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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Sensiple Partners with TNS

Capital markets and banking technology provider Sensiple is bringing its regtech product Setrega for MiFID II, SFTR and EMIR compliance and reporting to the FR2 data centre in Frankfurt as part of a new agreement with Transaction Network Services (TNS). MiFID II requires firms to replace traditional manual reporting with automated end-to-end processes that include data collection, […]
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ASIC Warns on Retail FX; Provides Observations on FX Global Code

In a speech delivered at an ACI Australia event in Sydney this week, Commissioner Cathie Armour of the Australian Securities and Investment Commission (ASIC) observed that the regulator “continues to respond to a high incidence of misconduct in the retail OTC derivatives sector and to see large sums of client losses”. In 2018 ASIC published […]
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Bloomberg Acquires RegTek Solutions

Bloomberg today announced that it has acquired RegTek.Solutions, a provider of global regulatory reporting software solutions. The acquisition will expand the range of regulatory reporting services offered by Bloomberg, the firm says, and deliver a fully integrated and comprehensive service that supports compliance with current and upcoming regulatory reporting requirements across multiple jurisdictions around the […]
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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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Gain Capital Fined Over Customer Order Malfunction

The US National Futures Association (NFA) has fined Gain Capital $50,000 for “failing to favourably adjust all customer orders adversely impacted by a recurring malfunction” in its e-platform. Gain neither admitted nor denied the charges and proposed to settle the case by paying the fine. The charges related to trade data submitted to NFA in […]
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ISDA Publishes Preliminary Results of Benchmark Fallback Consultation

The International Swaps and Derivatives Association (ISDA) has published a statement summarising the preliminary results of its supplemental consultation on adjustments that would apply to fallback rates in the event certain interbank offered rates (Ibors) are permanently discontinued. The consultation was launched in May, and set out options for spread and term adjustments if fallbacks are triggered […]
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CFTC Names Clearing and Risk Head

US Commodity Futures Trading Commission chair Heath Tarbert has announced the appointment of Malcolm “Clark” Hutchison to serve as director of the Division of Clearing and Risk. In his role, Hutchison will be responsible for the CFTC’s supervision of derivatives clearinghouses and their members, including oversight of clearing processes through risk assessment and surveillance. “The […]
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Bermuda Grants XBTO a Digital Asset License

XBTO, an active global crypto investor, has been granted a license by the Bermuda Monetary Authority under the Digital Asset Business Act. The license has been granted to XBTO International (XBTOI), which is owned by XBTO Group and is only the third firm to be granted this type of license in Bermuda. Present in Bermuda […]
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