Asian market were thrown into chaos today as Nikkei News reported the Bank of Japan was considering negative interest rates, apparently in the midst of the central bank’s meeting. According to Profit & Loss sources, the report from Nikkei came 15 minutes before the official announcement that the Bank of Japan was easing policy further […]
The unfair dismissal hearing of a second former Citi FX trader has been told that the bank encouraged its traders to “build and maintain two way relationships with traders at other banks in order to gain information about market flows and colour”. In her witness statement read to the East London Employment Tribunal, Carly McWilliams […]
A draft academic paper casts doubt upon the role played by UK trader Navinder Sarao in the May 2010 Flash Crash, and instead suggests weakness in the trade reporting infrastructure may have played a significant part. The draft paper, The Flash Crash: A New Deconstruction was written by Eric Aldrich and Gregory Laughlin from the […]
For those have belief in the legal system of democratic countries like the UK there must have been an expectation that as the aforementioned system heard and adjudicated on the various cases brought by authorities and bankers, we would have some closure, or at least clarity in the chat room and Libor cases. The reality […]
The US Office of Financial Research (OFR) says a key focus of its work in 2016 will be in depth study of the inter-connectedness of central clearing counterparties to identify risks in the market structure. In its annual report to Congress, the OFR acknowledges the benefits the CCP model brings to markets – prices are […]
Five individuals have been found not guilty of conspiracy to defraud in the ongoing Libor manipulation case by a jury at Southwark Crown Court in London today. The UK’s Serious Fraud Office (SFO) released a statement today stating that Colin Goodman, Danny Wilkinson, Terry Farr, James Gilmour and Noel Cryan were found not guilty of […]
Tradition’s ParFX has added six crosses to its list of currencies supported on the platform, including the Hungarian forint. Par says that in recent years, the Hungarian forint has become “increasingly popular among the global FX trading community”, with approximately 90% of Hungarian forint trades executed outside of Hungary’s domestic borders. According to the Bank […]
Former Royal Bank of Scotland FX trader Ian Drysdale who has sued the bank for unfair dismissal has won his case, but has failed to win any financial compensation. In the judgement, Judge James Tayler found that there had been flaws in the process followed by RBS but he did not agree with Drysdale’s claim […]
On average, $380.3 billion per day was traded on swap execution facilities (SEFs) in December, roughly in line with November but up 22% from December 2014. The increase was driven entirely by trading in interest rates as both foreign exchange and credit trading volumes were down year-over-year. Trading on interest rates averaged $329.5 billion per […]
Eris Exchange has expanded its flagship Eris Standard US Dollar Interest Rate Swap Futures complex. Following this launch, which took place on January 11, Eris now offers three types of USD Standard Interest Rate Swap Futures. Eris says that its product set is a response to demand from market participants and end-users for futures products […]
