Month: February 2015

FCA to Hold Individuals Accountable in FX Markets

The chief executive of the Financial Conduct Authority (FCA) says that the regulator plans to focus on increasing individual accountability for FX trading at institutional firms. Speaking at a conference in London yesterday, Martin Wheatley, chief executive of the FCA, outlined the difficulties in discerning between market manipulation and prudent hedging in FX and said […]

And Another Thing…

The events of the last 18 months will, I believe, be seen by historians of the FX market as triggering a dramatic change in the market landscape. I have to say, though, that I feel one of the biggest changes is being overlooked – even though it is happening in front of our eyes. So […]

…While Goldman Sets Aside $3 Billion for Legal Costs

Goldman Sachs estimates that its legal bill could run up to $3.0 billion, an increase of $500 million on previous estimates. Goldman is another of the 12 banks currently facing an antitrust class action lawsuit in New York over allegedly conspiring to manipulate the FX markets, in addition to a number of other judicial, regulatory […]

HSBC Sets Aside $550 Million to Cover Additional FX Fines…

HSBC put aside $550 million at the end of last year in preparation for future foreign exchange fines, just after paying out $611 million to UK and US regulators a month earlier, according to the bank’s 2014 annual report. In November, the bank – alongside Citi, JP Morgan, Royal Bank of Scotland and UBS – […]

Concannon Named BATS CEO, Ratterman to Take Board Role

BATS Global Markets has announced that its president, Chris Concannon will be appointed to the additional role of CEO, effective 31 March, 2015. On this date Joe Ratterman, who has been CEO of BATS for the past eight years, will assume the role of chairman of the BATS board, replacing Paul Atkins. He will continue […]

RBS Suspends Two More in FX Probe

The Royal Bank of Scotland has suspended another two traders as part of an investigation by the bank into failings in its foreign exchange business. “We can confirm that two members of staff have been suspended as part of the ongoing FX investigation at the bank,” RBS said on Wednesday. It declined to comment on […]

Celsing and Bauer Promoted in SEB FX Reshuffle

SEB has promoted Robert Celsing, formerly global head of FX and commodities, to global head of markets with the group, Profit & Loss has learnt. Under his new mandate, Sweden-based Celsing is now responsible for FX, commodities, rates, credit and equities. He steps up to replace the former global head of markets, Joachim Alpen, who in […]

Lord Grabiner Defends BoE Evidence in FX Enquiry

The UK’s Treasury Committee has released further evidence provided by Lord Grabiner following his defence last month of the former Bank of England chief dealer Martin Mallett, provided as part of the enquiry into whether the central bank had ignored early warnings of FX market malpractice. Grabiner drew criticism from MPs Mark Garnier and Jesse […]

Profit & Loss Digital FX Awards to Take Place on 23 April

Following an extensive tour of the world’s busiest trading floors, Profit & Loss will be honouring the best foreign exchange bank platforms and e-FX initiatives at its 14th annual London Digital FX Awards Dinner on 23 April.  Taking place immediately after the Profit & Loss Forex Network London conference at Plaisterer’s Hall EC2, the Digital […]

UK Authorities Weighing Up Changes to Market Making in FX

A senior official at the Bank of England (BoE) has said that regulators are looking at making changes to how market making practices are controlled in the FICC markets. Speaking at a conference in London yesterday, Andrew Hauser, director, markets strategy at BoE, said that the UK regulators are looking at the principal market making […]