Month: June 2014

CFTC Chairman Defends Cross-Border Rules

Mark Wetjen, acting chairman of the Commodity Futures Trading Commission (CFTC), has defended the Commission’s stance on the registration requirements for Europe swaps trading venues. Under Dodd-Frank, a US person cannot trade on a European swaps trading venue unless the venue registered with the CFTC as a qualified multilateral trading facility (QMTF) before 15 May. […]

Parker FX Index Down in April

The Parker FX Index returned to negative territory in April as currency managers grappled with low volatility and a lack of persistent trends during a month that was marred by falling trading volumes. Global currency managers tracked by the index posted an aggregate return of -0.70%, the worst performance since the start of the year. […]

Credit Suisse Macro Revenue Downturn Reflects ‘Wider Trend’

Credit Suisse’s trading revenues are down by a “mid-teens” percentage so far this Q2, which it claims is a reflection of the general downturn in macro business this year. The bank’s chief financial officer, David Mathers, said in an investor presentation that the bank is pleased it decided last year to scale down is macro […]

Raiffeisen Polbank Selects TradAir

Raiffeisen Polbank, a corporate and investment bank in central and eastern Europe, has gone live with TradAir Rate Engine and Tradair Distribution for its foreign exchange global trading desk. The TradAir Rate Engine supports price creation across trading venues using algorithms, alongside data analysis and liquidity management for optimisation. TradAir Distribution is a market making […]

Deutsche Bank Adds Russian Ruble to Internal Investigation

Deutsche Bank is understood to be investigating Russian ruble trades as part of its internal probe into alleged Fix manipulation, sources close to the bank suggest. The move follows its discovery of potential irregularities in establishing the Argentine peso rate, which is thought to have led to the dismissal of Ezquiel Starobinsky, a vice president […]

Lagarde and Carney Warn Industry to Put Integrity First

Bank of England governor Mark Carney has issued a stark warning to the financial markets that recent “demonstrations of corruption” have damaged the social fabric and created an unstable dynamic of “declining trust” in the financial system. Speaking to the Inclusive Capitalism Conference held in London, Carney added that the spate of benchmarking scandals, including […]

Jury and Thakur to Head FX and EM at JPM

JP Morgan has named Claudia Jury and Pranav Thakur as co-global heads of foreign exchange and emerging markets, according to sources familiar with the matter. The sources say that a memo from Troy Rohrbaugh and James Kenny, co-global heads of rates, FX, commodities and emerging markets, announced the appointments. Jury was formerly global head of […]

Banks Seek Dismissal of Fix Lawsuit

A US court was last week asked to dismiss antitrust lawsuits filed by several customers against 12 banks over alleged activity around the WM/Reuters 4pm Fix. The 12 banks – Bank of America, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS – filed […]

Profit & Loss Readers’ Choice Awards Unveiled

More than 400 people attended Forex Network New York for a day of lively debate, followed by the presentation of the Profit & Loss Readers’ Choice Awards – the FoXys. The big winners on the night were Citi, Thomson Reuters, Barclays and GFI, with UBS and DealHub winning three and two awards respectively. Citi carried […]

Hall of Fame “Class of 2014” Unveiled

The Class of 2014 was inducted into the Profit & Loss Hall of Fame last week at a dinner following the Forex Network New York conference. This year’s inductees were Ian Battye from Russell Investments, Tim Cartledge from Barclays, David Cooney from MahiFX, Ed Pla from UBS and Gavin Wells from ForexClear, with Soren Haagensen […]