Month: December 2014

BP Dragged Back into FX Probe

UK company British Petroleum has been dragged into the allegations of misconduct in the foreign exchange market for a second time. Citing “four traders with direct knowledge of the practice” Bloomberg News reports that BP traders “regularly received valuable information from counterparts at some of the world’s biggest banks – including tips about forthcoming trades, […]

Bonuses of 18 RBS Employees on Hold Due to FX Review

The Royal Bank of Scotland (RBS) has suspended the bonuses of 18 individuals pending the outcome of its review into the failings of its foreign exchange business, as per the UK regulatory watchdog’s instruction. The Financial Conduct Authority (FCA) has said that the fines incurred by the banks at the centre of the FX manipulation […]

UK Government Confirms FX Manipulation Will be Made a Criminal Offence

The UK’s Chancellor of the Exchequer George Osborne has confirmed the government will be making manipulation of FX benchmarks a criminal offence, punishable by up to seven years in prison. The UK government intends for the legislation to commence on 1 April 2015. It will be introduced to the UK by extending existing legislation originally […]

And Finally…

This will, in all probability, be the last column of the year, unless something happens that needs expert(!) analysis. It is perhaps appropriate that we head towards the turn of the calendar with the news that someone has been arrested in connection with the theme that has dominated the FX landscape in 2014 – the […]

Around the World

Belarus Defends Itself Against Russia Financial Crisis Belarus has imposed capital controls that include a fee on all foreign exchange purchases in a bid to fence off its economy as Russia’s financial crisis ripples through the former Soviet Union. The measures announced by the central bank on Friday range from an increase to 50% of […]

Tech Corner

LMAX Exchange has launched a matching engine in the Equinix IBX Data Centre in Tokyo (TY3), giving brokers, asset managers, funds and banks in Asia-Pacific access to LMAX Exchange at execution speed of less than 4ms. The London-based company says adding a matching engine in Japan, a market that accounts for more than 40% of […]

On the Move

Gionfriddo Moves from CME to Newedge Societe Generale Corporate & Investment Banking (SG CIB) has appointed Nick Gionfriddo as head of OTC clearing sales, North America, within its Newedge prime services business. Gionfriddo will be based in New York and will work closely with Jamie Gavin, who was recently appointed head of institutional OTC clearing […]

…As CFTC Looks at Bitcoin Options Platform

The Commodity Futures Trading Commission (CFTC) is seeking public comment on an application submitted by LedgerX to register as a trading and clearing facility for Bitcoin options. LedgerX is attempting to register as a derivatives clearing organisation and swap execution facility (SEF) offering fully collateralised and physically settled Bitcoin options. If successful LedgerX will become […]

Bitcoin Venue Netagio Launches USD and EUR Books…

Bitcoin exchange Netagio has launched additional USD and EUR order books on its existing Bitcoin/GBP exchange, which launched in July 2014. It claims that 27% of all Bitcoin trading occurring in USD markets and 2.5% in the EUR markets. In connection with the move, Netagio is also stopping its facility to buy and sell Bitcoins […]

HKeX Builds RMB Capabilities

Hong Kong Exchanges and Clearing (HKEx) is introducing additional measures to solidify the development of the renminbi (RMB) currency futures market. It says more exchange participants (EPs) are taking part, with two new EPs trading the contract in early December. Their participation brings the total number of EPs who have traded the product to 79. […]