Month: July 2016

FEMR Implementation Report Sees “Significant Progress”

The past year has seen “significant progress” in the implementation of the Fair and Effective Markets Review (FEMR) recommendations; however, “the job is far from being done” as a “lack of trust in financial markets” remains and the focus is now on companies and individuals to address issues, according to an implementation report issued today […]

Barclays ‘Cartel’ Trader Blames Bank

Former Barclays head of spot voice FX trading Chris Ashton claims he was “scapegoated” by the firm in the wake of the investigations of the Financial Conduct Authority (FCA) into alleged manipulation of FX rates, and that he was first “put in the line of fire” and then sacked for repeatedly blowing the whistle, an […]

Getting Ahead of Client Demands

As client requirements evolve in response to changes in FX market structure, services providers need to be ready to adapt to these new demands, said panelists at Profit & Loss Forex Network Toronto conference last month. Liquidity has been a big talking point this year in the FX industry, and the panelists highlighted how their […]

IMF Amends SDR Rounding Methodology

The executive board of the International Monetary Fund (IMF) has amended its rounding methodology for determining currency amounts in the Special Drawing Right (SDR) basket. The decision, reached July 20, was in order to “make it less complex and also to more closely align the currency weights with those approved by the IMF executive board,” […]

State Street to Pay $530m to Settle FX Fraud Allegations

It was announced today that State Street expects to pay a total of $530 million to resolve FX fraud allegations levelled against the bank. The US Department of Justice (DoJ) issued a statement today saying that State Street has agreed to pay a total of at least $382.4 million to settle allegations that it deceived […]

Four Barclays Veterans Depart FX Team

Sources tell Profit & Loss that four veterans of Barclays’ FX division have been made redundant by the bank as part of wider cuts across the business. Vincent O’Sullivan, Marek Robertson, Marcello Cavalcanti and Martin Richards have all left the bank in London, sources say. Barclays declines to comment.  Robertson, who was managing director, head […]

Chinese RMB Not a Safe Haven Currency, Study Finds

The Chinese offshore convertible renminbi cannot currently be considered a safe haven currency, and neither does it appear to be on the path of becoming one, a study published by the Federal Reserve Bank of Dallas suggests. The study analyses the trends of the RMB against a set of currencies typically considered “safe haven” ones: […]

Multibank Platforms Look to Diversify Liquidity Options

Multibank platform providers need to broaden the range of liquidity options that they offer clients in order to thrive in the diverse FX market ecosystem, said panelists at Profit & Loss’ Forex Network New York conference. There has been much discussion in the industry about whether more FX trading will occur through central limit order book […]

FX Committee Surveys Show Trading Was Up During April

FX trading volumes were up in the UK, US, Japan, Canada, Singapore and Australia in April compared to October 2015, according to the FX Committees’ semi-annual results. In the UK, average daily reported foreign exchange turnover was $2,213 billion in April 2016, up 5% compared to October 2015, but some 9% lower than a year […]

Mandelzis Steps Down as CEO of EBS BrokerTec

Gil Mandelzis has decided to step down from his position as CEO of EBS BrokerTec, and will be leaving the company in due course, Icap announced today.  In a statement issued today regarding this news Michael Spencer, CEO of Icap, hails Mandelzis as “a truly outstanding leader” of the firms’ electronic market division who has […]