Tradition has facilitated the first brokered AUD/USD cross-currency swap trade using LCH SwapAgent, a service designed to simplify the processing, margining and settlement of non-cleared derivatives. The AUD/USD trade was executed between Mitsubishi UFJ Financial Group (MUFG) and another counterparty on November 20. Nathan Ondyak, global head of LCH SwapAgent, comments: “Since launching in 2017, […]
Mitsubishi UFJ Financial Group (MUFG) has appointed Chris de Sibert as director, EMEA head of FX institutional sales. De Silbert joins MUFG after working one year at NatWest Markets in a similar role. Before he joined NatWest, de Silbert had a brief stint as the global head of business development for R5FX. Prior to that, […]
The Swiss competition authority, the Competition Commission, has become the latest jurisdiction to levy fines on six banks related to their dealers’ activity in several chat rooms. COMCO says it has detected several anti-competitive arrangements between banks in foreign exchange spot trading and concluded “amicable” settlements and imposed fines of around CHF 90 million. Therefore, […]
The European Union has formally fined five banks a total of EUR 1.07 billion for taking part in what the EU terms two “cartels” in the spot FX market, involving trades in 11 currencies. Two settlement decisions have been announced, the first involves a group called the “Three Way Banana Split” which sees a total […]
