Month: August 2016

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 […]

And Finally…

This should be the time to tiptoe (very gently) back into the murky twilight that exists between the legal/regulatory profession and markets, but as this column rarely believes in doing anything gently, we’ll just pile right in. Are we at the point where the worm (in the form of the banks and other service providers) […]

FXCM Hits Back at CFTC Charges

FXCM has issued a statement expressing severe disappointment at the charges leveled against the firm by the Commodity Futures Trading Commission (CFTC), stating that they are “unprecedented and unwarranted”.  The CFTC claims relate to when the Swiss National Bank (SNB) surprised financial markets by announcing in the middle of a trading day that it was discontinuing the […]

Northern Trust Opens FX in Sydney

Northern Trust has established an FX presence in Sydney along with efforts to boost its securities lending in Australia. The bank has established a securities lending trading desk and appointed Kia Oboudiyat, senior sales representative for foreign exchange. He was most recently based in Northern Trust’s Chicago headquarters where he was responsible for client delivery […]

CFTC Piles in on FXCM over January 15

Even as FXCM continues to extricate it from a punitive loan that saved the firm, its travails are increasing with news the US Commodity Futures Trading Commission (CFTC) has charged the firm over events surrounding its near collapse in the immediate aftermath of the Swiss National Bank removing its EUR/CHF peg on January 15, 2015. […]

CLS Volumes Ease in July

The average daily input volume of instructions submitted to CLS, combining the settlement and aggregation services, fell 9.7% month on month in July, standing at 1,050,046. However, year on year volumes were less changed, decreasing by just over 1.7%. Meanwhile, the average daily input value submitted to CLS in July 2016 was $4.69 trillion, falling […]

Creating a New Playbook: Forex Network to Address FX Market Vulnerabilities

A number of geopolitical events – Brexit and the US presidential elections to name but a few – have led to ongoing currency volatility. What has the FX market learned about how the modern market functions in times of high volatility and which lessons can be applied to smooth trading during unexpected news events going […]