And Finally…

This week the Global FX Committee meets in South Africa for its regular semi-annual meeting and it does so at a time when there are still lingering doubts in a small number of quarters over some of principles in the FX Global Code, and more broader doubts over adoption in certain market segments – not least the buy side.
If ever the FX industry needed an example of why the Code is important, however, it can be found in the latest regulatory finding against a bank.

And Another Thing…

Reading the summary of Employment Judge Jill Brown, who found that Barclays had unfairly dismissed its former head of automated FX trading David Fotheringhame earlier this week (and yes, you did read it here first!), I found myself shaking my head at yet another example of a bank throwing a member of its staff under the bus. The more I read, however, I found myself thinking that everyone involved was being shoved in front of the number 45 – thanks to a regulator’s hastiness.

Fotheringhame Wins Unfair Dismissal Case Against Barclays

Profit & Loss understands that David Fotheringhame, former head of automated flow trading at Barclays, has won his claim for unfair dismissal against the bank.
Sources familiar with the matter say that a judgement to be made public later this week, will find for Fotheringhame, although the judge at East London Employment Tribunal has decided that he was 20% to blame for his own dismissal and ordered the settlement and compensation be appropriately adjusted. Fotheringhame claimed that the bank dismissed him to appease US regulators who had demanded his dismissal in a public notice.

DFS Fines Credit Suisse $135 Million Over FX “Unlawful Conduct”

Credit Suisse has agreed to pay a $135 million fine as part of a consent order with the New York State Department of Financial Services (DFS) for violations of New York banking law, including improper efforts with other global banks, front-running client orders, and additional unlawful conduct that disadvantaged customers.
The violations stem from an investigation by DFS that determined that from at least 2008 to 2015, the bank “consistently engaged in unlawful, unsafe and unsound conduct by failing to implement effective controls over its foreign exchange business”.