Month: April 2015

ESMA’s Latest EMIR Q&A Update Focuses on Reporting

The European Securities and Markets Authority (ESMA) has released its 13th update of the Q&A document addressing the implementation of the European Markets Infrastructure Regulation (EMIR). The latest update focuses mainly on improving data quality and reporting. The revised document outlines validation specifications that trade repositories (TRs) need to implement in order to ensure that […]

BGC Sees FX Revenue Boost Following GFI Acquisition

BGC Partners reported a 40% year-on-year increase in distributable earnings for FX products in the first quarter of 2015 and has revealed its future plans for the continued merger of the GFI business.  The brokerages’ FX distributable earnings for Q1 2015 were $72.9 million, up from $52.1 million from Q1 the previous year. Excluding the […]

Barclays Hints At Expected Size of FX Settlement In Q1 Results

Barclays is the latest bank to report an upturn in FX trading during Q1, while also indicating the potential size of its impending combined settlement with UK and US regulators over alleged FX malpractice. Income from macro products trading, representing the combined currency, rates and commodities businesses, rose 13% year-on-year to £624 million. This reflects […]

CLS Sees Currency Trading Volumes Rise in March

Average daily volume in the foreign exchange market rose by nearly 13% in March from the previous month, according to data from FX settlement system provider CLS. The average daily volume of instructions submitted to CLS’s settlement and aggregation services was 1,366,042 – up 12.7% from 1,185,696 instructions in February. Breaking this down, 804,120 instructions […]

Integral Launches New OTC Exchange Platform

Integral has launched the Open Currency Exchange (OCX), a new OTC exchange platform for trading FX. OCX will combine liquidity from disclosed bilateral relationships, anonymous liquidity from over 100 electronic market makers and a central limit order book in one consolidated execution venue. Rather than charging brokerage fees, OCX participants will be charged a monthly […]

FIA Global Calls for Clearing Member Input Into CCP Governance

The Futures Industry Association (FIA) Global has released a position paper recommending that clearing members be allowed to having a significant input in central counterparty (CCP) governance decisions. The issue of CCP risk has been a hot topic lately, with much debate over how clearing houses will manage a default and whether then need to […]

Deutsche Bank Libor Fines Hits Q1 Profits Despite FX Revenues Jump…

Deutsche Bank has reported significantly higher trading revenues from FX in Q1 year-on-year, helping push the corporate banking and securities (CBS) corporate division to its strongest debt sales and trading revenue for two years. The boost to FX was driven by increased client activity and higher market volatility, according to the bank. Combined CBS sales […]

AFME and ISDA Respond to EBA’s Basel CVA Framework Report

Two industry associations have responded jointly to the European Banking Authority’s policy recommendations to the European Commission on credit valuation adjustment (CVA) risk in relation to the Basel framework. The Association for Financial Markets in Europe (AFME) and International Swaps and Derivatives Association (ISDA) sent a letter welcoming the EBA’s contribution to the global CVA […]

…While State Street Prepares for Material FX Settlement Impact

State Street has increased its Q1 FX trading revenues by over half compared to the same period in 2014, but warns that future FX-related legal costs may still have material adverse effects. FX trading revenue also rose 21% quarter-on-quarter to $203 million, fuelled by higher volatility and volumes, according to the bank. “Our fee revenue […]

S&P Predicts £19 Billion Legal Cost for Top UK Banks

The UK's four largest banks are likely to face further aggregated conduct and litigation charges amounting to £19 billion in the next two years, according to a report issued by Standard & Poor's (S&P). While the credit ratings agency acknowledges that this assumption cannot be a precise estimate, the four have already been hit with […]