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Saxo Clients Increase Calls for Refunds After EURCHF Losses

02 March 2015
Law firm Andersen Partners, which represents a group of around 20 Saxo Bank customers, is preparing a letter to the bank calling for its clients to be reimbursed for losses made as a result of the bank’s re-pricing of EURCHF trades

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Bank of England Tightens Procedures After FX Investigation

02 March 2015
The Bank of England has announced tougher rules for its employees after staff failed to spot market malpractice by currency traders at some of the major banks

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RBS Internal FX Probe Claims Three Jobs, Deputy Head of Markets Suspended

02 March 2015
Three RBS FX traders who were suspended as part of the bank’s internal investigations into alleged FX malpractice have since been dismissed, according to RBS CEO Ross McEwan

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…While Banks Warn Against Over-Regulation While Defending Last Look

02 March 2015
The sell-side appears to be united in general agreement that the industry would benefit more from standardised codes of conduct rather than increased regulatory intervention, according to the various responses submitted to the UK’s Fair and Effective Markets Review

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Buy Side Split on Internalisation and Last Look…

02 March 2015
Buy-side participants have expressed differing opinions as to the risks associated with internalisation and “last look” practices in foreign exchange in their responses to the Fair and Effective Markets Review

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Fastmatch Offers Free Trading for Non-Last Look Liquidity Providers

02 March 2015
FastMatch has announced today that it will be offering free brokerage to liquidity providers that offer firm quotes rather than using last look.

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FCA to Hold Individuals Accountable in FX Markets

26 February 2015
The chief executive of the Financial Conduct Authority (FCA) says that the regulator plans to focus on increasing individual accountability for FX trading at institutional firms.

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HSBC Sets Aside $550 Million to Cover Additional FX Fines…

26 February 2015
HSBC put aside $550 million at the end of last year in preparation for future foreign exchange fines, just after paying out $611 million to UK and US regulators a month earlier, according to the bank’s 2014 annual report

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Celsing and Bauer Promoted in SEB FX Reshuffle

26 February 2015
SEB has promoted Robert Celsing, formerly global head of FX and commodities, to global head of markets with the group, Profit & Loss has learnt

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Lord Grabiner Defends BoE Evidence in FX Enquiry

26 February 2015
The UK’s Treasury Committee has released further evidence provided by Lord Grabiner following his defence last month of the former Bank of England chief dealer Martin Mallett, provided as part of the enquiry into whether the central bank had ignored early warnings of FX market malpractice

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