Month: February 2014

Chicago Fed Explores Thorny Issue of High Speed Trading

The Federal Reserve Bank of Chicago has published analysis highlighting a number of the issues facing both regulators and market participants as a result of what it terms “high-speed trading” (HST). HST includes high frequency trading, automated and algorithmic trading. In the latest Chicago Fed Letter, senior policy advisor, Carol Clark, notes the danger that […]

And Another Thing…

To huge cheers everywhere, today’s missive is NOT about fixings. Instead I thought I would look at virtual currencies. I have to confess to historically not paying much attention to virtual currencies because quite simply every time I read or heard about them it was in relation to some nefarious activity or other. Of course […]

Third FX Trader Suspended at RBS

The Royal Bank of Scotland has suspended a third senior foreign exchange trader in London as part of its internal inquiry into the alleged rigging of the currency market. Ian Drysdale was put on leave earlier this week and has now been suspended, according to several local media reports citing sources close to the situation. […]

UK Agency Brings Libor Charges Against Three Ex-Barclays Staff

The UK’s Serious Fraud Office (SFO) has started criminal proceedings against three former Barclays employees in connection with the alleged manipulation of Libor, further escalating the scale of the global investigation. According to the independent government department responsible for investigating and prosecuting complex fraud, bribery and corruption, the charges allege that “they conspired to defraud […]

ESMA Asks Commission for Greater Clarification on Derivative Definition

The European Securities and Markets Authority (ESMA) has sent a letter to the European Commission asking for greater clarification on the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR). It has also suspended some newly introduced rules on reporting foreign exchange and commodities trades that are not clearly defined […]

Liquidity Drains from the IRS Market as MAT Rules Kick In

On the first day of mandatory Swap Execution Facility (SEF) trading, there has been a distinct liquidity drain in the interest rate swaps (IRS) market. The Made Available to Trade (MAT) rules have now come into force and certain IRS contracts are now required to be traded on SEFs. However, the data being reported indicates […]

And Finally…

I am sure there will come a time when I don’t have to discuss issues pertaining to the Fix, FX option barriers, stop losses, etc and the alleged abuse of…but it is unlikely to be anytime soon it seems. This is because, I am afraid, a less than healthy stream of “news” continues around the […]

Around the World

Brevan Shuts EM Fund Geneva-based hedge fund Brevan Howard is reported to have closed its $2.3 billion emerging markets macro fund which traded FX, bonds and interest rate products. The fund has been closed due to poor returns – in 2013 reportedly lost 15%. As part of the closure, the fund’s head, Geraldine Sundstrom, has […]

Tech Corner

CloudMargin has added Unavista to its solution to offer EMIR compliant swap data repository reporting of OTC derivatives to their clients. CloudMargin offers services designed to collate, normalise, enhance and enrich data from a variety of sources in a huge variety of formats and submit the formatted data to Unavista. "Clients increasingly reject the notion […]

On the Move

Fokianos Joins Credit Agricole Stamos Fokianos has joined Credit Agricole Corporate and Investment Bank as its global head of e-business based in London, Profit & Loss understands. He moved on from his role as global head of FIC e-commerce with RBC Capital Markets in November after four years’ service. Fokianos originally joined RBC as global […]