Month: May 2016

Tullett Claims Japanese Swap First

Tullett Prebon, which was once known as Tullett & Tokyo, claims to have secured a first In Japan by successfully sending a swap execution facility (SEF) trade for clearing at the Japan Securities Clearing Corporation (JSCC). The trade was executed via the company’s tpSEF hybrid trading platform. The JSCC has an exemption from the US […]

RMB Adoption Picks Up in India

According to Swift, usage of RMB has picked up in India, as its RMB Tracker shows that the renminbi is the fourth most active currency for payments between India and China/Hong Kong by value. However, India still shows one of the lowest RMB adoption rates among Asian countries, and is only ranked 38th worldwide. In […]

CFTC Nails Citi for $425 Million

The Commodity Futures Trading Commission has issued two orders filing and settling charges against Citi for misconduct in interest rate markets, including the ISDAfix, Libor and Tibor interest rate benchmark fixings.  The first CFTC order finds that, beginning in January 2007 and continuing through January 2012, Citi “on multiple occasions” attempted to manipulate, and made […]

And Finally…

So we have the first stage of the global Code of Conduct in the public domain but as I witnessed on Thursday in New York, there is still a dangerous degree of complacency in the industry – and that represents a challenge for those creating and implementing the Code. We will have to go a […]

A Closer Look at: Leveraging Technology Across Asset Classes

David Wright, global head of FXEM electronic distribution at Morgan Stanley, talks about how his firm is using tools and technologies from its equities franchise to help it solve challenges in the FX market.  Profit & Loss: How have you been able to leverage Morgan Stanley’s equity franchise to help the development of your e-FX […]

Cochrane Tapped to Head Institutional Sales at 360T

Jim Cochrane is set to join 360T as head of sales for the institutional real money client segment in New York, after leaving his position as managing director at ITG. In his new role he will report into Matt O’Hara, CEO Americas at 360T. “We are very excited to confirm that Jim will be joining […]

Can the Code of Conduct Help Improve FX Liquidity?

The new Global Code of Conduct could help improve FX market liquidity, according to Guy Debelle, FX Working Group (FXWG) chairman and assistant governor of the Reserve Bank of Australia, and David Puth, head of the Market Participants Group and CEO of CLS. Speaking at Profit & Loss’ Forex Network New York conference shortly after […]

Global Code: It’s Good to Talk

One of the six principles in the first release of the FX Global Code, released today (May 26 2016) covers information sharing. Broadly speaking, this states: “Market participants are expected to be clear and accurate in their communications and to protect confidential information to promote effective communication that supports a robust, fair, open, liquid and […]

2016 Winners of “The FoXy’s” Announced

Profit & Loss readers cast record numbers of votes for their preferred market makers and service providers this year, and award winners were on hand to collect trophies at the Profit & Loss Hall of Fame & FoXy’s Readers’ Choice Awards luncheon earlier today.  This year, Profit & Loss inducted Citi’s Rafael Quezada into its […]

Global Code: It Will Have Teeth

Before unveiling the Global Code of Conduct (Phase One)  for the FX Market at a press conference in New York, Reserve Bank of Australia Deputy Governor Guy Debelle made it clear why the new guidelines are necessary. “Let me remind you why this work is occurring. As I have stated on previous occasions, the foreign […]