Month: May 2014

The 2014 Profit & Loss Digital FX Awards

If 2012 was a year in which banks expended money and resources on preparing for an uncertain regulatory outlook, 2013 was a year in which they found out exactly what they had to do. If there is one theme from the process for this year’s awards it can be summarised thus, “we did a lot of work […]

GTS’s Ari Rubenstein: A New Breed of Cat

Ari Rubenstein, co-founder and CEO of Global Trading Systems, talks about the market maker’s move into the FX space, why he’s excited about regulation, and how he’s positioning GTS to be a different breed of high-speed trading firm. Julie Ros: You have both trading and technology business lines– can you tell me about these? Ari […]

MAT Rules Causing Further Fragmentation: Report

The Made Available to Trade (MAT) rules being introduced by the Commodity Futures Trading Commission (CFTC) are causing further fragmentation of liquidity in the swaps market, according to a new report. The research, published by the International Swaps and Derivatives Association (ISDA), shows that since the MAT rules were introduced on 15 February “USD MAT swap volume increased […]

Nasdaq to Grow FX Footprint

Nasdaq OMX has confirmed reports that it is considering plans to expand its trading and clearing offering in the foreign exchange arena. In an interview with Profit & Loss, Nasdaq OMX says that it is “looking at ways to grow its FX footprint” beyond FX options, which is already traded on Nasdaq OMX PHLX, one of […]

DTCC to Continue Lawsuit Against CME Rule

Parts of a lawsuit filed by the Depository Trust & Clearing Corp (DTCC) against the Commodity Futures Trading Commission (CFTC) over how swaps data is collected will be allowed to proceed, a US Federal judge has ruled. Early last year the CFTC allowed the CME and the IntercontinentalExchange (ICE) to implement rules stating that all swaps […]

UBS First in Line for EU Immunity?

UBS is understood to be in line to receive immunity from any fines imposed by the European Commission as a result of its investigation into alleged manipulation of the FX markets. It was the first of the banks implicated in the probe to approach regulators to offer its cooperation, according to sources cited by Bloomberg. UBS […]

New FX Head for Nomura

Nigel Khakoo has taken over interim responsibility for Nomura’s global FX options and G10 FX trading businesses following the departure of the bank’s global head of foreign exchange, Jai Rajpal. The move is in addition to Khakoo’s existing remit as global head of G10 options and head of EMEA FX trading. Khakoo joined the bank in […]

Bank of England Hires for Markets Role

The Bank of England has hired the International Monetary Fund’s Nemat “Minouche” Shafik as deputy governor for markets and banking, a newly created position, as part of a major shake-up of its governing structure. The changes, made by BoE governor Mark Carney and the UK Government, are part of an overhaul to unify the Bank’s monetary […]

Editors Note: May 2014

A quirk of the calendar means for the second year running  I open the May issue and not April with our Digital FX Awards. First up I would like to congratulate UBS and Barclays for taking our top two awards; however, as they are probably the first to acknowledge, the competition is intense. It is […]