Month: December 2014

EC Hopes for Swaps Clearing Resolution With US in Coming Year

The new EU commissioner for financial services and stability, Jonathan Hill, says he would be “very disappointed” if the equivalence rules for swaps clearing cannot be resolved with the US before the 15 June deadline. It is the latest sign that the impasse around the rules, which have already been delayed twice, may finally be […]

BTIG Launches New Low-Touch Execution Platform

BTIG has expanded its foreign exchange offering with the launch of TradeSave FX, the firm's electronic FX trading platform, an institutional platform designed for sophisticated low-touch execution clients. The new platform offers institutional investors direct access to multi-dealer spot FX prices, as well as order matching and liquidity aggregation around the clock. Accessible via multiple […]

Global FX Volume Likely Reached $5.5 Trillion Per Day in 2014: Aite Group

Global foreign exchange volume for 2014 will likely reach $5.5 trillion per day, predicts Aite Group in its new report, Global FX Market Update 2015: Growth Spurts and Electronification Roadblocks. According to the research, FX markets were characterised by alternating strong growth spurts and periods of flat growth or even temporary annual declines in 2014. […]

BGC Raises its Bid for GFI

BGC Partners has increased its bid for GFI Group from $5.25 per share to $5.45, according to a regulatory filing made by GFI. Earlier this month rival bidder CME raised the value of its offer from $4.55 per share to match BGC’s hostile bid at $5.25 per share. BGC then extended the deadline for its […]

MF Global Settles with CFTC

MF Global has agreed to settle charges of wrongdoing with the Commodity Futures Trading Commission (CFTC) more than three years after the futures brokerage collapsed. “(MF Global) Holdings and the CFTC have agreed to the terms of a Final Consent Order," says Jane Rue Wittstein, a lawyer at Jones Day who represents the company, in […]

Interactive Brokers to Refund Customers AUD 1.5 Million

Interactive Brokers, a US-based online brokerage firm, will refund approximately AUD 1.5 million in fees and commission payments to its Australian retail margin lending customers following an investigation by the Australian Securities and Investments Commission (ASIC). The ASIC investigation found that IB did not, during the period July 2010 to August 2013, hold an Australian […]

Russian Government Passes FX Bill

The State Duma of the Russian Federation has voted in favour of foreign exchange market regulations on 16 December, following a third reading of the long-awaited FX bill. The bill places certain controls the activities of FX dealers; establishes a mechanism of judicial protection of rights and interests of the market participants; solves basic issues […]

China Concerned Over Russian Ruble Rout

China’s foreign exchange regulator voiced its concerns over the weakening Russian ruble, as it plummeted to a historic low on 16 December, and indicated that it is closely monitoring the slide.  Speaking at a press conference in Beijing, State Administration of Foreign Exchange (SAFE) head of policy and regulations, Wang Yungui, advised Chinese enterprises and […]

Russian Exporters Agree Level for FX Assets

In an attempt to stabilise the ruble, Russia’s largest exporters reached an agreement with the government and central bank officials to limit their foreign currency assets to levels held previously on 1 October. Companies have until 1 March to make sure their assets are back to October levels. At a meeting in Moscow with ministers, […]

Clearstream Picks Standard Chartered as Correspondent Bank in ME

International clearing and settlement organisation, Clearstream, has appointed Standard Chartered Bank to service Middle Eastern currencies. The bank will act as Clearstream’s cash correspondent bank for the Emirati dirham (AED), Bahraini dinar (BHD) and Omani rial (OMR), beginning Q2 2015. The OMR will be eligible for settlement for the first time at Clearstream. “We are […]