy side managers accountable

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Moscow Exchange Joins FXPA

Moscow Exchange (MOEX) has joined the Foreign Exchange Professionals Association (FXPA) as a full member, bringing the FX trade association’s current institutional member total to 22

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FX Start-Up Kantox Raises $11 Million From Existing Investors

Foreign exchange technology start-up Kantox, which provides a business-to-business matching platform, has raised $11 million via a financing round among existing investors: Partech Ventures, IDinvest Partners, Cabiedes & Partners and a number of business angels

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And Another Thing…

Chatting to a friend the other day he asked the question (regarding the Fix/chatroom issue) “do you think this will just fizzle out?”

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FXCM and Saxo Bank to Acquire CitiFX Pro Accounts

Citi is selling its margin foreign exchange business, including the CitiFX Pro and TradeStream platforms, to FXCM and Saxo Bank, the companies have confirmed

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LCH.Clearnet Extends Buy-Side NDF Clearing to Europe

LCH.Clearnet’s ForexClear has expanded its US client clearing service to include European model account structures for the first time, ahead of the mandated start of NDF clearing and the expected capital impact of Basel III

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FCA Sets Parameters of CIB Market Study

The Financial Conduct Authority (FCA) has outlined the extent of its market study into competition in corporate and investment banking

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Banks in Political Crosshairs After FX Fines

US politicians could look to use the FX fines issued to the banks last week for their own political purposes, with Senator Elizabeth Warren already being outspoken on this topic

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P&L Forex Network NY Takes Place This Week

Profit & Loss Forex Network New York – taking place this Thursday 28 May – promises a day of lively and insightful discussions covering the critical issues facing the foreign exchange industry

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Buthorn to Head PB Services at Icap?

Joseph Buthorn is reportedly set to join Icap, with market sources suggesting that the firm could be looking to build a prime brokerage service for FX and fixed income

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ICE Set for a Further Delay in Singapore Launch

Intercontinental Exchange (ICE) has delayed the start date of its Singapore futures market for a second time

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EBS-BrokerTec Joins FXPA

The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has added EBS-BrokerTec to its Founders’ Council, bringing the total number of institutional members now part of FXPA to 21

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Profit & Loss Talk Series

Profit & Loss continues to sit down with the movers and shakers in the industry for its Talk Series

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Saxo Bank Pursues 12 Singapore Clients Following CHF Chaos

Danish broker Saxo Bank has taken legal action against 12 clients in Singapore for losses sustained following the Swiss National Bank’s sudden decision to remove its long-held EURCHF floor on 15 January

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ECB Stops Embargoed Press Releases Following Coeuré Leak

The European Central Bank (ECB) says it will stop sending out embargoed press releases of key speeches, following widespread criticism of its delay in making public an executive board member’s speech which gave those in attendance a trading advantage over the rest of the market

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Icap’s New EBS and BrokerTec Brand

Icap’s electronic FX and fixed income business, EBS BrokerTec, says that it has made significant progress in combining its business operations as it launches a new brand and website

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Thomson Reuters April FX Volumes Rise Y-o-Y

Combined FX trading volumes on Thomson Reuters’ Matching and FXall platforms rose 5% year-on-year in April despite tailing off from the previous month’s average daily volume

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EC Asks Market for Feedback on EMIR Implementation

The European Commission has launched a public consultation to determine the market’s early experiences of how the European Market Infrastructure Regulation (EMIR) is being implemented

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LMAX Reports First Full Year in Profit Despite Market Conditions

LMAX Exchange has reported an increase in annual net profits for 2014 of £500,000 year-on-year, resulting in first full year of profitability

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Dealers Under Strain as Corporate Use of Derivatives Increases

Corporates’ use of derivatives has increased by half since before the global financial crisis, with the annual interest rate derivatives trading volume of a typical big corporate user growing to $3 billion in 2014 from $2 billion in 2006, according to research by Greenwich Associates

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FastMatch Looks to Reduce Latency with Binary API Offer

FastMatch plans to offer its clients a binary API in addition to the current FIX API in a bid to increase the speed of its platform

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Former FX Head to Leave Deutsche Bank

Alan Cloete, co-CEO of Asia-Pacific with Deutsche Bank, will be leaving in the near future following a major reshuffle of its management board

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On the Move

CLS, LCG, FXSpotStream…

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And Finally...

The FX Fines: What Next for the Banks?

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Major Banks Hit With Over $5.8 Billion in FX Probe Fines

Six major banks have been required to pay over $5.8 billion in fines with five pleading guilty to FX market abuse

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Icap Unveils CNH Hub

Inter-dealer broker Icap has launched CNH Hub, which pools offshore Chinese renminbi (CNH) data from across the Icap Group to offer a consolidated view of the market

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Sterling's Election Surge Expected to be Short-Lived

Despite a Sterling jump on Thursday evening after a BBC exit poll indicated a surprise outcome in the UK general elections, market analysts believe that the rally will be short-lived as the currency markets settle down to business as usual

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Q1 FX Activity Hard to Replicate, Says Virtu CEO

Virtu Financial’s CEO, Douglas Cifu, has warned the FX trading activity that lead to a 103% year-on-year increase in revenue in the first quarter of this year is unlikely to be replicated in Q2

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FX Activity Q1 Upturn for UBS on Back of SNB Action

UBS has reported a marked increase in FX trading revenues for Q1 2015 and is one of the few banks to attribute the increase to the Swiss National Bank’s removal of the CHF ceiling in January

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Eight Liquidity Providers to Support FX Outrights and Swaps on EBS Direct

Eight major liquidity providers have agreed to support the beta launch of FX outrights and swaps on EBS Direct. Icap’s electronic FX business plans to add the products in Q4 2015, subject to regulatory approvals

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Mixed News on EBS Volumes

April’s FX volume on Icap’s EBS trading platform has decreased 15% month-on-month, while increasing 41% year-on-year

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Nixon Joins Virtu Financial’s Board of Directors

Virtu Financial, a global liquidity provider and market maker, has appointed John Nixon to its board of directors

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Platforms See Drop in April FX Volumes

Hotspot, recently acquired by BATS Global Markets, has seen a month-on-month drop in average daily notional FX volume of 10.3% for April, while Fastmatch saw its volume drift 1.8% lower

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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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