Month: October 2019

FCA Fines Tullett Prebon for “Ineffective Controls” of Brokers

The UK’s Financial Conduct Authority (FCA) has fined Tullett Prebon, now part of TP Icap, GBP 15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. In spite of the latter statement, because […]

FSB Reports to G20…and it’s a Familiar Message

The Financial Stability Board (FSB) has published a letter from its chair Randal Quarles to G20 finance ministers and central bank governors ahead of their meetings in Washington this week and the message from the letter is largely the same as it has been for some time – work is progressing but more needs to be […]

US Authorities Issue Digital Assets Reminder

The leaders of the US Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (Fincen), and the Securities and Exchange Commission (SEC) have issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA). AML/CFT obligations apply to […]

In the FICC of It

New technologies and old issues are on the agenda for this week’s podcast as Colin Lambert and Galen Stops take a look at the likely impact of blockchain on FX swaps. Stops makes the point that this would be a radical step for what is often seen as an archaic segment of the market, but […]

FX: A Trading or Data Business?

At the recent Forex Network Chicago conference David Mercer, CEO of LMAX Exchange Group, was interviewed by Colin Lambert about the foreign exchange and crypto market landscapes. This is an edited and abridged version of that discussion. Colin Lambert: There is a view out there that FX is no longer a trading business, how do […]

Boardman Joins RBC

Richard Boardman has joined RBC in London as a managing director, head of financial institutions. He will report to Jason Goss, co-head of European FICC sales. In this new role, Boardman will focus on broadening RBC’s financial institution sector presence from a solutions perspective, initially, with a heavy focus on the insurance client segment, the […]

B2C2 Launches Gold-Bitcoin Cross

Cryptocurrency liquidity provider B2C2 has launched the market’s first product for trading gold directly against Bitcoin (XAU/BTC). The firm says the launch marks the beginning of its expansion beyond the core crypto focus and that client demand made XAU/BTC a natural first choice, underpinned by a significant rally in so-called deflationary assets over the past […]

Netram Named Director of LabCFTC

Melissa Netram has been named the new director of LabCFTC. In her role, she will be responsible for coordinating closely with international and US regulators and Capitol Hill to facilitate market-enhancing innovation, inform public policy, and ensure the CFTC has the understanding to keep pace with the ever changing financial services industry. “Digital assets and […]

And Another Thing…

Those of you who trade with US stockbrokers may have noticed that over the past week trading via the major brokerages (with the exception of Fidelity) has become “free” as these firms eradicated brokerage from their business models. The impact on these firms’ share prices, ironically, was they were clobbered as a result of them […]