Month: December 2013

SocGen Joins ParFX Founder List, BAML Live

ParFX has unveiled Société Générale as its latest, and 12th, founder bank. By joining the founders SocGen will play a fundamental role in the platform’s governance, development and evolution, the firm says. “[SocGen’s] presence adds yet another dimension to the range of trading strategies being deployed on ParFX, further enhancing the trading experience and depth […]

Deutsche “Significantly” Scales Back Commodities Business

Deutsche Bank says it is significantly scaling back its commodities business. The bank says the business will now focus on its core competencies of financial derivatives and precious metals. This decision will result in Deutsche Bank closing the dedicated trading desks for energy, agriculture, base metals and dry bulk although the bank says it will […]

RMB Second Most Widely Used Currency in Trade Finance

New data from Swift indicates that the renminbi is now currently more commonly used in traditional trade finance than either the euro or the Japanese yen. The usage of renminbi in traditional trade finance – letters of credit and collections –  grew from an activity share of 1.89% in January 2012 to 8.66% in October […]

…As Associations Sue CFTC Over Cross Border Rules

CFTC commissioner Scott O’Malia’s comments came as three industry associations announced legal action against the Commodity Futures Trading Commission over its application of the cross border rules. The Securities Industry and Financial Markets Association (SIFMA), the International Swaps and Derivatives Association (ISDA), and the Institute of International Bankers (IIB) have filed a legal challenge to […]

O’Malia Slams CFTC Rules…

Scott O’Malia has criticised the Commodities and Futures Trading Commission for its rulemaking process and its cross-border application of the new Dodd-Frank Act. This year the Commission has issued 67 final rules, orders and guidance documents. Speaking at the FIA Derivatives Conference in Singapore, O’Malia pointed out that as a consequence of these rules the […]

Bitcoin Debate Continues as China Bans the New Currency

The debate over the value and use of virtual currency, Bitcoin, continued after China’s central bank banned financial institutions from trading it on Thursday (December 5). In a statement released on its website the bank denies that Bitcoin has the same legal status as money that is issued from central authorities and that it is […]

FinEx Chooses Curex FX Benchmarks for ETF Best Execution

Curex has announced an agreement with FinEx Group to embed patented Curex FX systems and FX execution audit technologies into FinEx currency-hedged share class ETFs. Curex provides real-time streaming, executable FX fixing data designed to be integrated into financial market indices as an alternative to legacy FX benchmarks. Data is generated from the Curex FX […]

EC Fines Banks EUR 1.71 Billion Over Benchmark Settings

The European Commission has fined eight financial institutions a total of EUR 1.712 billion for participating in illegal cartels in markets for financial derivatives covering the European Economic Area (EEA). The institutions are Barclays, Citi, Deutsche Bank, JP Morgan, The Royal Bank of Scotland, Société Générale, UBS and inter-dealer broker RP Martins, however Barclays has […]

BIS Confirms Turnover Data, Releases Execution Data

The Bank for International Settlements has released the final tables for its 2013 Triennial Survey of Foreign Exchange Turnover, confirming turnover was $5.3 trillion per day. The final tables also show the breakdown of execution methods from the survey and confirm a strong rise in e-ratios in FX since the 2010 survey. In the latter […]

And Another Thing…

I have regularly argued the differences between FX and equity markets in these pages and occasionally (ahem) I may have been less than flattering about our brethren in the stock markets. If I were to be a little combative in opening any argument with an equity market proponent – or any fan of the exchange […]

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