Month: August 2016

Scandi Outlook Mixed for 2H

The economic outlook for Scandinavian economies looks mixed in the second part of 2016, with upcoming monetary policy decisions and a potential rebound in oil prices among the factors that may boost economic performance, market commentators tell Profit & Loss. Sweden has so far been the best performer in the region, having seen steady economic […]

CME to Add Contract Months for MXN/USD Options

CME Group plans to list additional contract months for the options on its MXN/USD futures contract on Globex. Effective September 11 2016, for trade date September 12 2016, CME will list nine additional contract months for these options. The exchange group already lists three contract months for this contract on Globex and 12 contract months […]

Varjacques Set to Depart EBS BrokerTec

Gerard Varjacques is set to leave his position as global head of sales at EBS, according to market sources.  Although a spokesperson for EBS BrokerTec declined to comment on the news, Profit & Loss understands that Varjacques has decided to leave the firm and is working with Jim Iorio, the recently appointed global head of […]

What is(n’t) Going on in the Rand?

Dealers are talking about an interesting, and for the foreign exchange market, unusual, reaction to the latest political upheaval in South Africa. News that finance minister Pravin Gordhan had been summoned to be interviewed by police saw a sharp move higher in USD/ZAR yesterday that had the pair peaking out after an 85 big figure […]

And Another Thing…

This column two weeks ago on benchmark fixings prompted quite a response – to the degree that I feel it is necessary to go into it a bit further and ask the question, “Can there be a justification for offering mid-rate benchmark execution for free?” The question is especially pertinent when one considers that such […]

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 […]