Month: May 2014

And Another Thing…

And so the real crisis approaches. Industry financial markets have felt the squeeze for the past six years, initially in the form of a battle for financial survival, and latterly more from the growing pressure of regulation. I have discussed several times in this column the growing problem of margins being squeezed while compliance costs […]

ASIC Bans Former Sydney Trader Due to Fictitious Trading

The Australian Securities and Investments Commission (ASIC) has banned Jeremy Nambiar from providing financial services for eight years after an ASIC investigation found he created a series of fictitious trading entries and had created a false document to conceal a loss of more than $1 million in AUD/USD spot FX. Nambiar was employed at Westpac […]

RBS Withdraws From Rates Prime Brokerage and Rates OTC Clearing

The Royal Bank of Scotland has confirmed that it is winding down its Rates prime brokerage and Rates OTC clearing businesses. The bank cites the “increasing level of capital, operating costs and investment that would be required for the business to be globally competitive in a market with extremely thin margins” as the reason for […]

Commerzbank Suspends Two FX Traders for Inappropriate Conduct

Commerzbank has suspended two FX traders after it is understood to have uncovered and stopped what sources close to the bank term an alleged attempt at manipulating a client transaction. They add that in January the bank’s internal procedures identified the action while the second tranche of a client order was being transacted. The order […]

German Regulator BaFin Finds First ‘Evidence’ of FX Manipulation

Germany’s Federal Financial Supervisory Authority (BaFin) claims to have found evidence of attempted manipulation across several currencies and involving more than one institution. As part of a wider global probe, the national regulator is investigating allegations that traders from the German institutions under its remit have tried to manipulate FX benchmarks, including the Fix. BaFin […]

And Finally…

It would be easy to trivialise the comments of Colin Fan, co-CEO of Deutsche Bank, who has “lost patience” with “boastful, indiscrete and vulgar” behaviour and indeed some media outlets have. The thing is though, this seems to me to be just the latest effort on the part of the bank to cleanse itself – […]

Around the World

Oanda Opens in Australia Oanda officially opened its offices in Australia last week, the local office is headed by Louis Cooper and the launch is part of what the firm says is its overall growth strategy in Asia-Pacific, a market that represented 24% of the company’s global growth in 2013. “Oanda is bucking the overall […]

On the Move

McCarthy Leaves Nomura Sam McCarthy has resigned from Nomura in London where he worked in e-FX sales for nearly five years. Prior to Nomura, McCarthy was a collateral analyst at Deutsche Bank and before that worked in eFX sales at Lehman Brothers. His future plans are not yet known. GFMA Elects New Chair and CEO […]

Eris Swap Futures Streaming Through UBS Neo

Eris Exchange has announced that live streaming prices for its swap futures contracts are now available through the UBS Neo platform. This means that UBS can facilitate central limit order book trades in Eris SwapBook, as well as block trades, and a variety of packaged trades including swap spreads, asset swaps, curve trades, and baskets […]

ISDA and FIA Europe Issue Cleared Derivatives Execution Agreement

The International Swaps and Derivatives Association (ISDA) and FIA Europe have jointly published a European Cleared Derivatives Execution Agreement for principal-to-principal client clearing. The document can be used as a template for market participants when negotiating execution agreements under English law for swaps that are intended to be cleared by central counterparties located outside of […]