Day: 27 July 2017

TR Updates Trading Desktops Ahead of Mifid II

Thomson Reuters (TR) has updated its FXall and FX Trading desktops to ensure clients trading its Multilateral Trading Facility (MTF) will remain fully compliant with the upcoming MiFID II requirements.

The enhancements will enable TR to add MTF-support for FX forwards, swaps, NDFs and options trading on FXall, as well as continue support for swaps trading on Matching. The company says this enables users to remain complaint with the new MiFID II execution requirements for FX derivatives that will take effect in January 2018.

TR has now begun the transition process for customers to its enhanced MTF and is releasing new interfaces to both FXall and FX Trading that accommodate new data fields, as well as improve post-trade STP feeds to assist customers with reporting and record-keeping requirements.

New COO, Deputy Governor Appointed at BoE

Joanna Place has been appointed as COO at the Bank of England (BoE) and Sir David Ramsden has been named as deputy governor for Markets and Banking at the central bank. Both appointments are effective immediately.

Place has been acting as COO since 1 May, and previously was the executive director of human resources.

The COO reports to the governor and has responsibility for the day-to-day management of the BoE including finance, technology, information and physical security, human resources, property, and procurement. The COO has status and remuneration equivalent to the deputy governors.

FXPA Gets Behind the FX Global Code

The Foreign Exchange Professionals Association (FXPA) will be promoting the FX Global Code of Conduct given that it addresses so many issues that the association has already been working on, according to its chairman.

“There’s a preamble in the Code that it wants to promote a robust, fair, liquid, open, transparent market and those are the exact same adjectives that we use in the FXPA [mission statement], and so we look at this as being very complementary to our mission and we’re certainly going to be promoting the Code,” says Chip Lowry, senior managing director at State Street Global Markets and chairman of the FXPA.

UK Drives FX Turnover Growth

Foreign exchange turnover rose in April 2017 compared to October and April 2016 thanks mainly to a surge in activity in the UK.
Six regional foreign exchange committees have released their latest semi-annual reports on FX turnover and together they indicate a 5.3% increase from October and a 2.8 rise on activity in April 2016.Overall the data from the committees suggest a slight increase in global activity and were the Bank for International Settlements to produce an annual turnover report instead of the current triennial report, it would indicate the FX market is now a $5.23 trillion per day industry.

And Another Thing…

Today’s column is all about numbers and confirms something that I have always argued about the legal actions facing many of the banks in the foreign exchange industry. It focuses on a settlement which was originally proposed and agreed in February 2016 and, for some reason known only to the US legal system, finally approved (in its original form I should point out) by a US court late last week. Notwithstanding the delay, the numbers make for very interesting reading…