Tag: Compliance

Compliance

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 […]

CFTC Hits BGC Financial

The US Commodity Futures Trading Commission (CFTC) has issued an order filing and simultaneously settling charges against BGC Financial a futures industry voice broker and registered futures commission merchant (FCM), for numerous supervision, reporting, and recordkeeping violations spanning over five years. The order requires BGC to pay a $3 million civil monetary penalty and to comply […]

In the FICC of it

Although there was plenty of news for Profit & Loss’ managing editor, Colin Lambert, and editor, Galen Stops, to get their teeth stuck into this week, the duo focused on just three main stories. First of all, they discuss the news that former HSBC head of cash FX trading, Mark Johnson, has lost his appeal […]

TP Icap Hires Zaidi to Head Compliance

Inter-dealer broker TP Icap has appointed Amir Zaidi as global head of compliance, based in New York. He joins from the US Commodity Futures Trading Commission (CFTC), where he has served in a variety of roles for nine years, most recently as director of its Division of Market Oversight. In that role, he led a […]

FlexTrade Partners with ACA

FlexTrade says it has partnered with ACA Technology Solutions to help mutual clients manage their trade surveillance and compliance needs using ACA’s Decryptex surveillance technology and FlexNow. “FlexNow and Decryptex are stand-out products supported by highly-responsive and knowledgeable teams, says  Shoshana Wainer, head of compliance at Albar Capital. “Integrating Decryptex with FlexNow allows us to […]

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 […]

The FX Global Code – Has it Made a Difference?

The FX Global Code of Conduct remains one of the biggest initiatives in the foreign exchange industry for many years, wide a wide spectrum of different market participants around the world participating in the creation of the principles contained within it. But given that the Code was introduced to address a specific issue – evidence […]

And Another Thing…

I teased a theme on Monday in the column regarding the oversight of FX businesses to which I want to return. If there is one recurring theme that I hear from talking to managers in the trading businesses, both voice and ‘e’, it is that not only do their compliance teams not understand the nuances of markets, they take up valuable time from people on the desk asking unnecessary questions and having basic themes explained to them. It’s just not an efficient model.

Refinitiv Launches Cloud-Based FX Tool

Refinitiv has introduced Deal Tracker as a Service (DTaaS), a Cloud archiving and compliance tool for FX post-trade flow sourced from Refinitiv FXT. DTaaS is an extension of Refinitiv Deal Tracker, which is designed to help firms monitor and process FX trades on all major FX platforms globally, both in the front and back office, by allowing them to monitor trade activity in real time, track net positions, and archive data for easy searching as well as compliance needs.“As a Cloud-based service fully managed by Refinitiv, DTaaS can help eliminate the need for local software deployment, reducing total cost of ownership – a key benefit as financial companies look for ways to reduce spending, particularly on technology,” says Refinitiv in a release issued today.

Blockchain in FX: A Solution That’s Found a Problem?

Galen Stops takes a closer look at the distributed ledger technology solution that HSBC has deployed for settling FX transactions.One of the long-standing accusations levelled against distributed ledger technology (DLT) within financial services is that it is a solution looking for a problem, an accusation that appears to have gained some weight over the past few years given the vast disparity between the initial level of hype around this technology and the actual implemented use cases for it.Which is why it is significant that HSBC recently announced that it has settled more than three million FX transactions and made more than 150,000 payments worth $250 billion using DLT. If this announcement caught FX market participants by surprise, this is probably because this DLT solution, called HSBC FX Everywhere, has thus far only been used to orchestrate payments across HSBC’s internal balance sheets.