Month: February 2015

ASIC Revokes Enfinium’s FX Licence

Australian Securities and Investments Commission has taken action against Enfinium, a margin foreign exchange provider, as part of the regulator’s ongoing clampdown on the Australian retail FX industry. The financial watchdog cancelled the retail broker’s Australian financial services (AFS) licence due to concerns over a lack of adequate risk management systems, in particular, controls on […]

RBS May Face Extra £2.6 Billion in FX Misconduct Charges

Royal Bank of Scotland may have to set aside an extra £2.6 billion in additional conduct costs to settle foreign exchange and other regulatory investigations in to benchmark rigging, according to analysts at investment banking firm Keefe Bruyette & Woods. In November RBS said it had reached a settlement with the UK Financial Conduct Authority […]

ICE Delays Launch of Singapore Futures Exchange

Intercontinental Exchange (ICE) has delayed the launch of a new futures exchange in Singapore, which was scheduled to open 17 March, saying it will open the market by the end of June. The Atlanta-based exchange operator plans to offer futures contracts linked to the Chinese yuan, physically delivered gold and Brent crude in Singapore, which […]

…While Volatility Drives Up FX Volumes on Thomson Reuters

Thomson Reuters reported an upturn in FX trading across its platforms, rising 7% year-on-year with a combined average daily volume (ADV) of $398 billion. This total reflects trading volumes on Thomson Reuters Matching and FXall in all transaction types, including spot, forwards, swaps, options and non-deliverable forwards (NDFs). The ADV for spot trading alone was […]

Trading Activity After SNB Decision Boosts CLS Volume…

FX trading activity increased significantly following the Swiss National Bank’s decision to remove its currency ceiling against the euro, according to CLS data for January. The settlement provider says the move and rise in subsequent trading activity was a “primary factor” behind the 16% rise in average daily volume of instructions, which increased to 1.42 […]

ESMA Recognises Challenges in First Year of Trade Reporting

The European Securities and Markets Authority (ESMA) has acknowledged the problems experienced by the market during the first year of trade reporting, but claims the data is proving useful for market surveillance and transparency. Yet according to the British Bankers’ Association (BBA), trade reporting may remain a serious challenge for the industry for some time […]

Deutsche Bank Promotes Two

Serge Marston and Ian O’Flaherty have been named as joint co-heads of institutional client group (ICG) debt e-commerce sales, Profit & Loss understands. London-based, the promotion will involve them overseeing sales of the bank’s electronic fixed income products and services. O'Flaherty takes over the role after 14 years with the institution, during which time he […]

…As Bank Prepares for $598 Million Legal Hit

Meanwhile, BNY Mellon has set aside $598 million for legal expenses as it appears to move closer to settling certain foreign exchange-related legal cases. Included in the custodian bank’s 2014 fourth quarter results was an additional after-tax litigation expense of $598 million “in anticipation of the resolution of several previously disclosed matters, including substantially all […]

Curran to Head FX at BNY Mellon, Rodriguez to Retire…

Jorge Rodriguez is set to retire from BNY Mellon, while Mike Curran has been appointed as head of FX at the bank as part of a restructuring of its FX division. Under the new structure foreign exchange services will sit within the BNY Mellon Global Markets Group, headed by Kurt Woetzel. This group consists of […]

WMR Changes Spark Benchmark Execution Review

Changes to the WM/Reuters methodology for establishing its benchmark FX fixes introduced this week have had little discernable impact on trading activity, although market participants say it is forcing firms to review how they manage trades executed at the Fix. On 15 February the WMR benchmark window was widened from one minute to five minutes […]