Month: February 2020

In the FICC of It

Market structure dominates this week’s podcast as Colin Lambert goes to town on the SEC’s refusal to grant Cboe permission to implement a speed bump (and along the way take a few pops at the equity market structure of course), before touching upon news that the LSE-Refinitiv deal may be delayed and what that means […]

FMSB Publishes 2019 Annual Report

The FICC Markets Standards Board (FMSB) has issued its 2019 Annual Report setting out the progress made to enhance standards of behaviour in the wholesale fixed income, currencies and commodities (FICC) markets and its priorities for the year ahead. FMSB is a private sector, practitioner-led organisation whose membership collectively accounts for a substantial share of […]

FCA Publishes “Dear CEO” Letter to Asset Managers

UK regulator, the Financial Conduct Authority (FCA), has published a “Dear CEO” letter to asset management firms, urging them to prepare for the end of Libor “now”. In the letter from Nick Miller, head of asset management supervision at the FCA, it stresses that UK authorities have been clear that the intention is that Libor […]

Bank of England Seeks to Accelerate Libor Reform

The UK has upped the ante again in driving interest rate benchmark reform away from Libor to risk free rates with the Bank of England unveiling two new initiatives aimed at further supporting the transition. The BoE and the UK regulator the Financial Conduct Authority (FCA) are working closely with market participants to support the […]

Digital Assets Body Adds Four

Global Digital Finance (GDF), the industry body advocating and accelerating the adoption of digital assets, has announced a partnership with Washington-based advisory and advocacy firm FS Vector, as well as four new senior appointments to its global policy and regulatory affairs teams. John Beccia of FS Vector will lead US regulatory affairs for GDF, while European public […]

INTL FC Stone Buys Gain Capital

INTL FCStone has entered into a definitive agreement to acquire Gain Capital Holdings for $6 per share or $236 million. The deal has been approved by the board of directors of both companies. As part of the transaction, FC Stone intends to make an offer at closing to repurchase Gain’s $92 million convertible notes due 2022. Gain’s $60 million convertible notes […]

StanChart Signs with Cobalt

The foreign exchange post-trade infrastructure provider Cobalt, has announced that Standard Chartered is the latest client to sign, adding that as an emerging market bank, this move will allow more market participants to experience the benefits and cost savings that Cobalt’s infrastructure provides. “As a global FX participant we realise the need for market standardisation,” […]

And Another Thing…

Sometimes it just pays to have the odd rule in your trading ecosystem to protect you from when things – as they inevitably do – go wrong. The latest to discover this is Japanese crypto exchange Quoine, which this week lost an appeal against a ruling in Singapore that it wrongfully reversed seven crypto trades […]

TrueFX Unveils Clearing Member Network

TrueFX, a venture between Integral Development and Jefferies FX prime brokerage business, has announced the launch of the TrueFX Clearing Member network, with Axicorp, FXCM and Velocity Trade as the first members. Clients of the venture, which was announced in November 2019, will have the option to clear through Jefferies FXPB, the central credit counterparty […]

Tradition Sees SOFR Demand Rising

Inter-dealer broking firm Tradition says it has seen a “strong increase” in trading activity linked to the secured overnight financing rate (SOFR). During January, the firm says that SOFR-linked trades facilitated by its voice brokers and executed on its hybrid and swap execution facilities in the US accounted for approximately 65% of all inter-dealer broking on-SEF […]