Month: May 2014

Martin Brokers’ Libor Fine Cut

The Financial Conduct Authority (FCA) has fined UK-based inter-dealer brokerage firm Martin Brokers £630,000 for misconduct relating to the London Interbank Offered Rate (Libor) affair. Originally the UK regulator had intended to levy a £3.6 million fine on the broker, but the firm was able to show that it could not pay a penalty of […]

TriOptima to Verify CME SDR Data

TriOptima, has announced that it will offer data verification and portfolio reconciliation of data in CME’s Swap Data Repository (SDR). Data connectivity between CME SDR and TriOptima’s triResolve platform will enable clients of both firms to verify and reconcile cleared and non-cleared credit, rates, foreign exchange and commodities transactions submitted to CME SDR. This new […]

Icap Launches UK SEF

Icap’s UK subsidiary, Icap Global Derivatives (IGD), has officially launched having received temporary Swap Execution Facility (SEF) approval from the US Commodity Futures Trading Commission (CFTC). IGD is the first global SEF and Multilateral Trading Facility (MTF), regulated by both the CFTC and the UK Financial Conduct Authority (FCA). “The launch of IGD is an […]

CME Clearing Europe Approved for Segregation Client Protection Model

The Bank of England has approved CME Clearing Europe, a central counterparty (CCP), for the segregation client protection model with enhanced protection for all bankruptcy scenarios. This new client protection model fully segregates collateral with an external custodian at the client level. The enhanced protection it offers for all bankruptcy scenarios is expected to result […]

CFH Buys 50% of Boston Technologies

CFH Group has entered into an agreement to purchase 50% of the voting stock of Boston Technologies and Boston Prime in an all-cash transaction from Boston Technologies’ co-founder and partner, Kevin Millien. The deal is expected to close within days, pending final due diligence.  As part of the agreement, CFH Group has appointed Millien as […]

FXall Bucks Trend with Record ADV

FXall bucked the industry-wide trend of declining FX volumes in April, reporting its highest ever average daily volume. ADV on the disclosed relationship trading platform totalled $132.3 billion, slightly surpassing March’s $132.1 billion and 22% higher than the $108 billion recorded in April 2013. By comparison, EBS posted its lowest ADV on record, Thomson Reuters […]

Bagguley Promoted at Barclays

Mike Bagguley has been promoted to head of macro products within Barclays, a new business group which was created as part of a restructuring in the bank. London-based, he previously held the role of global head for FX and commodities. The new unit will cover the bank’s FX, rates, commodities and local markets offerings. It […]

EBS Appoints Allmark

Icap's electronic FX business EBS has appointed Paul Allmark to a newly created role as global head of e-commerce solutions. Allmark will also be joining the EBS executive management team, reporting to EBS CEO, Gil Mandelzis. London-based, he will be responsible for growing EBS’ liquidity distribution including its white label and aggregation services. “With 15 […]

Nasdaq OMX Launches Smarts for Global FX Surveillance

The Nasdaq OMX Group has launched Smarts FX Trade Surveillance for global foreign exchange trading. It provides compliance professionals with a deeper understanding of trading activity in the context of market activity and rate fixes, according to the exchange group. The FX module, which was co-developed with six major FX trading firms, helps surveillance and […]

Rabobank Shuts Down FXPB Activities

Rabobank has confirmed that it is discontinuing its FX prime brokerage (PB) business. A spokesperson from the bank tells Profit & Loss: “The bank considers these specific activities to only partially align with our strategy. We will support the clients affected, through the diligent winding up of the relevant services.” “Clients are now stuck between […]