The Federal Reserve Board has announced that it is seeking to permanently bar Peter Little the former head of the G10 FX spot desk at Barclays in New York, from employment in the banking industry. The central bank is also seeking to impose a $487,500 fine on Little, who joined HSBC in New York in mid-2013 as head of G10 spot FX trading.
Little, who is believed to be preparing to challenge the Fed’s finding, is alleged to have engaged in unsafe and unsound practices.
The Bank of England has today issued Statements of Commitment to the FX Global Code, the UK Money Markets Code and Global Precious Metals Code.
The Bank says that in issuing the statements, it is demonstrating that it is committed to adhering to the principles of these Codes when acting as a market participant in the relevant markets, and that its internal practices and processes are aligned with the principles of the Codes.
“The principles of these Codes are important in promoting the integrity and effective functioning of these respective markets,” it states.
Theresa May today announced the launch of R5-SHCH Connect, a new service which links banks in China with London's FX market.
May announced that the service was live whilst in Shanghai, as part of her first visit to China as Prime Minister. R5 was invited to join the delegation of British businesses on the Prime Minister's visit, which includes HSBC, LSE, BP, Standard Chartered and Standard Life Aberdeen.
The R5-SHCH Connect is designed to enable domestic banks in China to access the London FX market. The new service is a partnership between London's R5 and the Shanghai Clearing House, announced by UK Chancellor Philip Hammond in December as part of the 9th UK China Economic Dialogue.
South Africa’s Competition Tribunal has added five names to the list of institutions it is charging with manipulation in rand (ZAR) markets. The country’s Competition Commission has brought the charges, which were first announced in February 2017 and in turn led to one of those charged – Citi – settling with the Commission by agreeing to pay a ZAR 69.5 million fine.
The five additional names released by the Tribunal are, in reality, just an extension of the existing charges to bring in subsidiaries for the five are HSBC USA, Merrill Lynch Pierce Fenner and Smith, Bank of America N.A., Investec Bank Limited, and Credit Suisse Securities (USA).
Mesirow Financial says it has recently signed and committed to the FX Global Code of Conduct.
“By embracing these global standards, Mesirow is dedicated to follow a common set of guidelines and has taken appropriate steps, based on its size, complexity of activities and the nature of its engagement in the FX Market, to align its activities with the principles of the Code,” it says in a statement.
The Code of Conduct is a set of 55 principles of good practice in the foreign exchange market that have been developed to provide a common set of guidelines to contribute to the integrity and effective functioning of the wholesale foreign exchange market.
The Australian Financial Markets Association (AFMA), supported by ACI Australia, has launched a Public Register for Statements of Commitment to the FX Global Code by participants in the wholesale Australian foreign exchange market.
AFMA and ACI Australia say they are currently accepting Statements of Commitment from market participants for uploading to the register.
AFMA says the opening of the Register “maintains Australia’s place at the leading edge of global developments in relation to good practice in wholesale foreign exchange markets”.
LMAX Exchange (Lmax) has appointed Quentin Miller to the newly created position of head of institutional FX for Asia Pacific.
Based in Singapore, Miller will be responsible for growing the institutional business in the region and will report to Scott Moffat, the managing director for Asia Pacific.
Miller joins from Standard Chartered, where he was executive director of e-trading in Singapore. He has also held senior roles at Commerzbank, RBS and JP Morgan Chase in Singapore and London.
In a release issued today, the firm says the appointment enhances its distribution capabilities in the institutional client segment and builds upon its existing regional presence, which includes a matching engine in Tokyo (TY3), as well as a sales and operational hub in Hong Kong.
Bloomberg has signed a statement of commitment to the FX Global Code, pledging it will continue to support fair and robust FX markets worldwide.
The firm says it has long supported the creation and implementation of the Code, which was developed by a public/private body of central banks and diverse industry participants from multiple jurisdictions as a set of voluntary best practices and is aimed at all market participants engaged in the wholesale FX market.
"We endorse the FX Global Code and are committed to the highest levels of integrity and market practice," says Tod Van Name, Bloomberg's global head of FX electronic trading.
The Global Foreign Exchange Committee (GFXC) has issued a paper on the results of a survey it conducted with the intention of measuring the baseline level of awareness and adoption of the FX Global Code by market participants.
The survey was undertaken at the end of September 2017 and sent to more than 500 FX market participants globally, including firms not involved in the creation of the Code. The survey was conducted with the objective of gathering a diverse set of views from firms representing different jurisdictions, sectors, sizes and levels of activity in the FX market.
The Global Foreign Exchange Committee (GFXC) has published an update to the FX Global Code, one that incorporates revised guidance on trading in the last look window, known as Principle 17.
The revised Principle 17 states that market participants should not undertake trading activity that utilises information from the client's trade request during the last look window. It also describes the conditions under which certain trading arrangements (sometimes referred to as 'cover and deal') may be distinguished from this guidance.