Month: April 2015

FXall Suffers Outage

FXall customers faced an interruption to relationship trading services on 28 April. According to a company spokesperson, most clients were able to return to trading within an hour. Thomson Reuters Matching, FX trading and dealing services were not impacted during the outage, says the company in a statement, adding, “As soon as the interruption was […]

SNB Posts CHF 30 Billion Loss for Q1

The Swiss National Bank reported a CHF 30 billion loss for Q1, its biggest quarterly loss on record. Income earned from a charge on CHF deposits held by financial institutions at the central bank failed to offset losses on both foreign exchange and gold holdings. In the same quarter last year it had reported a […]

Citi CEO’s Pay Cut by 10% Over FX Rigging

Citi has cut chief executive Michael Corbat’s 2014 compensation package due to his failure in stopping FX traders from participating in currency market manipulation, according to chairman Michael O’Neill. Speaking at the US bank’s annual shareholders’ meeting in New York, O’Neill said that while the malfeasance started before Corbat joined in October 2012, it continued […]

Goldman Leads Investment Round in Bitcoin

Goldman Sachs and China-based IDG Capital Partners have co-led a $50 million investment round for Bitcoin payment firm, Circle Internet Financial. The two firms were joined by all of Circle’s existing investors in the round, including Breyer Capital, General Catalyst Partners, Accel Partners, Oak Investment Partners, Fenway Summer, Digital Currency Group, Pantera Capital, and what […]

BoA Settles FX Lawsuit for $180 Million

Bank of America (BoA) has revealed the size of its recent settlement in a US antitrust litigation case for allegedly manipulating the FX market to be $180 million. Profit & Loss reported last month that BoA had become the third bank to agree a settlement in the case, in which 12 banks have been accused […]

RBS Q1 FX Revenues Drop Amid Investment Bank Restructure

The Royal Bank of Scotland (RBS) has become the first bank to report a decline in its FX trading income for Q1, indicating the early impact of its corporate and institutional banking (CIB) restructure. FX trading income for the period fell 19% year-on-year to £171 million (US$ 261 million) in addition to dropping from the […]

Concannon Ready to Create Price War in FX to Make Hotspot Leading ECN

Hotspot plans to increase competition in the FX markets by creating a price war, Chris Concannon, president and CEO of BATS, said of the recently acquired FX platform. Speaking at Profit & Loss Forex Network London 2015, Concannon outlined the exchange group’s plans for growing Hotspot, but warns the FX industry not to follow the […]

And Another Thing…

This industry is always abuzz with rumours of this platform or that platform being for sale, but the latest whispers are intriguing me, because they concern one of the major players. The noise level associated with rumours of State Street gearing up to offload Currenex has risen to quite a degree in recent weeks, fuelled […]

On the Move

Baggioli Exits BNP Paribas Marco Baggioli, global head of FX prime brokerage at BNP Paribas, is leaving the bank. He is moving to ADS Securities London to take up the role of chief operating officer. Effective 1 July, he will report to ADS London's managing director, James Watson. The firm, which provides a range of […]

Survey: North American CFOs Concerned About Currency Headwinds

Currency concerns, such as a strengthening US dollar, have increased for finance heads at large North American companies in Q1 2015, according to the Deloitte CFO Signals survey. More than half of the 100 chief financial officers (CFOs) polled report significant changes in their geographic focus and approaches to managing currency risks. Shifts in geographic […]