Month: July 2014

Boston Technologies Merges With Forexware

Forexware and Boston Technologies have announced the merger of their two business operations.  The new company will operate under the brand of "Boston Technologies Powered by Forexware", with an expanded suite of products and technology solutions. Focused exclusively on institutional FX business, the new company will aim to leverage the technology infrastructure, operations and talent […]

Bitcoin Gets Regulated in New York State

Financial regulators in New York have published a draft set of rules for regulating virtual currencies. Benjamin Lawsky, superintendent of the New York State Department of Financial Services, who has been heading up the department’s investigations into cryptocurrencies, announced the new proposals on 17 July. Under the proposed rules any business offering virtual currency services […]

FXSpotStream Continues to Break Volume Records

FXSpotStream has announced record trading activity for the month of June, however it did not disclose actual volume numbers. The multi-bank aggregation service reported that ADV and overall volume in June exceeded prior records set in May by 15.46% and 10.21% respectively. Year-on-year client growth in June increased by 90%. Profit & Loss previously reported […]

BRICS Launch New Bank and Monetary Fund

The creation of the BRICS Contingent Reserve Arrangement (CRA) and the New Development Bank (NDB) were officially announced at the BRICS summit in Brazil last week. Profit & Loss has previously reported that the CRA will have a total of $100 billion in capital and the NDB will have a starting capital of $50 billion […]

O’Malia: Are We Doing More Harm than Good?

As the fourth anniversary of the signing of the Dodd-Frank Act approaches, Commodity Futures Trading Commissioner (CFTC), Scott O’Malia, has expressed concerns that regulators are doing more harm than good. Speaking before the European Financial Markets Lawyers Group, Financial Law Board, Financial Markets Law Committee, and Financial Markets Lawyers Group at the Federal Reserve Bank […]

Study Finds Global Asset Managers’ Operations Under Pressure

Asset managers and asset servicers are struggling to manage new levels of pressure on their middle- and back-office operations, according to a survey by analyst firm Aite Group and financial technology company SunGard. As business diversification into new products, instruments and territories and increasing regulation continue to transform the industry, firms are challenged to achieve […]

ITG Launches FX Trading Cost Index Application

ITG has launched the ITG FX Trading Cost Index Application, a new tool designed for foreign exchange traders and portfolio managers. Updated daily, the ITG FX Trading Cost Index estimates the average cost of liquidity for 20 common currency pairs, taking into consideration the intended time of trade and notional trade value. The index also […]

Three Depart Commerzbank, Including Global Head of EM FX

Abnash Grewal, global head of emerging markets FX and Rates trading with Commerzbank, has left Profit & Loss understands. His departure from the bank coincides with that of Julia Westcott-Hutton, director foreign exchange sales, and Jenus Fiouzi, director FX and Rates institutional sales, according to sources.  The moves also come after Richard Bailey, global head […]

FXCM Fined by NFA

The National Futures Association (NFA) has ordered Forex Capital Markets (FXCM) to pay a $200,000 fine for conducting business with an unregistered entity that was required to be registered with the CFTC as a commodity pool operator (CPO) and an NFA member, and for failing to submit trade data to NFA through NFA's Forex Transaction […]

MAS to Phase in Obligatory Reporting of FX Derivatives Contracts

The Monetary Authority of Singapore (MAS) has published draft amendment regulations to phase in reporting for foreign exchange derivatives contracts booked in Singapore by banks on 1 April 2015. The draft amendment regulations are expected to come into effect by 30 September 2014. This will provide banks with a transition period of six months. The […]