BIS Shows Progress on Issuing Digital Currencies

A new survey from the Bank for International Settlements (BIS) shows that some central banks are creeping towards issuing their own digital currencies. A total of 66 central banks responded to the latest survey, which was conducted last year, representing 21 advanced economies and 45 emerging market economies, covering 75% of the world’s population and […]
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Citi Hires Custody and Fund Services Head

Mark Ersser has joined Citi’s custody and fund services business as the head of client reporting product for EMEA. In this role, he will drive the product expansion of Citi’s middle office client reporting solution for its asset manager clients. He will be based in London and report to Paul Kilcullen, head of custody and […]
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StanChart Claims Latency Gain from Singapore e-FX Engine

Standard Chartered Bank says it has executed its first FX trade using its newly set-up FX e-pricing engine in Singapore with a “significant” reduction in latency. The bank established its e-engine in the Singapore hub with support from the Monetary Authority of Singapore (MAS), which established and initiated a plan in 2017 to encourage more […]
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CLS Volumes Decline Marginally in December

The average daily volume (ADV) of trades submitted to CLS was $1.6 trillion in December, down 0.5% month-on-month, but up 2.8% year-on-year. Swaps trades accounted for $1.1 trillion of this total ADV last month, down 8.3% from the $1.2 trillion recorded in November 2019, but up 4.6% compared to December 2018. The total ADV of […]
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HSBC Launches FX Flexpay for Global Payments

HSBC has launched a new service, FX Flexpay, which enables clients to make automated, international payments in more than 140 currencies, using a single API. FX Flexpay connects Global Disbursements – the bank’s system for cross-border, low value mass payments – with FX FlexRate, HSBC’s proprietary FX pricing technology that guarantees FX rates or offers […]
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BNP Paribas to Launch Singapore e-FX Hub

BNP Paribas has unveiled plans to launch an e-FX pricing and trading hub in Singapore, supporting the bank’s efforts in spot, forwards, swaps, NDFs and options markets as well as in precious and base metals. In 2017 the local regulator, the Monetary Authority of Singapore (MAS), established what it termed the city state’s Industry Transformation […]
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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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