CME Fines and Suspends Three for Indirect FX Wash Trades

CME Group has announced sanctions against three traders for indirect wash trades in FX futures on Globex. The three, Adrien Froidure, Pierre Tomatis and Charlotte Sanit-Paul, neither admit nor deny the rule violation, and they were fined $20,000 by CME and banned from direct and indirect access to any designated contract market, derivatives clearing organization, […]
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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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CFTC Provides Relief to Market Participants Transitioning Away from Libor

Three divisions of the US Commodity Futures Trading Commission (CFTC) have announced that each has issued a no-action letter that provides relief to swap dealers and other market participants as it relates to the industry-wide initiative to transition from swaps that reference the London Interbank Offered Rate (Libor) and other interbank offered rates to swaps […]
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Associations Publish Updated Master Regulatory Reporting Agreement

The Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association (ISDA) and International Securities Lending Association (ISLA) have published a new agreement intended to simplify reporting across different European Union regulatory regimes. The Master Regulatory Reporting Agreement (MRRA) gives market participants an option […]
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ISDA Launches Another Ibor Consultation

The International Swaps and Derivatives Association (ISDA) has launched a supplemental consultation on the spread and term adjustments that would apply to fallbacks for derivatives referencing euro Libor and Euribor in the event those benchmarks are permanently discontinued. This represents the fourth consultation on the issue by ISDA in recent years and will also cover technical […]
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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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Basel Committee Consults on Crypto Regulation

The Basel Committee on Banking Supervision has started a consultation process on the regulatory treatment of crypto assets by publishing a discussion paper on the design of a prudential treatment of these assets. The committee says the past few years have seen rapid growth in crypto-assets, and that while the market is still small relative to […]
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GFXC to Add Algo Guidance to FX Global Code

The Global Foreign Exchange Committee (GFXC) at its meeting in Sydney this week established five areas of focus for its work to maintain the FX Global Code, with algo execution and transaction cost analysis (TCA) being added to the existing workstreams around buy side outreach, disclosures, anonymous trading and execution principles. According to GFXC chair […]
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Federal Reserve Terminates BofA FX Action

The US Federal Reserve has announced it is terminating its 2015 enforcement action against Bank of America for unsound practices in its FX business that led to the bank paying a $205 million fine. The termination, which took place on November 22 but was only announced December 3, ends a saga that started following a […]
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Surveillance Firm Voxsmart buys Fonetic

Surveillance technology provider VoxSmart has announced the acquisition of Fonetic Trading to deliver what the firm says will be “a comprehensive communications surveillance offering for capital markets participants”. The firm adds that recent high-profile regulatory investigations and prosecutions, together with substantial market demand for greater consolidation of the regtech landscape encouraged it to acquire the trading […]
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