The average daily volume (ADV) of spot FX traded on Swap Execution Facilities (SEFs) in January was $61.2 billion, up month-on-month from $49.8 billion and up 5.5% from $58 billion in January 2018.This represents the third highest month of ADV ever, behind June and March 2018, when the platforms registered a total of $62.9 billion and $61.3 billion, respectively. Tullett Prebon’s SEF saw the most FX volume, with an ADV of $15.8 billion going through its platform last month. The next biggest by volume was the BGC SEF, which recorded an ADV of $12.4 billion in FX, followed by Tradition and GFI, which both recorded $9.4 billion.
Intercapital Capital Markets (Intercapital), a NEX Group subsidiary formerly known as ICAP Capital Markets (ICAP), has agreed a $50 million settlement with the US Commodity Futures Trading Commission (CFTC) in relation to allegations that some of its brokers aided and abetted attempts by several of its bank clients to manipulate the ISDAFIX benchmark.
A CFTC order issued today finds that over more than five years, beginning in at least January 2007 and continuing through December 2012, ICAP’s swaps brokers were regularly enlisted by traders at bank clients to assist in attempting to manipulate the US dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) for the benefit of their bank clients’ derivatives positions, including positions involving cash-settled options on interest rate swaps.
FICC data analytics company Mosaic Smart Data has added two finance and technology experts to its executive team.
Stephen Caplen joins as chief financial officer (CFO) and John Showell becomes the company’s new chief operating officer (COO).
Caplen was most recently deputy group CFO at interdealer broker Icap and has also held posts as CFO at EBS and deputy head of finance at the London Stock Exchange.
Showell, meanwhile, was last at ION Trading, where he was client services director.
A US judge has reportedly dismissed a class action brought against a group of banks and brokers alleging manipulation of Yen Libor rate settings.
According to a release from Nex Group, Icap Plc and Icap Europe were among the defendants in two lawsuits, the Sonterra Yen Libor Class Action and the Laydon Yen Libor Class Action, along with 43 others, mainly banking groups and subsidiaries. Nex says that a US judge in the Southern District of New York has dismissed the Sonterra action in its entirety.
Nex Group says that the United States District Court in the Southern District of New York has dismissed two entities which formed part of the Icap Group (Icap plc and Icap Europe Limited) from a class action case brought by various investors who alleged manipulation of the Euro Interbank Offered Rate, Euribor.
The liability for for the two entities resided with Nex Group under the terms of the recently completed transaction with Tullett Prebon that saw Icap’s voice and information services business merged with that firm.
The sale of ICAP’s globally hybrid voice broking and information business to Tullett Prebon, now named TP ICAP (TP Icap), which includes the associated technology and broking platforms and certain joint ventures and associates, has completed today. The remaining business, which includes EBS BrokerTec, as well as Traiana, will remain under the newly named NEX Group (Nex). The board of NEX also announces that the Share Consolidation will become effective with effect from Admission today, at which point the total issued ordinary share capital of NEX will be 379,735,432 ordinary shares of 17.5 pence each.
Icap held its 24th annual global Charity Day today, with 100% of company revenues and commissions for the day being donated to a selection of over 200 charities around the world.
Since the inception of Charity Day in 1993, Icap has raised over £127 million for more than 2,000 well-deserving causes worldwide.
In 2015 alone, the company raised £7.5 million globally on Charity Day, the equivalent of approximately 3% of ICAP’s full year pre-tax profit for the 2015/2016 financial year.
Stuart Connolly has joined Icap as head of client product development for its Post Trade Risk and Information (PTRI) division.
He joined Monday (21 November) in what is a newly created role, will report to Jenny Knott, CEO for PTRI and will be based in London.
Connolly will work with each of PTRI’s businesses to leverage data and develop client data services through the identification of real life client use cases. Icap says he will provide insights and partner with the relevant data analytics teams in PTRI to build and launch a variety of complementary data services interoperable with PTRI’s businesses.
Last week’s Icap results saw a sell of in the share price due to the under-performance of the Nex Group. Normally I wouldn’t bother myself with share price movements (and I won’t now to any degree) but any move that reflects market expectations for the Nex Group is interesting, not least because it could inform the price of any potential takeover bid. Nex is, in many ways, a proxy for the OTC industry so is it right that stock markets seem bearish (for this five minutes at least) over FX and OTC markets?
After four and a half years, Gil Mandelzis has stepped down as CEO of EBS BrokerTec. In a wide-ranging conversation with Colin Lambert he talks about his time in charge of what remains an important piece of the foreign exchange industry’s infrastructure; the challenges and rewards involved in transforming EBS into a multi-product business; the rebuilding of trust with the industry; geographical and economic growth; and his hopes for the future of the firm – and the wider FX industry.