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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CLS Adds First Chinese Third Party Bank

China CITIC Bank International Limited (CNCBI) has become the first Chinese bank to access CLS Settlement as a third-party client, CLS says, adding that this addition adds to a broader growth in third-party participation throughout the region, which has seena 21% increase in the overall number of third parties (regional/third-party banks, funds, corporates and non-bank […]
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CLS Launches Same Day Settlement Service

CLS has unveiled CLSNow, a same day settlement service that was first mooted in September 2017. The bilateral, same-day FX gross payment-versus-payment (PvP) settlement service has been launched with JP Morgan and Goldman Sachs as the first banks to go live. The firm says CLSNow enables banks to exchange currency positions with mitigated settlement risk […]
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Polish Brokerage Selects TradAir

Alior Brokerage House, the FX brokerage trading arm of Poland’s Alior Bank, has selected TradAir as a technology provider for currency trading. Grzegorz Femiak, trading platform expert at Alior Bank, says: “We were looking for an additional solution for our e-FX service which would provide an improved execution at a friendliest cost. With direct market […]
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WeMatch Adds Euro IRS

WeMatch, a web-based thus far focused on equity markets and OTC-cleared derivatives, has added euro interest rate swaps to its suite of products and says 10 banks are using the service. The dealer-to-dealer platform offers, the firm says, human traders tools and workflow to match and negotiate trades and now supports euro IRS curves, butterflies, […]
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