Does Bitcoin Have a Future in Financial Services?

With financial services firms currently tripping over each other to highlight the potential applications of blockchain technology, Galen Stops looks at what this means for Bitcoin’s chances of entering the financial mainstream. There are very few topics within the financial services industry that have the ability to polarise an audience like Bitcoin. Since capturing the […]
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FX NDF Client Clearing Begins on SEFs: More to Follow?

The first centrally cleared FX NDF client trade took place on a Swap Execution Facility (SEF) last month, potentially paving the way for more clearing activity and more competition in this segment of the market. Despite no regulatory mandate to centrally clear FX NDFs traded on SEFs, Profit & Loss understands that the first cleared […]
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Catching the FX Bug

Whilst a career in FX might not be top of mind for many women, once they get a taste of the job they are hooked. Joy Macknight spoke to women in different areas of the market to uncover the attraction of FX, track their career progression and identify career-defining moments. The FX Trader Maxine Dennis, […]
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Trading Patterns Unusually Predictable at the WM/R Fix – Pragma

Recent changes to the calculation of the WM/Reuters rate, coupled with a shift in how banks handle client orders, have created unusually predictable trading patterns around the 4pm London Fix, according to re- search from Pragma Securities. Kirsten Hyde reports.   Moves to eradicate manipulation in the popular WM/Reuters FX benchmark rates have created opportunities […]
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FX Head Leaves Bank of England

Michael Cross, head of the foreign exchange division and reserves management at the Bank of England, has reportedly left the Bank. According to reports, Cross left the Bank in July, little more than one year after Martin Mallett, chief dealer of the Bank of England, was suspended and subsequently dismissed for what were termed “errors of […]
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Three Exit Citi

Citi has recently seen three unrelated departures from  its  FX  teams. Chris Adams, the former global head of FX e- trading technology has joined JP Morgan, according to market sources. London-based Adams joined Citi in September 2010 from Aspect Capital, where he was a senior technologist. Prior to this he was a senior developer at Deutsche […]
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Mihocko-Tierney Heading to Jefferies

Jennifer  Mihocko-Tierney  has  left  her position as head of e-solution sales at Bank  of  America  Merrill  Lynch  (BAML). Based in New York, Mihocko-Tierney had been with BAML since June 2010. Before that she was the head of e-FX sales for North America at Barclays for four years. Mihocko-Tierney’s next destination is believed to be Jefferies in New […]
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Commissioner Wetjen to Retire from CFTC

Commissioner Mark Wetjen has announced his  resignation from the  US Commodity Futures Trading Commission (CFTC), effective August 28, 2015. Wetjen was unanimously confirmed by the Senate in October 2011 and served as Acting Chairman of  the  Commission from   January 2014 to June 2014. “Today, I informed President Obama of my intention to resign as a […]
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Former FX Head Sues UBS Over Dismissal

Roger Boehler, former FX chief dealer atUBS in the US, is suing the bank for $34.5 million claiming that it negatively altered his performance reviews after he was named in documents linked to the chat room scandal. In court papers filed in New York, Boehler points out that he was given additional responsibilities  for UBS’ Latin […]
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Four Further Banks Dragged into Fix Lawsuit: Accusations Widened

The law firm undertaking a Class Action suit against several major FX banks has filed a second, broader Class Action that widens the range of currency pairs involved, the venues on which the alleged manipulation took place and the number of banks involved. Bank of Tokyo-Mitsubishi UFJ, RBC Capital Markets, Société Générale and Standard Chartered have […]
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