Day: 23 August 2016

US Court Dismisses Fraud Claims Against FXCM

A US court has granted a motion to dismiss the legal complaints aimed at FXCM, and certain members of its senior staff, in which the plaintiff alleged that they were mislead about the risks associated with the firms’ agency business model. The complaint, directed at FXCM, its CEO, Drew Niv and its CFO, Robert Lande, […]

ACI President Steps Down

In what is being seen as a surprise move, the president of ACI – The Financial Markets Association, Marshall Bailey, has resigned from the role – he was the first paid president in the association’s more than 60-year history. In a letter to ACI members, seen by Profit & Loss, Bailey says, “Serving the international […]

MAS Postpones Non-Cleared Margin Rule

The Monetary Authority of Singapore (MAS) has postponed the implementation of rules surrounding margin requirements for non-centrally cleared derivatives. The rules were due to be invoked on September 1, however in a letter to market participants, MAS says it has been in close consultations with the industry in Singapore and regional regulators on a coordinated […]

CME Bans Spoofer

CME Group has issued a 60-day ban against a trader it accuses of spoofing in its gold and natural gas futures markets – the ban comes just weeks after a US court sentenced Michael Coscia to three years in jail for the same offence. The exchange has denied Andrey Sakharov direct and indirect access to […]