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 […]
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Australian Regulator Seeks Improvement in Banks’ FX Businesses

The Australian Securities and Investment Commission (ASIC) has published a review of its investigation into practices in the wholesale FX market and says that while it has identified conduct and process improvements in banks’ FX businesses, there remain a number of areas in need of further improvement. Specifically, ASIC says that more can be done […]
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CLS Data Confirms November Slowdown

The average daily volume (ADV) of FX trades submitted to CLS in November was $1.61 trillion, down 10% compared to October and down 4.2% year-on-year. The ADV of swaps submitted to CLS last month was $1.17 trillion, down 8.2% compared to October, but up 3.9% from November 2018. Spot ADV was $366 billion in November, […]
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New York Fed Names New Markets Head

The Federal Reserve Bank of New York has announced new senior leaders for its Markets and Financial Services Groups. Daleep Singh has been named executive vice president and head of the Markets group; Lorie Logan has been named executive vice president and manager of the System Open Market Account (SOMA); and Christopher Armstrong has been […]
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In the FICC of It

This week’s podcast starts with a bombshell that leaves Galen Stops reeling and lost for words before he and Colin Lambert get into the details with a look at the results of the first day of the Global FX Committee’s deliberations this week. Lambert highlights one of two challenges he believes the committee face, not […]
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Citi Partners with Rapid Addition for Fix Connectivity

Citi has appointed electronic trading platform provider Rapid Addition as one of its core FIX platform partners for currency trading and integrated the Rapid Addition Fix engine, as well as the Rapid Addition Hub platform, into its new pricing technology for spot FX, which clients can connect to in co-locations across London, Tokyo, New York, and Singapore. The Fix […]
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Federal Reserve Terminates BofA FX Action

The US Federal Reserve has announced it is terminating its 2015 enforcement action against Bank of America for unsound practices in its FX business that led to the bank paying a $205 million fine. The termination, which took place on November 22 but was only announced December 3, ends a saga that started following a […]
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Self-Learning FX Algos: Part of the Shifting TCA Battleground

Galen Stops takes a deep-dive look at how Goldman Sachs is adding self-learning elements to its FX algos, and where this technology fits into the shifting analytics landscape across FICC markets. Goldman Sachs has for some time now offered a variety of algorithms to clients for trading FX, ranging from the more aggressive ones that […]
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CFTC Hits Goldman for Recording Failures

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against Goldman Sachs for failing to make and keep certain audio recordings as required under CFTC regulations for swap dealers. The order requires Goldman to pay a $1 million civil monetary penalty and to cease and desist from further violations […]
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Citi Fined in UK for Reporting Failures

The UK’s Prudential Regulatory Authority (PRA) has handed Citigroup a GBP 43,890,000 fine for failings in relation to its internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. Between 19 June 2014 and 31 December 2018, or parts thereof, three entities within the group, Citigroup Global Markets Limited (CGML), Citibank N.A. London […]
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