Month: December 2013

Currency Managers Down in November

The tough year for currency managers continued into November with the Parker FX Index reporting a 0.26% loss for the month. With 36 of the 39 programs in the Index reporting results, 15 reported positive results and 21 incurred losses. On a risk-adjusted basis, the Index was down -0.12% in November. The median return for […]

CFTC Grants Substitute Compliance

The Commodity Futures Trading Commission has issued a raft of announcements that approve a series of broad comparability determinations that would permit substituted compliance with non-US regulatory regimes as compared to certain swaps provisions of Title VII of the Dodd-Frank Act and the Commission’s regulations. CFTC has given the nod to the regulatory regimes of […]

Securities Lawyer Bowen Tapped for CFTC Role

US President Barack Obama plans to nominate Sharon Bowen to replace Bart Chilton as a member of the Commodities and Futures Trading Commission (CFTC), according to a statement issued by the administration. Bowen, a securities lawyer at Latham & Watkins and a Democrat, must be confirmed by the Senate before joining the regulator. CFTC Chairman […]

Data Problems Lead to CFTC Misrepresenting Swaps Market Size

The CFTC says that errors at two of the US data repositories mean that it has misreported the overall size of the swaps market. The data repositories (DDRs) involved are the Depository Trust and Clearing Corporation (DTCC) and the CME Swap Data Repository (SDR), who earlier this year were involved in a legal wrangle over […]

A Cautiously Optimistic Outlook for 2014 as CBs Enter Unchartered Territory

“Why do we suddenly all start making predictions for next year?” questions former FX Concepts chief strategist, Bob Savage. “In a market like foreign exchange we spend an inordinate amount of time worrying about what’s going to happen tomorrow or next week as opposed to what happens over the next year, but in December things […]

Investigators Find Evidence of FX Collusion – Report

Authorities investigating the alleged manipulation of FX markets around the 4PM Fix have found evidence of collusion according to a report in the Wall Street Journal. Citing people familiar with the investigation, the Journal claims that chat room messages have been discovered indicating that traders shared information about client orders and arranged a sequence at […]

FINRA Hits Barclays for “Systemic Failures”

Barclays is in trouble with the US regulatory authorities again as FINRA – the Financial Institutions Regulatory Authority – has announced it has fined the bank $3.75 million for “systemic failures to preserve electronic records and certain emails and instant messages in the manner required for a period of at least 10 years. Whilst Barclays […]

And Another Thing…

The end of this week represents the end of an era in the FX market with the departure from the industry of a man who has tested the best of us. Julius Hunter – friend to traders, colleague of brokers and relative of royalty – is leaving Thomson Reuters in Sydney and calling time on […]

Tech Corner

Trading solutions provider RTS Realtime Systems has introduced direct connectivity for its clients to Eris Exchange’s SwapBook electronic trading platform and plans to the Eris Flex Swap Futures contracts in the near future. Intercontinental Exchange Group (ICE) will work with data provider SuperDerivatives to enhance its current settlement procedures, in a bid to create more […]

On the Move

Deutsche Bank FX Division Reshuffles Deutsche Bank’s fixed-income and currencies (FIC) division has undergone a number of internal moves recently, including the promotion of London-based Adam Vos to the role of co-chief operating officer (COO) for the group. Mark Lewis, head of European FX forwards, stepped into the role of global head of FX forwards […]