Day: 27 January 2016

Five Brokers Found Not Guilty in Libor Case

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 […]

ParFX Adds Currency Pairs

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 […]

Drysdale Wins Unfair Dismissal Case, But No Settlement

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 […]

Rates Trading Activity Keeps SEF Volumes Level

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 Expands its Standard Swaps Futures Complex

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 […]

DTCC Calls for Distributed Ledger Solutions to Post-Trade Processes

The Depository Trust and Clearing Corporation (DTCC) has issued a white paper calling for industry-wide collaboration in leveraging distributed ledger technologies to improve current financial services post-trade processes.  “The industry has a once-in-a-generation opportunity to reimagine and modernise its infrastructure to resolve long-standing operational challenges,” says Michael Bodson, president and CEO at DTCC. “To realise the potential […]

Samsung Securities Achieves CLS First

Samsung Securities has become the first non-bank participant to access CLS via a third party in South Korea. The firm is now settling FX transactions in CLS via its third party service provider, KEB Hana Bank. Samsung Securities is the first non-bank financial institution (NBFI) to gain third-party access to CLS and marks what CLS […]

Seabury, Spotex Unveil Joint Product Offering

Seabury Financial Solutions has entered into an agreement for a joint product offering between its FXone execution and liquidity management solution and ECN Spotex. The firms say the offering will leverage FXone’s distribution footprint and Spotex’s price aggregation and matching capabilities to expand the companies’ institutional client base while continuing to service the retail brokerage […]