Month: May 2015

FX Instructions and Notional Value Fall in April on CLS

FX settlement provider CLS has reported a decrease in month-on-month average daily instruction volumes, yet year-on-year average daily instructions have risen. Combined settlement and aggregation services fell 10.6% in April from the previous month to a daily average of 1.19 million instructions, but increased from 983,850 instructions recorded in April 2014. The average daily input […]

FXCM Sells Hong Kong Business to Rakuten Securities

FXCM has sold its Hong Kong platform FXCM Asia to Rakuten Securities for approximately $36 million, the Japanese broker which also secured FXCM Japan in April for $62 million. The FX trading platform provider expects the transaction to complete in Q3, subject to regulatory approval from the Hong Kong Securities and Futures Commission and the […]

Hotspot and Thomson Reuters Tackle ‘Last Look’ with New Protocols

Hotspot and Thomson Reuters have both released new standards for market makers to limit the controversial practice of “last look” on their FX platforms. The practice allows market makers, such as banks, to back out of unfavourable trades at the last moment. While critics of the practice say that it can cause the appearance of […]

FX Start-Up Kantox Raises $11 Million From Existing Investors

Foreign exchange technology start-up Kantox, which provides a business-to-business matching platform, has raised $11 million via a financing round among existing investors: Partech Ventures, IDinvest Partners, Cabiedes & Partners and a number of business angels. The company, founded in 2011, says that it didn’t invite others to participate in the funding round because it wanted […]

Moscow Exchange Joins FXPA

Moscow Exchange (MOEX) has joined the Foreign Exchange Professionals Association (FXPA) as a full member, bringing the FX trade association’s current institutional member total to 22. It follows the recent additions of EBS-BrokerTec and State Street Global Markets. Igor Marich, managing director, FX and money markets at MOEX, says that joining FXPA is the best […]

FEMR Expected to Propose Equity Market Standards for FICC – Report

The UK’s Fair and Effective Markets Review (FEMR) will reportedly formally propose an industry ban on front-running of client orders in FX in addition to extending the Bank of England’s senior managers regime to hold a broader range of bank and the buy side managers accountable. Such moves would bring FICC regulation more in line […]

Profit & Loss to Host Toronto Conference Next Week

Join Profit & Loss for its 6th annual foreign exchange conference and trade show in Toronto next week for a front-row seat to lively discussions and a ‘fireside chat’ about the FX topics that matter most to you. Taking place at The Fairmont Royal York on 3 June, the half-day event will begin with a […]

And Another Thing…

Chatting to a friend the other day he asked the question (regarding the Fix/chatroom issue) “do you think this will just fizzle out?” It’s an interesting question because although it seems impossible to see how it can, with all the press and political attention currently on it, I suspect it will. Partly this is because […]

Banks in Political Crosshairs After FX Fines

US politicians could look to use the FX fines issued to the banks last week for their own political purposes, with Senator Elizabeth Warren already being outspoken on this topic. Specifically, Warren has voiced concerns over the waivers granted to the banks that pleaded guilty to FX malpractice as part of their settlement deals. Warren […]