Month: February 2015

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 […]

Europe to Keep Delaying on the Greek Debt Problem?

A return to the drachma for Greece is unlikely, say market experts, who instead predict that Europe will continue to procrastinate on a final solution for the country’s debt problems. Speaking at an event hosted by the Hellenic American Bankers Association (HABA) in New York last week, Bob Savage, CEO of CCTrack Solutions, and Phil […]

CFTC Official Questions Legality of HFT Practices

An official at the Commodity Futures Trading Commission (CFTC) has written a paper questioning the legality of certain high-frequency trading (HFT) tactics. Greg Scopino, who works in the Division of Swap Dealer and Intermediary Oversight at the CFTC, published a paper in the Connecticut Law Review arguing that, “Despite the common perception that high-speed pinging […]

US Authorities Investigating UBS Client Losses in FX Product

News reports suggest that UBS could be subject to an investigation by the US Justice Department following a lawsuit claiming that the bank misled investors regarding one of its FX products. Walter Michaelson is the individual who filed the lawsuit, in which he claims that UBS sold a product, its V10 Enhanced FX Carry Strategy, […]

FCA Launches Investigation Covering OTC Derivatives Market

The Financial Conduct Authority (FCA) plans to launch a wholesale market study to look at whether competition is working properly in the investment and corporate banking sector, in response to concerns around transparency and conflicts of interest. The announcement follows the publication on 19 February of the FCA’s review into competition in the wholesale sector, […]

MPP Calls for Industry Codes to Be Introduced Under FEMR

The Market Practitioner Panel (MPP) has warned of the challenges inherent in reforming the fixed income, currency and commodities (FICC) markets, and says enhancing fairness and effectiveness will require a coordinated, concerted and sustained response by the industry, working together with policymakers and regulators on a continuing basis. The independent body, formed as part of […]

Saxo Bank Clients Start Potential Legal Challenge Over CHF Losses

A group of over 20 Saxo Bank clients, consisting of both Danish and foreign members, has asked Danish law firm Andersen Partners to look at whether they can launch a class action lawsuit against the firm to recover losses made after the sudden removal of the CHF peg. According to a statement from the legal […]

Retail FX Clients Call For FCA to Investigate Sector Practices After CHF Losses

A group of 50 retail FX spread-betting clients that experienced losses as a result of the sudden removal of the EUR/CHF peg is petitioning the UK’s Financial Conduct Authority to investigate current practices in the sector, Profit & Loss has learnt. In an open letter to Tracey McDermott, FCA director of supervision and authorisations, Chancellor […]

BGC Purchase of GFI Gets Green Light

BGC Partners has secured the agreement of GFI Group’s board of directors to proceed with its takeover of the firm, after BGC exceeded its 45% requirement with nearly 48% of shares tendered. In order to make closing the deal “even more certain”, BGC says it has also reduced the minimum tender condition to 43%. As […]

And Another Thing…

I have been fairly robust in my view of certain events surrounding the de-pegging of the Swiss franc on 15 January and some of the responses I have received have been equally robust! All that aside, I consider myself a fair person and as such I feel there is a need to clarify something (and […]