Month: April 2014

SAFE to Intensify Inspections of Banks’ FX Business

The Chinese State Administration of Foreign Exchange (SAFE) plans to introduce more gruelling inspections of financial institutions’ foreign exchange businesses during 2014. A more rigorous review process came out of inspection briefings with 21 Chinese banks and 11 foreign banks. The meeting noted that in 2013 the FX bureau “vigorously promoted trade and investment facilitation, […]

CFTC Grants GTX SEF Temporary Approval

The Commodity Futures Trading Commission (CFTC) has approved GTX SEF for temporary registration as a swap execution facility (SEF). The CFTC will now conduct a substantive review of GTX’s application to decide if it will be granted full registration. In the meantime, GTX will be expected to demonstrate continued compliance with all the applicable Commodity […]

…And Appoints Townsend as New Complaints Commissioner

Antony Townsend will be taking over as Complaints Commissioner for the Bank of England (BoE) and the Financial Conduct Authority (FCA), after current commissioner Sir Anthony Holland stands down at the end of April. The role is independent from the UK regulatory bodies. It requires the commissioner to oversee the final stage of investigations into […]

FCA Appoints Two Senior Advisers on Competition and Investment Banking…

The Financial Conduct Authority (FCA) has appointed David Saunders and Gunner Burkhart as senior advisers looking at competition and wholesale and markets issues. Saunders was formerly chief executive of the Competition Commission. He will work with both the competition department within the FCA and the forthcoming Payment Services Regulator to support them as they promote […]

Atlas ATS Aims to Become First Regulated US Bitcoin Exchange

Atlas ATS has signed an MOU with the National Stock Exchange (NSX) aimed at making it the first fully-regulated US-based digital currency exchange. Under the terms of the agreement the NSX will help develop and enforce rules to regulate Atlas ATS. These rules will be based upon those already used by US stock and options […]

Canadian Regulators to Assess the Impact of HFT

The Investment Industry Regulatory Organisation of Canada (IIROC) has decided to launch an investigation into the impact of high frequency trading (HFT) on the Canadian equity markets as part of the final phase of its study on HFT. There will be two different project teams, each with a different focus. One team will examine the […]

CME Chairman Denies HFT Allegations

CME Group chairman and president, Terry Duffy, has come out in defense of the exchange following accusations that it offers unfair advantages to high frequency traders (HFTs). Three traders recently filed a lawsuit against the CME (Squawkbox, 20 April), alleging that the exchange operator had committed fraud by allowing HFTs to see price data and […]

LBBW Asset Management Launches New FX Fund

German-based Landesbank Baden-Württemberg (LBBW) Asset Management has launched LBBW Devisen 1, an FX fund for institutional investors that applies a carry trade investment strategy, selling low interest currencies on a short position and buying high interest currencies on a long position. The new fund is based on the LBBW FX Carry ER Index, developed by […]

CME Europe Gets BoE Green Light to Launch with FX

CME Group officially launched its European exchange yesterday (27 April) just days after having received the full sign-off from the Bank of England to offer FX futures. Trading will be available on CME Europe’s first 30 currency pair futures from the start of Globex at 11pm on Sunday, ready for the London open on Monday. […]

Coen Named as New Secretary General of the Basel Committee

The Basel Committee on Banking Supervision has confirmed William Coen will be taking over as its next secretary general for an initial term of three years, starting in mid-June. He will also be serving as the chairman of the committee's policy development group. Coen has close to 30 years of banking and regulatory experience and […]