ISDA Paper Outlines Challenges of RFR Transition

In a new research paper on the transition from LIBOR and other interbank offered rates (IBORs) to alternative risk-free rates (RFRs), ISDA discusses “one of the biggest challenges facing the financial industry”. ISDA says the shift is critical because of the issues associated with the robustness and viability of some IBORs – and LIBOR in particular […]
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Arrest Made as CFTC Files Charges over Digital Assets Scheme

The Commodity Futures Trading Commission (CFTC) has announced the filing of a civil enforcement action in New York against defendants Q3 Holdings and Q3 I, and their principal, Michael Ackerman, for allegedly fraudulently soliciting over $33 million to purportedly trade digital assets and misappropriating a substantial portion of that total. In a separate action, the US Attorney’s […]
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FMSB Appoints Rich as General Counsel

The FICC Markets Standards Board (FMSB), a standard setting body for the global wholesale fixed income, currencies and commodities (FICC) markets, today announces the appointment of Chris Rich as general counsel. Rich will join FMSB on 1 April from Linklaters, where he is a managing associate in the Financial Regulation Group. He is currently on […]
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ISDA to Try Again on Pre-Cessation Fallbacks

Following a consultation that failed to come to a consensus last year, The International Swaps and Derivatives Association (ISDA) has announced that it will re-consult on how to implement pre-cessation fallbacks. Based on the results of that consultation, ISDA says it will move quickly to deliver the appropriate, industry endorsed fallback solution later this year. […]
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In the FICC of It

There is a packed agenda for Galen Stops’ last In the FICC of It podcast as he and Colin Lambert discuss a busy week in FX markets – especially if you’re in the survey business! After Lambert salutes Refinitiv for its gesture in donating brokerage to the Australian bushfire relief effort and Martin Mead on […]
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UK to Probe Sterling Move Ahead of BoE Rate Announcement

Security around the Bank of England’s decision making process is once again in the spotlight after sterling jumped 15 seconds before the latest monetary policy announcement was made. Late last year it was revealed that a company was using an audio feed from the Bank’s press conferences post announcement to give traders an advantage over […]
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New Zealand Joins the Global Benchmark Reform Movement

The Reserve Bank of New Zealand (RBNZ) has issued a statement of support for the New Zealand Financial Markets Association’s (NZFMA) selection of New Zealand’s Official Cash Rate (OCR) as the country’s fall-back benchmark interest rate. “Global interest rate benchmarks, such as Libor, play a substantial role in the valuation of financial derivatives and contracts,” […]
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Former HSBC FX Head Suing for Unfair Dismissal

Documents published by the East London Employment Tribunal indicate that former HSBC global head of FX and commodities, Frederic Boillereau, has brought an action against four senior managers at the bank as well as the institution itself. The first day of the hearing is scheduled for Tuesday, January 28 and HSBC, former head of global […]
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UK Ups the Ante on Libor Transition

The Bank of England and the Financial Conduct Authority (FCA) have redoubled their efforts to get what appears to be reluctant financial markets participants to move away from using Libor as a benchmark, citing 2020 as a “critical” year for the transition process as markets move towards the end of Libor in 2021. In a […]
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IS Prime Gets Hong Kong Licence

IS Prime Hong Kong, part of ISAM Capital Markets, has been granted a Type 3 Leveraged Foreign Exchange Trading licence by the Securities and Futures Commission (SFC) in Hong Kong. The licence enables the firm to offer leveraged FX trading services to institutional professional investors. The named Responsible Officers are Will Robbins, head of Asia […]
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