Digital Reasoning Unveils Hosted Cloud Solution

Digital Reasoning has announced the availability of a managed hosted version of its conduct surveillance solution on Google Cloud Platform and Amazon Web Services. Developed with Digital Reasoning’s banking partners, the firm says the solution brings its text and audio communications analytics to the world’s leading secure cloud infrastructures. It adds that compliance and front-office […]
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BNY Mellon Adds Margin Calculation Tools

BNY Mellon has incorporated AcadiaSoft’s initial margin (IM) risk suite of tools for margin calculation, reconciliation and messaging into its collateral service offering. In conjunction with BNY Mellon’s existing bilateral margin capabilities from post-trade and settlement through to collateral segregation and ongoing position monitoring, the aim of this is to enable buy side clients trading […]
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Cappitech Rolls Out RTS 28 Intelligence Tool

Cappitech has announced the launch of RTS 28 Market Intelligence, a product that the firm claims allows financial institutions to use regulatory compliance data to their own advantage by assessing firms’ best execution capabilities across all asset classes and benchmarks performance to the industry average. The new product enables asset managers to optimise performance by […]
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CFTC Provides Extended Brexit Relief

The Commodity Futures Trading Commission’s (CFTC) Divisions of Swap Dealer and Intermediary Oversight (DSIO), Market Oversight (DMO), and Clearing and Risk (DCR), have announced they will grant no-action relief to provide greater certainty to the global marketplace in connection with the anticipated withdrawal of the UK from the European Union with or without a ratified withdrawal agreement. “At a time of heightened market uncertainty caused by Brexit, this Commission has worked over the past several weeks to bring clarity to participants in global derivatives markets by a series of separate actions and statements with its regulatory counterparts in other jurisdictions,” says CFTC chairman Christopher Giancarlo.
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FCA Officially Bans Retail-Orientated Binary Options

Following consultation feedback, the UK’s Financial Conduct Authority (FCA) has confirmed all firms acting in or from the UK are prohibited from selling, marketing or distributing binary options to retail consumers. The FCA aired its concern about the products in late 2017, before issuing a consultation paper in late 2018 seeking industry feedback, It now says that following that feedback it will officially introduce new rules on April 2, 2019, “to tackle widespread concerns about the inherent risks of these products, and the poor conduct of the firms selling them”. It adds, “This has led to consumer harm in the UK and internationally through large and unexpected trading losses.”
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EVIA Provides Feedback to EU on MiFIR

The European Venues and Intermediaries Association (EVIA), formerly known as the Wholesale Markets’ Brokers Association (WMBA), has published its response to a call from Germany’s Finance Ministry for feedback on MiFID II and MiFIR one year on from their implementation. In the feedback, EVIA makes a number of points and stresses its belief that foreign exchange swaps should not be covered under the regulation. EVIA does note that whilst its feedback sets out some of the difficulties and remedies in response to the premise of the call for evidence, it states that MiFID2 delivered a “great many benefits".
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CFTC Welcomes EU EMIR Agreement

The political agreement reached last week in Brussels to implement the EMIR 2.2 regulation has been welcomed on both sides of the Atlantic. The updated regulation will broaden the role of the European Securities and Markets Authority (ESMA) to include more supervisory tools and on-site inspections; introduce a tiered system of recognition for offshore CCPs depending on their product set and systemic importance to the EU; and introduces the requirement that systemically important non-EU CCPs establish themselves in the EU if they seek to access the single market.
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Basel Committee Highlights Crypto Concerns

The Basel Committee, established under the auspices of the Bank for International Settlements, has issued a statement highlighting its concerns that “the continued growth of crypto-asset trading platforms and new financial products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.” The Committee, which reports to the Group of Central Bank Governors and Heads of Supervision, acknowledges that the crypto-asset market remains “small” and that banks have “limited direct exposures”, however it argues that such assets do not “reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value”.
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Is the Johnson Appeal Raising the Stakes for the FX Market?

Written testimony has been lodged relating to former HSBC FX trading head Mark Johnson’s appeal against his conviction for wire fraud in the US and it contains a few surprises – some of which may indicate stronger implications for the FX industry than the original trial, as Colin Lambert discovers.The original trial of HSBC’s former global head of FX trading Mark Johnson was widely seen in the FX industry as being, aside from the outcome on his personal circumstances, a single issue case – what would the US legal system say about pre-hedging? The initial outcome – which is now being appealed – was a conviction and a jail sentence under the very broad umbrella of “wire fraud”, a decision that was seen as potentially having an impact on the FX Global Code, which explicitly (under certain circumstances), endorses the practice.
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Is the Johnson Appeal Raising the Stakes for the FX Market?

Written testimony has been lodged relating to former HSBC FX trading head Mark Johnson’s appeal against his conviction for wire fraud in the US and it contains a few surprises – some of which may indicate stronger implications for the FX industry than the original trial, as Colin Lambert discovers.The original trial of HSBC’s former global head of FX trading Mark Johnson was widely seen in the FX industry as being, aside from the outcome on his personal circumstances, a single issue case – what would the US legal system say about pre-hedging? The initial outcome – which is now being appealed – was a conviction and a jail sentence under the very broad umbrella of “wire fraud”, a decision that was seen as potentially having an impact on the FX Global Code, which explicitly (under certain circumstances), endorses the practice.
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