Month: December 2019

CME Fines and Suspends Three for Indirect FX Wash Trades

CME Group has announced sanctions against three traders for indirect wash trades in FX futures on Globex. The three, Adrien Froidure, Pierre Tomatis and Charlotte Sanit-Paul, neither admit nor deny the rule violation, and they were fined $20,000 by CME and banned from direct and indirect access to any designated contract market, derivatives clearing organization, […]

Lempres Joins OTCXN Board

OTCXN has announced the appointment of Mike Lempres to its board of advisors. Lempres is currently executive in Rresidence at venture capital firm Andreessen Horowitz and advisor to the firm’s crypto and blockchain portfolio companies, he is also a member of the board of directors of Coinbase Trust Company (Coinbase’s custody business), Silvergate Bank and […]

Managed Futures Left Waiting for a Correction in 2020…..Still

A new report from RCM Alternatives highlights that managed futures and global macro funds are still waiting for a market correction that may or may not appear in 2020. The report, Managed Futures Outlook 2020 The Waiting Game, notes that these funds have now been waiting 10 years for the next crisis in global markets, […]

Walter Joins C6 Bank

David Walter has joined C6 Bank, a Brazilian online bank founded in 2018, as a senior FX options broker. Based in New York, Walter joins the firm after working as a consultant for over a year. Prior to that, he was a senior FX options broker at Sunrise Brokers for two years and an FX […]

And Finally…

Whilst wishing everyone a very happy holiday season and a tremendously successful 2020, very quickly we come to the final column of the decade and the last Irrational for 2019, my Person/People of the Year. Before I do, however, I have to acknowledge – yet again – the greatness of the readership. Two weeks ago, […]

Former HSBC Flow Rates Head Charged by CFTC

The US Commodity Futures Trading Commission (CFTC) has filed civil enforcement action in the US District Court for the Southern District of New York against Christophe Rivoire, former global head of flow rates at HSBC in New York, charging him with engaging in a deceptive scheme to manipulate the pricing of an interest rate swap between […]

In the FICC of It

It’s a boisterous end of term party for our podcasters as Colin Lambert and Galen Stops interrupt their festivities to grade each other’s predictions for the industry made at the start of the year. Stops is in triumphant mood as he picks apart a couple of less-than-successful predictions from Lambert, however the latter is ready […]

Harris Departs Campbell & Company

Michael Harris has left his role as president of Campbell & Company. A spokesperson for the firm tells Profit & Loss that Campbell reached a mutual agreement with Harris to step down from his role in order “to pursue other opportunities”. “We are genuinely thankful to Mike for his leadership and endless drive in all […]

CFTC Provides Relief to Market Participants Transitioning Away from Libor

Three divisions of the US Commodity Futures Trading Commission (CFTC) have announced that each has issued a no-action letter that provides relief to swap dealers and other market participants as it relates to the industry-wide initiative to transition from swaps that reference the London Interbank Offered Rate (Libor) and other interbank offered rates to swaps […]

Associations Publish Updated Master Regulatory Reporting Agreement

The Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association (ISDA) and International Securities Lending Association (ISLA) have published a new agreement intended to simplify reporting across different European Union regulatory regimes. The Master Regulatory Reporting Agreement (MRRA) gives market participants an option […]