Day: 23 February 2015

And Finally…

So, one week one from the changes to the WM/Reuters methodology for establishing its benchmark FX fixes, has there been any major impact on the FX markets? The answer is simply no, yes, and it’s too early to tell. Profit & Loss reported in the immediate wake of the changes to the WMR benchmark calculations […]

Around the World

AFEX Opens New Office in Vancouver AFEX, the non-bank provider of global payment, foreign currency and risk management solutions, has opened a new office in Vancouver via a strategic partnership with the Surrey Board of Trade. The firms says that the partnership will take advantage of synergies between AFEX and the Surrey Board of Trade, […]

Tech Corner

Etrali Trading Solutions has opened new offices in Sydney Australia, in what it says is a key part of its Asia-Pacific expansion. The global compliance and unified communication services integrator for trading plans to manage its existing Australia client base from the new offices as well as supporting the growing demand for compliance services in […]

On the Move

Grewal Joins Banca IMI as Head of G10 and EM Macro Trading Abnash Grewal has joined investment bank Banca IMI as head of macro trading, G10 and emerging markets. Based in Milan, he will be managing the macro portfolio management desk with a specific focus on emerging markets. He reports to Stefano Barbieri, head of […]

CFTC Announces Members of its New Market Risk Committee

Commissioner Sharon Bowen of the US Commodity Futures Trading Commission (CFTC) has announced the members of the CFTC’s Market Risk Advisory Committee (MRAC). The committee, which was first chartered in 2014, is designed to support the Commission’s efforts to detect and mitigate risks within the market to industry participants, consumers and the broader financial community. […]

Bitcoin Goes Missing in Cold Wallet Hack as Mt Gox Report Issues, Exchange Exits

China-based digital currency firm, BTER, says that it has lost 7,170 Bitcoins – worth roughly $1.75 million – in an apparent hack on its cold wallet system. In a statement posted to its website, BTER states that it shut down its platform following the attack and that withdrawals of user balances “will be arranged later”. […]

FICC Revenues Fell in 2014 to Half 2009 Level

Revenue from the 10 largest investment banks’ fixed income, currencies and commodities (FICC) businesses fell by 7% year-on-year to $69.4 billion in 2014, due to lower client activity amid a challenging macroeconomic environment. Revenues in 2014 were less than half of the $141.6 billion generated in 2009, also reflecting the impact of banks changing their […]

ESMA Consults on MiFID II Rules Covering FX Derivatives

The European Securities and Markets Authority (ESMA) has published a consultation paper (CP) which includes a number of non-equity asset classes not covered in the 19 December 2014 paper on Markets in Financial Instruments Directive II (MiFID II) and Regulation (MiFIR). The latest paper supplements the transparency section of the previous CPs and covers FX […]

Redline Hires Lansdowne to Head its New London Office

Redline Trading Solutions has hired Carlos Lansdowne to head up EMEA sales at its new office in London. “It’s a natural progression for the company to expand into Europe now,” Lansdowne tells Profit & Loss. “From a business perspective London is very important for us. It’s the largest FX trading centre and so as we […]

DOJ Requests Delay in FX Antitrust Litigation Case

The US Department of Justice (DOJ) has requested that a New York Federal Court halt discovery in an antitrust class action accusing major banks of manipulating the FX market, due to an ongoing grand jury investigation. The DOJ's Antitrust Division and the Fraud Section of its Criminal Division sought what it described as a "limited […]