Month: June 2013

CFTC Charges US Bank Over Peregrine Funds

The Commodity Futures Trading Commission has filed a complaint in in the US District Court for the Northern District of Iowa against U.S. Bank National Association for unlawfully using and holding Peregrine Financial Group’s customer segregated funds.  The Commodity Exchange Act (CEA) and CFTC regulations prohibit depository institutions, like U.S. Bank, from using or holding […]

Bloomberg Loses CFTC Challenge

A US Federal judge has dismissed a case brought by Bloomberg claiming that a Commodity Futures Trading Commission margin rule would hurt its business. Bloomberg brought the complaint in response to rules from the CFTC that it believed to be unfairly biased in favour of exchanges, namely that sufficient margin has to be held by […]

Thomson Reuters Begins Transition from RTFX

Thomson Reuters has begun to transition clients from its Reuters Trading for Foreign Exchange (RTFX) platform to FXall. RTFX was launched in mid-2005 to offer clients in lower bandwidth regions to access liquidity from multiple banks and has proved especially successful in several emerging markets, particularly Asia. A transition to FXall is seen as a […]

And Another Thing…

Sometimes, I will confess, I become a little worried over the future of the foreign exchange industry, but thankfully there is always someone in PR that is ready to shove a release under my nose to make me realise that I am wrong (yes, I am being sarcastic). Last week it was observed by a […]

Final SEF Rules Published

This week saw the CFTC’s final SEF rules published in the Federal Register, triggering an effective date at which the regulation goes live of August 5, 2013. Compliance date for the rules has been set at October 2, 2013. The publication has heightened activity in the FX industry which was thrown something of a curve […]

CME Volumes Rebound, EBS Flat in May

CME Group has reported a rebound in FX volumes from April, while EBS has seen a small decline in activity. CME says that FX futures and options contracts volume during May averaged 1,031,000 per day, almost 15% up on April 2013 and nine percent up on May 2012. According to Profit & Loss estimates this […]

And Finally…

Last week I suggested that the CFTC was taking an aggressive approach to regulation, especially the extra-territoriality aspect. On Thursday I had a chance to listen to people on the ground here in the US discuss their views on the subject at Forex Network New York and the “takeaway” was quite interesting. More than one […]

Tech Corner

Managed services and business security provider, Fusion Media Networks, has selected data centre provider Volta Data Centres’ Great Sutton Street site ahead of the firms’ expansion of its network services. The centre has 33kV diverse power supply as well as support from a number of other carriers, making it one of the most resilient in […]

On the Move

Little Joins HSBC? Peter Little has left his role as chief dealer of spot foreign exchange trading at Barclays Capital to join HSBC in a similar role, according to market sources. Little joined Barclays in New York in 2010 from Credit Suisse where he was a director on the FX spot desk, also in New […]

Fair Trading Appoints to Advisory Board

Jas Singh, Albert Maasland, Jon Vollemaere and Anne Pounds have been appointed to the advisory board of Fair Trading Technology, an integration technology solution provider to the retail FX broking community. Singh was formerly head of Marketplaces at Thomson Reuters, prior to which he founded and ran AVT Technologies, which was a pioneer in trading […]