Month: December 2015

And Finally…

Rather than complain endlessly about the extra work I have given myself by presenting these accolades – the Irrationals – instead of just shutting up shop on December 1 like most sensible people, I would in all seriousness like to thank those of you that have communicated your appreciation of this little segment. Thankfully all […]

China to Impose New FX Monitoring Programme

China’s State Administration for Foreign Exchange (SAFE) says it will reform its monitoring process for individual foreign exchange transactions from January 1, 2016. At a media conference in Beijing, Du Peng, director of the Current Account Management Department at SAFE, told reporters the authority that the new system will build efficiencies by automating the inputting […]

BAML to Join Moex

Bank of America Merrill Lynch is set to join Moscow Exchange’s FX market as a clearing firm. Moscow Exchange says BAML “is in the process of finalising necessary documentation and will begin active trading in January 2016”. It will trade in the name of Merrill Lynch Securities, which is a current trading firm on Moscow Exchange […]

China to Double Onshore Trading Hours

China has extended the trading hours for the onshore yuan to enable the local market to overlap with European and US markets – a move seeking to “accelerate the development and boost the opening up of the foreign exchange market”. From January 4, the China Foreign Exchange Trade System (CFETS) will trade from 9.30am local […]

Crane to Join ADS Securities

Al Crane will join ADS Securities in London on February 1 as head of institutional sales for Europe and America, the firm confirms. Crane will report to James Watson, managing director of ADS in London and joins from SE Bank in London where he worked for five years in global e-FX liquidity sales.  Prior to this, Crane […]

Buy Side Concerned Over FX Market Liquidity

In a survey, released last week by State Street, 43% of the survey respondents said that they were concerned about declining liquidity in the FX market, while 70% said that they were concerned about declining liquidity in fixed income. This should come as no surprise to anyone that has been working in or around these […]

LCH.Clearnet Eliminates Over $100 Trillion Notional in 2015

LCH.Clearnet says that its SwapClear service has eliminated over $100 trillion in notional since 1 January 2015, driven by an acceleration of compression activity by SwapClear’s members and its clients throughout the year. SwapClear compressed $323 trillion over the year, reducing the notional outstanding from almost $362 trillion at the start to the year to […]

Ex-SocGen Trader 11th to be Charged Over Euribor

Former Societe Generale trader Stephane Esper has become the 11th trader to be charged by the UK’s Serious Fraud Office over alleged manipulation of the Euribor benchmark. In November the SFO revealed it had charged 10 other traders, from Barclays and Deutsche Bank, with the same offence, Esper will now join those 10 in a […]

FastMatch Introduces Symmetrical Last Look Rule

FastMatch is introducing rules that will require all liquidity providers to use only a “symmetrical last look” practice on its ECN. The new operating procedures are designed to “make FX institutional markets more transparent and operate a fair marketplace”. The new procedures go into effect on February 1st, 2016. “We are introducing these new operating […]

Hayes Sees Jail Term Reduced

Tom Hayes, the former City trader convicted of manipulating Libor, has had his conviction upheld but his jail sentence reduced to 11 years from an original 14 year term. The Court of Appeal in London said they considered mitigating factors including Hayes’ diagnosis for Asperger’s Syndrome in reducing his jail term. “However, this court must […]