Month: February 2014

And Another Thing…

It’s been a while since I put my neck, metaphorically speaking, on the line with a prediction for our industry. It’s time to change that. A big story in recent years has been the erosion of volumes at EBS, with both internalisation and lower volatility taking their toll. Another factor was the host of new […]

Integral’s Case Against EBS’s CTO Overturned

A US District Court has denied the charges brought by Integral Development Corporation against its former chief technology officer (CTO) and co-founder, Viral Tolat. The FX technology vendor started legal proceedings alleging misappropriation of trade secrets after its initial application for a temporary restraining order to prevent Tolat joining EBS as CTO was rejected. According […]

FCA Fines FXCM £4 Million for Withholding Client Profits

The Financial Conduct Authority (FCA) has fined Forex Capital Markets and FXCM Securities (FXCM) £4 million for allowing its US-based FXCM group to withhold client profits. FXCM UK also failed to tell the UK regulator that US authorities were investigating another part of the FXCM group for the same misconduct, the FCA says. Approximately £6 […]

CME Europe Keeps Pushing for FX Futures Launch

CME Group’s proposed European exchange launch will still be “specifically focused” on FX futures products, according to senior managing director Derek Sammann. His comments follow reports this week that CME Europe may be preparing to launch with energy instruments, due to the repeated regulatory delays caused by the planned launch with exchange-traded FX instruments. “The […]

And Finally…

It may be a subtle shift but I find it interesting that the new Chicago Fed Letter attempts to advance the debate over high speed trading – a development that more reflects the reality of the modern market. There remains much emotion and continued misunderstanding over the subject of high frequency trading, mainly because – […]

Around the World

CFTC Hits FX Fraudsters The Commodity Futures Trading Commission (CFTC) has revoked the Commodity Pool Operator and Commodity Trading Advisor registrations of Veruus Wealth Management (Veruus). The CFTC warned Veruus on August 21, 2013, that it planned to revoke the company’s registrations on the basis that it has engaged in civil theft and conversion of […]

On the Move

Monza to join EBS in Singapore Andre Monza will be joining EBS as head of solution sales and business development, Asia Pacific next month. Singapore based, Monza was previously the managing director, Asia Pacific at Integral Development Corporation for three years. He has also held the post of CEO, South East Asia with technology firm […]

Advanced Markets Adds Metals

Advanced Markets has launched trading in spot platinum and palladium. The new metals products will be priced and traded through Advanced Markets’ Direct Market Access (DMA) market structure, allowing market end users to trade on multi-bank liquidity provided by market makers in a low latency, pure agency model. The company already supports DMA trading of […]

CLS Volumes Start Year with an Upturn

CLS has reported an increase in the average daily volume (ADV) submitted to its settlement and aggregation services for January, with instructions submitted increasing 22.4% from 988,674 in December to reach 1,210,588. The average daily value submitted to CLS was US$5.29 trillion, up 8.6% from US$4.87 trillion in December. But ADV remains down when compared […]

Javelin SEF Connects to Nine Clearing Firms

Javelin Capital Markets has connected to nine individual clearing firms for the post-trade clearing of interest rate swaps on the Javelin Swap Execution Facility (SEF). This means the SEF can now send customer trades for clearing acceptance at LCH or CME to the following clearing firms: Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, JP […]