Month: August 2014

And Another Thing…

First of all, thank you to those who chose to nominate me for the Ice Bucket Challenge – it’s nice having friends who like to see you tortured (you can see the result here). Back onto more prosaic matters, I thought I would discuss what seems to be an accelerating trend on the part of banks […]

EU and US Must Recognise Differences in Swaps Rules: CCMR

The Committee on Capital Markets Regulation, a US-based non-partisan lobby group representing financial firms from all sides of the market, has sent a letter to the European Commission and Commodity Futures Trading Commission, detailing steps that each regulator must take to agree a coordinated approach to prevent disruption to cross-border OTC derivatives trading.   “Unless the […]

UniCredit Appoints Head of FX Exotic Trading

Peter Billington has joined UniCredit in London as head of FX exotic trading, reporting to Nick Gentle, global head of FX derivatives. Billington previously worked at Commerzbank, most recently as global head of FX flow options. Prior to this he was global head of FX trading and global head of FX options respectively. He joined […]

UK Competition and Markets Authority Joins Fix Probe – Report

The UK’s Competition and Markets Authority (CMA) is understood to have shared information from its own investigations into alleged manipulation of the FX markets with the Financial Conduct Authority. While the agency has not officially opened a case relating to the claims, its remit allows it to impose fines under the UK’s Competition Act for […]

CME Hit by Globex Outage

CME Group’s electronic trading platform, Globex, was closed down for four hours on 25 August, delaying the start of futures and options trading in Asia. Only one Bursa Malaysia derivatives contract was available to trade while the issue was being resolved. “CME Globex markets were halted due to a technical issue resulting from planned software […]

Majority of UK Firms Opt to Settle FCA Fines Early

Over the past three years 93% of firms have decided to settle Financial Conduct Authority (FCA) fines in advance, instead of challenging the financial watchdog in court, according to analysis by UK law firm Freshfields. The FCA offers a strong incentive to settle early. If a firm reaches an agreement with the FCA in stage […]

And Finally…

As someone who has been pretty vocal over the fixing issue, I have enjoyed a Sunday afternoon reading through the responses to the FSB FX Benchmark Group’s recommendations (yes, I know I should have better things to do on a Sunday). Part of my eagerness to read through the responses was to see if it […]

Around the World

Russia Still Targeting Currency Float Russia’s central bank has widened the ruble’s trading band, suggesting that the ongoing conflict in Ukraine won’t stop the planned currency float at the end of the year. In a statement the Bank of Russia says that it has increased the band from seven to nine rubles. The changes are […]

Tech Corner

Swiss financial technology company Tradegear has launched an online service for retail foreign exchange traders, 1touchtrading.com. The service is free for an unlimited period of time if used with a demo broker account, and then attracts a fee of $4.99 per month after that. The firm claims it is the only FX service to combine […]

On the Move

Smorczewiski Joins BAML… Jan Smorczewiski has joined Bank of America Merrill Lynch as head of G10 spot and forward trading for Europe, Middle East and Africa.  Based in London, he reports to Jim Coulton, head of EMEA FX trading. Previously Smorczewski worked as a macro portfolio manager at Caxton Europe and was head of FX […]