Month: May 2015

FCA Sets Parameters of CIB Market Study

The Financial Conduct Authority (FCA) has outlined the extent of its market study into competition in corporate and investment banking. The UK watchdog received over 40 written responses to its call for contributions on potential subjects of a market study in the wholesale sector, published in February 2015, and met over 70 market participants through […]

LCH.Clearnet Extends Buy-Side NDF Clearing to Europe

LCH.Clearnet’s ForexClear has expanded its US client clearing service to include European model account structures for the first time, ahead of the mandated start of NDF clearing and the expected capital impact of Basel III. It launches with four clearing brokers offering the service including HSBC, Société Générale and Standard Chartered Bank. The fourth broker […]

FXCM and Saxo Bank to Acquire CitiFX Pro Accounts

Citi is selling its margin foreign exchange business, including the CitiFX Pro and TradeStream platforms, to FXCM and Saxo Bank, the companies have confirmed. Financial terms of the transactions were not disclosed. In an emailed statement about the transactions, a Citi spokesperson says, “Citi has made a strategic decision to sell its Margin FX business, […]

And Finally…

The FX fines: what next for the banks? With the fines announced last week bringing the total amount paid by the banks in relation to the recent FX investigations to over $10 billion, both these institutions and the regulators are facing questions about how they will prevent history repeating itself. To start with, the regulators […]

On the Move

CLS Board Expands With New Members FX settlement provider CLS Group (CLS) has elected four new directors to its board of directors during last month’s annual general meeting. Chairman Ken Harvey says that the new additions will provide valuable counsel in critical areas including operations, technology and risk.  Among the new members is Peter Healey, […]

Former FX Head to Leave Deutsche Bank

Alan Cloete, co-CEO of Asia-Pacific with Deutsche Bank, will be leaving in the near future following a major reshuffle of its management board in a bid to align with its “Strategy 2020” plans. Gunit Chadha remains co-CEO of Asia-Pacific, while Colin Grassie, UK CEO, will also be departing the bank. Both Cloete and Grassie will […]

FastMatch Looks to Reduce Latency with Binary API Offer

FastMatch plans to offer its clients a binary API in addition to the current FIX API in a bid to increase the speed of its platform. The ECN claims that latency is an important differentiator in FX as it reduces the risks associated with trading on a platform for market makers and takers. It says […]

Dealers Under Strain as Corporate Use of Derivatives Increases

Corporates’ use of derivatives has increased by half since before the global financial crisis, with the annual interest rate derivatives trading volume of a typical big corporate user growing to $3 billion in 2014 from $2 billion in 2006, according to research by Greenwich Associates. In its report, Corporate Derivatives Use Continues to Grow – […]

LMAX Reports First Full Year in Profit Despite Market Conditions

LMAX Exchange has reported an increase in annual net profits for 2014 of £500,000 year-on-year, resulting in first full year of profitability. The FX multilateral trading facility and technology provider says that gross profits for the year also rose 80% to £16.5 million, while gross revenues increased 45% to £26.2 million over the same period. […]

EC Asks Market for Feedback on EMIR Implementation

The European Commission has launched a public consultation to determine the market’s early experiences of how the European Market Infrastructure Regulation (EMIR) is being implemented. Mandated under EMIR (Article 85), the review will rely largely on feedback received from completed questionnaires and a public hearing which will take place 29 May at the Commission's premises […]