Month: September 2015

China Imposes FX Forwards Restrictions

China has moved to tighten the rules on FX forward trading in a move to further curb speculation in its financial markets. Sources tell Reuters that the People’s Bank of China (PBoC) has imposed a rule stating that banks will be required to keep the equivalent of 20 percent of their clients’ FX forwards positions […]

Bitcoin Mining: The Race to Zero?

New analysis from staff at the Federal Reserve Bank of New York suggests that the profitability of mining bitcoins has decreased in 2015, and will continue to do so in the future. In the Liberty Street Economics blog, Rod Garratt, a vice president at the central  bank and head of its Research and Statistics Group, […]

Ziccarelli Takes Senior Role at CLS

Joe Ziccarelli joins CLS as head of relationship management for the Americas. Ziccarelli will be based in New York and report to John Hagon, head of global operations and relationship management. In his new role, he will be tasked with developing and leading CLS’s relationship management strategy for the region, with particular emphasis on participation […]

US Regulator Targets Offshore Manipulation

The US Department of Justice is reportedly expanding its currency market probe to investigate potential manipulation in Russian ruble and Brazilian real markets. According to a report from Bloomberg News, the DoJ is working with the group of banks that earlier this year settled charges ofmarket manipulation to target further allegations of market abuse around […]

Neal Named BNYM Markets Head

BNY Mellon has appointed Michelle Neal as president of BNY Mellon Markets Group.  As reported by Profit & Loss last week, Neal left Deutsche Bank, where she was global head of listed derivatives, markets clearing and fixed income market structure. Assuming her new role on November 30, Neal will report to Curtis Arledge, vice chairman […]