BNP Paribas Unveil Digital Trading Assistant ALiX

BNP Paribas has formally unveiled ALiX (Alix), a digital trading assistant, as part of its upgraded Cortex Live single dealer platform – the product was first revealed in the Digital FX Awards in Profit & Loss in April. The bank says that Cortex Live responds to growing client demand for more intelligent execution methods, more transparency […]
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CLS Volumes Remained Flat in August

The average daily volume (ADV) submitted to CLS was $1.75 trillion in August, flat compared to the previous month. However, this figure represents a 9% year-on-year increase. This flat month-on-month figure is in contrast to the primary venues, which saw an increase in trading activity in August, while Euronext FX, Cboe FX, FXSpotStream and Integral […]
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Two FXPBs Begin Offering Access to Spotex’s ECN

The FX prime brokerage businesses at JP Morgan and NatWest Markets are now providing access to Spotex’s institutional ECN. The prime brokers join as Spotex is seeking to expand its presence in the institutional FX market segment with the introduction of its new disclosed direct market access (DMA) liquidity pool offering, as well as other […]
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RBC, TD, Settle FX-Related Fines

Royal Bank of Canada and TD Bank have succeeded their bid to settle a regulatory action brought by the Ontario Securities Commission (OSC) over compliance failures in their FX businesses by paying a combined CAD 24.45 million. The OSC approved the agreements on Friday, noting that the failures allowed RBC and TD FX traders to […]
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RBC, TD in the FX Regulatory Firing Line

The Ontario Securities Commission is to hold a hearing at which it will be decided whether to accept settlement offers from the Royal Bank of Canada and TD Bank over the banks’ alleged insufficient controls over and failure to adequately supervise their FX businesses. The hearing will be heard tomorrow (August 30) in Toronto and […]
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And Finally…

Following a recent podcast someone asked me why I thought the FCA’s recognition of the FX Global Code in the UK was so important, as I had stated. I won’t bore you with the full answer – it seems pretty clear to me that if a regulator is going to be guided by the Code’s […]
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Wells Fargo Pays Fine to Close FX Investigation

The US National Futures Association (NFA) has announced that Wells Fargo has agreed to pay $2.5 million to settle charges against it relating to an FX transaction that is still the subject of legal actions elsewhere. The bank neither admitted nor denied the charges in the Complaint, although as part of the settlement it acknowledges […]
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UBS Launches ORCA-Pro

Following on from the launch of its ORCA-Direct algo last year, UBS has introduced ORCA-Pro, a new GUI targeted at clients frequently using ORCA-Direct to execute FX. The ORCA-Direct algo tries to maximise the amount of liquidity available to users when executing FX by looking across ECNs, UBS’s principal liquidity and CME’s FX futures. The […]
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CLS Volumes Confirm July Slowdown

The average daily volume (ADV) of FX trades submitted to CLS was $1.75 trillion in July, down 7.1% from June, but up 6.8% compared to July 2018. Swaps account for $1.25 trillion of CLS’s ADV last month, down from $1.3 trillion in June, but up from $1.15 trillion in July last year. Spot FX ADV […]
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New York Fed Restructures Markets Division

As it seeks to appoint to senior roles in the division, the Federal Reserve Bank of New York has announced that it will restructure the leadership of its Markets Group to “best meet its critical responsibilities”. The previous position of executive vice president and head of the Markets Group was held by Simon Potter, who […]
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