Day: July 26, 2017

Fed Bars Second Former Barclays FX Trader

The Federal Reserve Board has barred Michael Weston, a former FX trader at Barclays, from participating in FX markets.
Weston, who becomes the second former Barclays trader to be banned by the Fed after Chris Ashton last year, was found to have engaged in “unsafe and unsound practices” by using electronic chat rooms to discuss the coordination of trading around FX benchmark fixes.
He was also found to have disclosed confidential information of Barclays and its customers to traders at other organisations.

Integral Enhances OCX

Integral has announced new enhancements to its Open Currency Exchange (OCX).

The new features include ultra-low latency hardware upgrades providing 80 micro-second roundtrip acknowledgement time, integration with its BankFX, MarginFX and InvestorFX offerings, and the addition of advanced algorithmic trading technologies integrated into the exchange.

These enhancements are delivered through the new OCX trader application and FIX API that allows unified access to liquidity, passive order placement, and algorithmic trading in a single user interface.

Integral says OCX is directly cross connected with more than 250 liquidity sources supplying more than 2,800 market making streams in NY4, LD4 and TY3. In addition, many of its BankFX and MarginFX customers make markets in local currencies through the OCX network.

ECB Encourages Commitment to Global Code by May 2018

The European Central Bank (ECB) is publicly endorsing the statement of Commitment set out in the FX Global Code of Conduct and is encouraging FX trading counterparties to do the same.

The FX Global Code is a set of global principles of good practice in foreign exchange markets, developed by central banks and market participants from 16 jurisdictions around the globe in order to promote a robust, fair, liquid, open and appropriately transparent market.

Today the ECB invited FX market participants to publicly commit to the principles set out in the Code by endorsing the statement of commitment annexed to the Code by the end of May 2018.

Santander Partners with BiBox on FinTech

BiBox is partnering with Santander Global Corporate Banking to focus on fast-paced integration of fintech solutions into the bank.

The collaboration will enable Santander to quickly integrate new solutions and technologies across all business units faster than traditional onboarding methods via its digital marketplace. The aim of this is to produce cost-savings, faster speed to market, greater standardisation and data sharing in a compatible and compliant manner.

BiBox has been working with Santander Global Corporate Banking to deploy its ‘curation and industrialisation’ offering, which enables smaller players such as fintechs to provide their tools within end-to-end workflows that banks can consume more readily within the confines of scale and regulation.