Month: February 2015

Coletti Joins MarketFactory

MarketFactory has appointed Christopher Coletti as its director of sales, Americas. Coletti will be tasked with ensuring the expansion of MarketFactory’s software-as-a-service model for market access and limit monitoring technologies for clients based in North and South America. He joins MarketFactory from Thomson Reuters, where he spent nine years as an FX/treasury sales and enterprise […]

FXCM to Discontinue 13 Currency Pairs

FXCM has announced that it will be discontinuing trading in 13 exotic currency pairs from 20 February, 2015. Following the losses incurred by the company following the volatility in Swiss franc pairs last month, FXCM has decided to remove these pairs because of the amount of respective risk associated with them. Specifically, the firm is […]

CSA Seeks Comment on Mandatory CCP Derivatives Clearing

The Canadian Securities Administrators (CSA) has published for comment a proposed derivatives rule for mandatory central counterparty clearing. The clearing rule describes requirements for central counterparty clearing of over-the-counter (OTC) derivatives transactions, and is intended to improve transparency in the derivatives market while enhancing systemic risk mitigation. The Proposed National Instrument 94-101 Mandatory Central Counterparty […]

Buy-Side Traders Uninterested in Cross-Asset Trading Platforms

Just over two-thirds (68%) of buy-side traders operate in multiple asset classes. The most diverse are equity traders, with 72% trading more than one asset class. Despite this – and after two decades of investment in integrated trading platforms by systems providers – institutional trading desks are more interested in cross-product coverage than cross-asset technology […]

ITG Plans to Launch FX Dark Pool

Investment Technology Group (ITG) is planning to launch a FX dark pool later this year, in response to large equity and asset managers’ need to prove best execution in the light of the FX manipulation probes. In addition the firm believes the move dovetails with market changes, such as the move away from a principal […]

Australia Makes Changes to Reporting Requirements

The Australian Securities and Investment Commission (ASIC), has made changes to its derivative transaction reporting rules, including the introduction of end-of-day or "snapshot" reporting instead of requiring firms to report intra-day transactions. The regulator has also decided not to proceed with plans to mandate larger foreign subsidiaries of some Australian banks and other financial institutions […]

Singapore Holds Back from Swaps Trading Mandate… For Now

The Monetary Authority of Singapore (MAS) says it is not necessary to introduce a mandatory trading regime for OTC derivatives, including swaps, at the moment, but is not ruling out such a move in the future if it was “deemed necessary”. Its comments were issued in a statement last week as it launched a public […]

FXPA Elects Board of Directors, Officers; Announces Founding Council Members

The Foreign Exchange Professionals Association (FXPA), a Washington-based organisation that represents the collective interests of professional FX industry participants, has announced its 12-member board of directors and officers following elections on 10 February. The new FXPA executive committee includes: chair Eric Busay, portfolio manager, Calpers; vice chair Adam Cooper, senior managing director and chief legal […]

EU Council Backs Rules for Preventing Benchmark Manipulation

The Council of the European Union is backing proposed rules to shore up the reliability of financial benchmarks which were introduced by the European Commission following the Libor manipulation scandal. Under the draft regulation, a legally binding code of conduct for contributors of data will be introduced requiring the use of robust methodologies and sufficient […]

Icap Q3 Revenue Boosted by FX, Voice Declines

An uptick in FX volatility helped bolster Icap’s Q3 revenues (October to December 2014), which were just 2% lower year-on-year on a reported basis. In particular, its electronic markets business delivered low double digit revenue growth during the quarter which it says was driven by significantly increased activity levels at EBS, and an uptick in […]