Hermes Looks to Northern Trust for FX Services

Northern Trust has announced it has been appointed by Hermes Investment Management to provide currency management services for its Irish fund range. The bank’s service comprises portfolio overlay, share class hedging and ‘look through’ hedging solutions to help asset managers and asset owners manage and mitigate currency volatility, while actively supporting distribution strategies. It adds […]
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Atlas Bank Granted Credit Rating by Moody’s Subsidiary

Atlas Bank has been granted a BBB- rating and a stable outlook by Equilibrium, an affiliate of Moody’s Investors Service that provides credit rating services in Latin America. The bank claims that this makes it the first bank in Latin America providing clearing and settlement services to have obtained such a credit rating, which it […]
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CLS Volumes Consistent with June Uptick

The average daily volume (ADV) of FX trades submitted to CLS was $1.88 trillion in June, up 16.1% from May, but down very slightly from the $1.899 trillion recorded in June 2018. The ADV of FX swaps sent to CLS was $1.303 trillion last month, up 15.8% from May, but flat year on-on-year. FX spot […]
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And Finally…

Are we undergoing a sea change in the FX trading landscape? I suspect we are but the direction in which change is heading will be familiar to those of a certain generation. Over the past few months I have had many conversations with FX traders about market conditions and while there is a fair bit […]
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Qantas Commits to FX Global Code

Qantas has become the first Australian corporate treasury to sign a Statement of Commitment (SoC) to the FX Global Code. The SoC has been listed on the AFMA/ACI Australia FX Global Code Register. In a release, AFMA says widespread adoption of the Code contributes to the effective functioning of the foreign exchange market and that […]
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BIS Establishes Central Bank Innovation Hub

The Bank for International Settlements (BIS) has announced plans to establish an innovation hub to “foster international collaboration on innovative financial technology within the central banking community complementing the already well established cooperation within the existing committees”. The role of the BIS Innovation Hub will be, the bank says, to identify and develop in-depth insights […]
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Analysing the Implications of Citi’s FXPB Cull

The news this week that Citi served a 90-day notice to the largest non-bank market making firms in FX – including Jump Trading, XTX Markets, Virtu Financial, HC Technologies and, at an earlier point in time, GTS – that it is no longer willing to offer them FX prime brokerage (PB) services, certainly got tongues […]
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Swiss Authority Fines Banks Over FX Manipulation

The Swiss competition authority, the Competition Commission, has become the latest jurisdiction to levy fines on six banks related to their dealers’ activity in several chat rooms. COMCO says it has detected several anti-competitive arrangements between banks in foreign exchange spot trading and concluded “amicable” settlements and imposed fines of around CHF 90 million. Therefore, […]
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Banks Advance Tokenised Settlement Project with Fnality Launch

A group of banks have become the founding shareholders of Fnality International as they advance their efforts to create a Utility Settlement Coin (USC) – as part of the founding the firm has completed an associated ‘Series A’ equity round of £50m. The founding shareholders are Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, […]
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Banks to Face Australian FX Class Action

Australia has become the latest location for a class action lawsuit against a group of banks with a law firm filing a cartel class action in the Australian Federal Court claiming the banks “systematically manipulated foreign exchange rates to boost profits at the expense of Australian businesses and investors”. In what has become a familiar […]
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